A representative from Malta office, Michael Spiteri Staines, recently attended the Malta Business Aviation Conference and the 7th Opportunities in Superyachts in Malta, hosted by Quaynote Communications.
Both events were extremely well attended, with a combination of guests from the aviation and yachting industries as well as local representation from Malta Transport and the financial services industry. This led to two cohesive events with good debate about the future of not only Malta, but the industries in general.
So, what were the key messages this year?
The aviation industry is going to continue to grow. As it stands, the US have the most registered private jets of the market with London having most of the market for Europe. With Brexit looming, the owners of the private jets might be interested in moving the business elsewhere from the UK due to the issues which could develop;
The yachting industry in Malta has grown significantly as Malta offers a reputable Malta flag along with tax benefits. The recent changes to the VAT treatment of yacht leasing in Malta will be attractive for private yacht owners as VAT is payable in Malta on the ‘use and enjoyment in EU waters’;
The yachting industry in Malta could grow even further with Brexit as UK companies which own a commercial yacht would have import and export VAT for every charter since UK would not be part of the EU. If the company was a Maltese one it would be able to benefit from the abovementioned Malta VAT treatment.
Commenting on the conferences, Michael said: ‘These conferences provided great insights into the future of both the aviation and yacht sectors. They also represented a valuable platform to meet with other like-minded 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 aircraft and yacht ownership, registration and operation. However, there are also a number of opportunities available to those owning a yacht or an aircraft if the correct advice is sought and planning undertaken.’
If interested in discussing the considerable benefits of using Malta for VAT efficiency and how AbacusLandmark can assist you with structuring the ownership of a yacht or an aircraft, please contact us at firstname.lastname@example.org or call on +356 20650 500.