10% increase in superyacht registration since last year

Photo: MTIP

Transport and Infrastructure Minister Ian Borg explained that there has been a 10% increase in superyacht registration in Malta, as there are currently over 800 registered vessels over 24 metres in length. This was during an official visit to the Monaco Yacht Show earlier this week.

The Minister gave his support to the industry, adding that there was a lot of potential for further investment in the equivalent industry in Malta. The resulting increase in registration was deemed by the Minister as a clear sign of the government’s work to provide the right type of infrastructure for the industry to flourish.

“This is the direction in which the government shall continue to progress, all the while working with stakeholders within the sector so that an already good relationship will continue to improve,” added Dr Borg.

The Minister also announced that commercial yachts can now benefit from a dead-weight tonnage tax scheme which was just approved by the EU. This was done to encourage further yacht registration in Malta, thus solidifying the island’s name in the sector.

Dr Borg was also joined by high officials within Transport Malta, who have been a part of the Monaco Yacht Show for the last nine years. TM has also published guidelines to facilitate regulations regarding non-commercial yachts who can carry over 12 passengers, and for the renting of commercial yachts.