Grant Thornton present at the Monaco Yacht Show 2016
With more than 580 exhibiting companies and partners participating, and more than 125 extraordinary one-off super yachts built by the world’s most respectful shipyards on display, the Monaco Yacht Show was the ideal platform for Grant Thornton to promote Malta’s yachting and shipping industry and its incentives to boat owners.
Attended by Grant Thornton Partner Wayne Pisani and Business Development Senior Executive Rishi Bonello, the event saw the world’s leading luxury yachting companies, brokerages and industry players concentrated into one remarkable venue with more than 30,000 visitors.
“Very few people know that The Malta Ship Registry is the largest merchant flag in the European Union and the sixth worldwide.” commented Mr Pisani, “it is noteworthy that as at the end of 2015, the registered gross tonnage under the Merchant Shipping Act was 66.2 million, an increase of almost 8.3 million gross tonnage representing a growth rate of 14.3 per cent over the previous year. 2016 is expected to be another exceptional year.”
The success of this industry is partially thanks to the several benefits that yacht-owners get to enjoy when registering their vessels under the Malta flag including low Malta company formation and registration costs, reduced VAT rates, a number of tax exemptions, no restrictions on the nationality of shareholders and directors of Maltese shipping companies and the sale and mortgaging of Maltese yachts and no trading restrictions. These advantages are complemented by a serious and efficient maritime administration and sound multilateral and bilateral relations between Malta and other states.