Practice Areas > Aviation & Shipping > Yacht Registration & Incentives > Yacht Importation
Overview
At Gonzi & Associates, Advocates we assist yacht owners wishing to sail their yachts in EU territorial waters, with benefitting from the attractive solutions offered under the Maltese jurisdiction.
Commercial Use
Importation of Yachts intended for Commercial Use
Yachts intended for commercial use may be imported into the EU through Malta thereby bringing the yacht into free circulation within the European Union. What is required here is that the yacht physically calls at Malta in order to undergo the relative VAT and customs procedures and to subsequently be imported into the EU with the release of the relative import documentation. This will allow the yacht to be chartered out and freely sail within EU waters.
Private Use
Temporary Importation of Yachts intended for Private Use
Owners of yachts and superyachts flying a non-EU flag, who are non-EU residents and who wish to use their private yachts temporarily in EU waters are provided with the possibility of placing their yacht under temporary importation via Malta. This procedure requires the yacht in question to call at Malta and be subjected to temporary importation with the Maltese customs authorities. The temporary importation procedure enables the yacht to stay within the EU for 18 months and can move freely within its territorial waters with no further customs formalities during this period.
The Maltese Customs Authority will require the provision of a security or guarantee, to cover the payment of the customs duty and VAT that become due if the yacht does not leave the EU customs territory after the operative period.
At the end of this period, the yacht must either leave the EU or pay the applicable VAT.
Yacht Leasing
Yacht Leasing from Malta
In order for a yacht to sail freely in EU waters, VAT must be paid in any one of the EU countries on the particular yacht, and it must carry a VAT paid certificate. Malta is one of the EU jurisdictions offering substantial tax reductions by means of lease structures with the added notable benefits that there are no conditions that the lessor and the lessee must have a different beneficial owner nor is it imposed that the lessor must be a financial institution.
How we can help
Gonzi & Associates, Advocates is able to assist you with all aspects relating to the following yachting services:
- Private & commercial yacht registration under the Malta flag
- Assistance with the importation of a yacht into the EU;
- Assistance with superyacht administration
- Assisting in regard to tax planning and tax compliance, including advising as regards VAT Treatment of Yacht Leasing Scheme.