Malta is a leading yachting hub in Europe with more than 600 registered superyachts, more than anywhere else in the continent. This point was made by the Honourable Joe Mizzi, Minister for Transport and Infrastructure, in his opening presentation to the annual Opportunities in Superyachts Conference hosted yesterday, the 23rd of February 2017, in Valletta. The conference is a key networking event in the superyacht sector which brings together over a hundred professionals brokers, managers, builders, marina operators, lawyers, corporate service providers, registries, associations, tax advisors and accountants from around the globe making it a truly international forum.

The Honourable Minister’s statement means that the Maltese superyacht register has increased by around 100 yachts in one year; at the end of December 2015 it numbered at 501 yachts (Press Release 11 February 2016). The Maltese growth in this sector can be attributed to a straightforward registration process and tax regimes which are beneficial to owners rather than punitive. Earlier in the year Transport Malta also issued new ‘Guidelines for Pleasure Yachts Carriage Capacities’ which allow superyachts of over 500 gross tonnes to carry more than 12 passengers (excluding crew) without the need to comply with the Convection for the Safety of Life at Sea (SOLAS) or the Passenger Yacht Code (PYC) in order to adapt yacht requirements to contemporary trends in the industry. Transport Malta has also recognised the tendency for owners to commission superyachts that fall below the international 500 gross tonnes limit for conventions, therefore yachts of 499 gross tonnes and similar sizes will also be able to benefit from the guidelines.