Yacht Registration & Malta Lease
Ownership structures and where to register yachts becomes more
complicated each day.
Governments are hungry for taxes and clients are often confused and concerned with how to own and flag their yacht.
This client has been introduced to Arrow more than 8 years ago and we successfully manage his portfolio of various yachts. When it comes to any yacht related affairs the client simply passes his request to us and says ‘no more’, having developed such trust in us to perform and protect them so they need not to worry.
In this particular instance the clients were looking to purchase a new Sunseeker. Being resident in Europe, VAT was due on the purchase of the yacht. The client was looking for the best cost effective solution and to be able to enjoy his boat immediately after completion.
Having an existing Malta Company, we suggested him to do a Malta Lease to reduce the VAT to below 7 %. The place of delivery had to be in Malta. We liaised with a Law firm in Malta for the proceedings, implementation and monitoring of the Malta lease structure.
” We successfully manage the client yachting portfolio”
Regarding the registration, the first option was to apply with a UK Registration but as the name for the yacht was very important for our client and not available in the UK, we decided to apply an Isle of Man Registration. The Isle of Man doesn’t issue Provisional Certificate so we needed to be meticulously organised with the shipyard prior to the yachts departure to Malta for delivery and acceptance. All the paperwork needed to be perfect prior to departure so the survey could be completed to issue the Certificate of Survey. Shortly after the successful completion, delivery and acceptance were signed and we obtained the Certificate of Registry the same day. The vessel obtained the VAT inspection in Malta within hours of arrival and the Malta lease was immediately activated.
Our ability to see the entire situation clearly and be proactive allowed the client to immediately enjoy his boat in free circulation within the EU the same day as completion.