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Yacht Leasing In Malta

Introduction

Oceanskies have produced a timeline of events in order to assist potential clients in understanding the current position concerning the leasing of yachts in Malta.

2007

Government of Malta published official guidelines concerning the leasing of private yachts which enabled the owners of private yachts to achieve a VAT paid vessel at a reduced rate through the creation of a leasing structure in Malta.

2007 – 2018

These guidelines provided the basis for one of the most popular methods for the payment of VAT on private yachts in the EU.

2018

On 8th March the EU Tax Commission announced that they had written letters of formal notice to open infringement proceedings against Malta (along with Cyprus and Greece) to investigate the incorrect levying of VAT on yachts.

At the time of the public announcement of this initiative Pierre Moscovici, the Commissioner for Economic and Financial Affairs, Taxation and Customs Union, said:

“In order to achieve fair taxation we need to take action wherever necessary to combat VAT evasion. We cannot allow this type of favourable tax treatment granted to private boats, which also distorts competition in the maritime sector. Such practices violate EU law and must come to an end.”

The Government of Malta withdrew their leasing guidelines during the summer of 2018.

2019

On 28th February, 2019 the Malta Department of VAT issued new guidelines concerning the leasing of yachts which enable the owners of private yachts to achieve a VAT paid vessel at a reduced rate through the creation of a leasing structure in Malta using a distance-based method when calculating the effective use and enjoyment of a yacht outside the EU.

2020

On 12th February, 2020 the EU Tax Commission issued an additional letter of formal notice to Malta for not levying the correct amount of VAT on yachts stating that the new guidlines introduced in 2019 were still not  in line with EU law in the basis that EU rules do not allow such a method to be used but require instead the use of a time-based method. 

As at the date of writing the EU website continues to list the infringement proceedings against Malta as open.

Additional Reading

For further information please do not hesitate to contact us.

 

Yacht Registration

Yacht Registration - An Introduction
The British Register of Ships & The Red Ensign Group
The UK Ship Register (Part I) v. UK Small Ships Register SSR (Part III)
Registration of Yacht Tenders
The Yacht Radio Licence – A Guide To Licensing, Call Signs, MMSI Numbers & More
The Carving & Marking of Yachts – A Guide
Delaware Yacht + Vessel Registration – A Warning!
Netherlands / Dutch ICP Yacht Registration – A Warning!
Port State Control & Choice of Yacht Registration

Yacht Registries

Cayman Islands Yacht Registration
Guernsey Yacht Registration
Isle of Man Yacht Registration
Jersey Yacht Registration
Malta Yacht Registration
United Kingdom (UK) Yacht Registration
Polish Yacht Registration
Swiss Yacht Registration

Yacht Operation

EU VAT & Yachts – Frequently Asked Questions
Temporary Admission (Temporary Importation) for Yachts in Europe
The Charter of Yachts in the European Union
Cruising Licences for Yachts in the United States
Yacht Leasing In Malta

Yacht Survey & Certification

The Tonnage Measurement Survey
Rules for the operation of Private Pleasure Yachts under the British Flag
Rules for the Charter of Yachts Under 24 Metres under the British Flag
Rules for the Charter of Yachts Over 24 Metres under the British Flag
The Intended Pleasure Vessel Code (IPV Code)
Rules for the Charter of Yachts under the Malta Flag
Marshall Islands – Yacht Engaged In Trade (YET) Dual Private & Commercial Charter Yacht Registration

Yacht Agents

Guernsey & Jersey - Channel Islands Yacht Export & Delivery
Guernsey Berthing Guide
Malta - European Yacht Importation by Oceanskies

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@oceanskiesltd

18 September 2020 at 11:03

Have you heard that we are hiring? Due to rapid business growth and some exciting new partners, we have a variety of roles available here at Oceanskies. Check out todays Guernsey Press for more information! #businessgrowth #yachtjob #GuernseyTogether @GuernseyPress pic.twitter.com/wC2YyD2UT0

@oceanskiesltd

16 September 2020 at 08:41

A big Oceanskies welcome to Guernsey for the latest @sunseeker_int Sunseeker 95 Yacht where we were pleased to act as local agents for the first leg of the vessel’s delivery voyage #yachtregistration #yachtagents #crewpayroll #Guernsey @visitguernsey @guernseyharpic.twitter.com/1pg1pB2DNApB2DNA

@oceanskiesltd

11 September 2020 at 16:49

Earlier today we were pleased to act as agents for the visit of this @Heesen_Yachts 31 metre motor yacht to @gsyharbours on a short technical stop for fuel by @Rubis_CI #Oceanskies #heesen #yachtregistration #yachtagents #yachtcrewpayroll #Guernspic.twitter.com/NHd8mJlcn0cn0

@oceanskiesltd

31 August 2020 at 09:39

A sunny start to the Summer Bank Holiday here at Oceanskies HQ this morning as we act as agents for the visit of this brand new @Lagooncats 42 sailing catamaran to the fuel pontoon outside our offices @guernseyharbours#lagooncatamaran #Guernsey @visitguernsey #ThatIslandFeelipic.twitter.com/Up96hlD1Hz1Hz

@oceanskiesltd

21 July 2020 at 08:25

Oceanskies are very pleased to welcome this @Lagooncats Lagoon 620 to Guernsey as local port agents to our beautiful island this morning with an awesome sunrise over their anchorage in Havelet Bay #Guernsey @VisitGuernsey #ThatIslandFeeling @gsyharbours pic.twitter.com/hZ1XiYOoYf

@oceanskiesltd

04 July 2020 at 13:56

Earlier this week we were pleased to act as agents for the visit of this @BenettiYachts Benetti 120 Classic motor yacht to @gsyharbours #Oceanskies #benettiyachts #itsabenetti #Guernsey @VisitGuernsey #ThatIslandFeeling #superyacht #yacht #BelowDeck pic.twitter.com/130L7MfCQD