The curtain has closed on the 2019 Monaco Yacht Show (MYS), one of the most valuable opportunities to learn about recent trends and innovation within the superyachts industry as well as a great networking platform for yacht owners, yacht brokers, charter agents, management companies, government officials and shipyards.
Andrew Tailby-Faulkes, CEO, and Alex Beetham, Malta Client Director represented the Group at this year’s show at Port Hercule in Monaco from 25-28 September, to promote the advantages of using reputable shipping jurisdictions such as Malta for the purposes of yacht ownership, registration and operation.
What were the key messages this year?
Russian customers have been key to huge growth of the superyacht industry since 2000, and they are still valued customers, particularly in the higher end of the market. 11% of the sold superyachts over 40 metres in build are destined for Russian owners. However, North American have been the driving force in the market in recent year and their role remains key, with a share of 17% of the sold superyachts in build.*
These days, Asian countries are a key source for the growth in the worldwide number of ultra high net worth individuals and Asian yacht buyers becoming a more prominent group every year. They now account for over 7% of the known owners of 40-metre plus yachts and it is believed that the share of Asian ownership in the world superyacht fleet will continue to grow. While China is often the focal point of discussions about the Asian superyacht market, buyers in other Asian countries like Indonesia, the Philippines, Japan and Malaysia are also being seen.*
Superyacht builders are noticing that their customers are getting younger and some of these young customers are buying very large superyachts. Meanwhile, in recent years, the global superyacht fleet has been growing by 150-180 yachts per year.*
Malta is a jurisdiction that is fast becoming one of key prominence in both the marine and aviation sector and is recognised as a ‘Flag of Excellence’. With a long and successful history in the shipping and yachting industry, Malta stands out from other European jurisdictions for tax efficiency, industry expertise, facilities, robust regulatory frameworks, reputation and geographic location.
Even with the recent setbacks involving the Maltese Yacht Lease, the Malta Registry is still growing, as the Malta Transport Minister, Ian Borg, recently revealed, the Maltese registry increased by 98% in the last five years, having some 800 superyachts of over 24 metres registered which represent roughly 8% of all superyachts around the world.
Commenting on the Show, Alex said: “As one of the most prestigious boat shows in the world, MYS provided great insights into the future of the yachting industry and represented a valuable platform to meet with other likeminded professionals in these industries with whom I had the opportunity to discuss the latest developments.”
“There continues to be a number of fiscal issues and economic challenges that impact yacht ownership, registration and operation. With such an increasingly complex and ever-changing regulatory landscape – particularly within EU waters – superyacht owners and their advisors need to ensure that they are working with experienced professionals who understand the industry and have the appropriate knowledge.
2020 is likely to see many further changes to the VAT landscape for superyachts chartering within the Mediterranean”
If you have concerns that your current service provider is not well prepared for the ever-changing legislations, then why not contact us? It will cost nothing, except a small amount of time, to see if an independent provider of professional and administrative services, such as our Group, can deliver a greater confidence and peace of mind.
If interested in discussing the considerable benefits of using Malta for yachting purposes and how we can assist you with structuring the ownership of a yacht, please contact Alex at firstname.lastname@example.org or call on +356 20650 500.
Source: SuperYacht Times, intelligence partner of MYS