July 2022. Acumum – Legal & Advisory attended the Superyacht Symposium in Malta – a first event of its kind, hosted by the Malta Chamber of Commerce and the Malta Maritime Lawyers Association, of which Acumum is a member.
The symposium was held over two days and featured important discussion topics such as: Malta as a yacht refit center, yacht marina facilities, Malta as a destination for superyachts, the interests of seafarers (including training) and regulatory issues surrounding superyachts. Hon. Dr Aaron Farrugia, Minister of Transport, Infrastructure and Capital Projects and the Registrar General for Shipping, Mr Ivan Sammut attended, alongside ley speakers and panel moderators, from different areas in the industry so as to hold a wide-spectrum discussion on various matters of interest to stakeholders and their clients alike.
The aim of the symposium was to chart the future of the superyacht industry in Malta and the Minister announced the first National Superyacht Policy in his opening address. Indeed, the highly active discussions across all sessions indicated that this is very much an in demand initiative and will continue to ensure that Malta provides quality services to the superyacht industry.
The symposium acknowledged that the superyacht industry in Malta has continued to register growth, reflecting the success of the Maltese flag. The symposium identified a number of key strengths which can continue to be developed as the industry evolves. The Malta Ship Registry declared itself committed to continue to work hard with partners and stakeholders to take the superyacht industry to the next level. Industry stakeholders, including owners of shipyards, yacht builders, marine surveyors, accountants and auditors, tax advisors and lawyers were present to share ideas as to the full spectrum of services which is offered across Malta.
The Maltese flag for yachts provides a number of benefits: the strong reputation it enjoys as well as the robust legal framework and the ability for a foreign owner to register a Malta flag are just some of these incentives. Malta’s Commercial Yacht Code has long provided guidance to those superyachts wishing to engage in charter; for even larger yachts carrying more than 12 passengers, the recently published Passenger Yacht Code also continues to give further guidance, while ensuring the safety of those vessels carrying larger numbers of passengers, in compliance with international conventions. It was also suggested that guidelines for privately owned superyachts be issued, which would ensure speedier registration processes and the high quality of yachts registered in Malta.
Acumum Legal & Advisory’s Marine & Aviation team was present and participated in the discussions surrounding areas of interest to its maritime clients. The team is headed up by Dr Geraldine Spiteri, whose main practice areas are maritime and yachting, aviation and transport and corporate law. Dr Spiteri has worked in the yachting industry for over ten years, brings with her a range of experience and contacts that enables Acumum to ensure an all-round service to yacht-owning clients.
Dr. Geraldine Spiteri. I Head of Marine & Aviation.
[email protected] +366 2778 1700 ext 403