Author: Mr. Joseph Fenech
Published: 22nd November 2023
Maritime Unit
As the Yachting continues to grow, both in numbers and also in reputation, the Maltese Government has released a strategic vision document for the local Superyacht industry.
It is worth noting that in terms of yachts registration, over 1,100 superyachts exceeding 24 metres, are registered under the Malta Flag.
Initially, the Maltese Government launched the development of Malta’s first National Superyacht Policy in October 2022. Over the past few months there has been consultation with key industry stakeholders and this vision document is the result of this wide consultation process coupled with preliminary research and SWOT analysis.
The guiding principle for this proposed vision is: “Make Malta a jurisdiction of choice for the superyacht industry by fostering a sustainable ecosystem supported by reliable infrastructure, quality services and a skilled workforce.”
In turn, four pillars were identified, which group a number of other strategic actions:
- Product development.
- Legal and regulatory framework.
- Human resource development.
- Environment and social considerations.
This document sets out the vision and roadmap for a holistic transformation of Malta’s superyacht ecosystem, to future-proof it and to give it the right tools, capacity, and capability to deliver on its vision of supporting Malta’s economic and social development.
Click here to download the official document. You may wish to contact us on jfenech@fff-legal.com for further information or to discuss these developments with us.
The information provided in this Insight does not, and is not intended to, constitute legal advice. All information, content, and materials available are for general informational purposes only. This Insight may not constitute the most up-to-date legal information and you are advised to seek updated advice.
