Why Malta?

Situated strategically at the Mediterranean’s heart, the island of Malta is naturally positioned and ideally suited as a homeport for yachts.  Malta’s strong maritime tradition has meant that its legal framework is well-geared towards ensuring that international requirements are met, which affords a yacht easy entry into ports around the world.  The island has firmly established a deserved reputation for being an internationally compliant, well-run and forward-thinking jurisdiction in this area. 

A Maltese yacht may be registered in the name of a company irrespective of place of incorporation, or by European Union citizens and by European Free Trade Area Nationals. The costs of company formation, ship registration and the tonnage tax are comparatively low and some of the incentives may be extended to smaller ships.  

The Maltese legal system places no restrictions on the nationality of owners and crew, or on the sale of shares in a company that owns the yacht. Neither is there any restriction on the sale and, or mortgages of yachts.  Ships and yachts can be registered while still under construction and the registration of mortgages and bareboat chartering is possible. There are no trading restrictions on Maltese flagged vessels: indeed, vessels under the Malta flag receive preferential treatment in certain ports.

The ownership of a yacht might present itself as a challenging prospect and customers want to enjoy these without the added burdens of administering them, which might seem complex.  These challenges that can be faced with confidence when supported by expert services.   

Acumum – An Advantage!

Based in Malta, London and the Republic of Ireland, and serving a wide range of private and corporate clients, Acumum Advisory is an established provider of maritime and yachting advisory services. These complement a wider portfolio of others including advisory, corporate, energy, immigration and wealth planning. 

‘We fully appreciate the apparent challenges that can be associated with owning and operating yachts in different jurisdictions,’ says Dr Geraldine Spiteri, who manages the Marine and Yachting services at Acumum. ‘Registering a brand-new yacht, or changing flags, or even managing the yacht’s needs might seem so difficult as to discourage; but this doesn’t have to be so.’  This applies whether the yacht is used for personal and family enjoyment or chartered commercially, or both.  

‘Our team works closely with Maltese government officials and agencies, maritime service providers, tax specialists and financial advisors to offer a range of advantageous maritime and yachting solutions for clients,’ she elaborates. ‘These include vessel ownership, registration, transactions, leasing, finance and tax arrangements. These services are tailored to the client’s needs.’ 

‘When dealing with maritime and yachting sector clients or those with other interests, Acumum’s approach and commitment are always the same,’ Dr Spiteri confirms. ‘Undoubtedly, Acumum Advisory can tailor the nature and extent of the services provided to the customer’s profile, which can be established on a case-by-case basis.’  

The service offering can range from a one-off transaction to ongoing support, offering a proper base for the operation of the yacht.  Some of the salient services relating to yachting are:

• Initial registration of the yacht, or transfer from a foreign flag to the Maltese flag
• Commercially operating structures for both new-builds and existing yachts
• Company and yacht administration services
• Procurement of relating services (e.g. tax advisory, accounts, payroll, maritime services) and thus acting as a one-stop shop in Malta for the yacht and her owner.
• Emergency line for crew and captains.
• Other ancillary services depending on the requirements of the yacht.

For more information on Acumum’s yachting and maritime services or others call +356 2778 1700, email [email protected] or visit the company’s website at www.acumum.com/services/maritime-yachting.

Acumum Advisory is looking forward to getting down to business at AFSIC – Investing in Africa. And to helping businesses succeed as we move from global uncertainty to exciting opportunity.

As much of the world edges back towards more normal rhythms of life and work, global businesses are rightly moving their attention from short-term fixes to long-term challenges and opportunities.

For some, it will prove a daunting shift.

The need for precise focus on essential innovation, performance and delivery has never been more important. Success or otherwise may well depend both on what you know and who you know to help you do it.
The need to find a trusted, expert advisory and support partner to help unlock business potential has never more essential.

Acumum Advisory, which is attending AFSIC – Investing in Africa between 11-12 October 2021, fully understands this. Director and managing partner Geraldine Noel has dedicated much of an award-winning career building a proven track record to underline it.

‘Even in the best of times, we know that business is never straight forward, never a certainty,’ she verifies. ‘Company owners, partners and managers must keep attention firmly on achieving strategic goals, and less time concerned about structural, functional and admin matters. Especially when there are companies like Acumum specialising in doing these latter things on their behalf.

‘Our message is clear: you get down to business – we take care of the detail.’

Geraldine, who is a qualified barrister and member of the International Bar Association, cites corporate and tax structuring as an example.

‘Establishing firm legal and financial foundations is an essential factor in business success,’ she expands, ‘requiring specialist knowledge and expertise to achieve. With presence and experience in Malta, Ireland and the UK, Acumum can advise on, set-up and administer corporate structures best suited to individual business needs and optimised taxation arrangements for company or ownership profile.’

The forthcoming AFSIC event, which takes place in London, is seen as an ideal opportunity for Acumum to engage with and discuss requirements with present and future clients. And especially interesting given global trends are those operating in the energy and telecom sectors.

‘There’s an amazing level of innovation taking place,’ confirms Geraldine, ‘driven by exploding consumer demand, technological advances and new business paradigms. As we emerge from global uncertainty, these are certainly going to be such exciting times.

Acumum is helping push the boundaries, advising and supporting companies both new to the market and well-established players. Its specialist intellectual property services can make a critical difference, as an example, helping advise on and create the deserved protections demanded by far-reaching, fast-moving, blurred-border environments.

‘Intellectual property sits alongside and compliments Acumum’s portfolio of other services,’ Geraldine concludes, ‘including commercial advice, licensing, immigration, wealth and estate planning. For any business requiring advisory and support, it’s a comprehensive package.’

Geraldine would be pleased to discuss her views and thoughts further, or any of the services offered by Acumum, whether at the forthcoming AFSIC event in London or on any other suitable occasion. Call +356 2778 1700, email i[email protected] or visit the company’s website at www.acumum.com.

Why Malta?
The Republic of Malta, a former colony of Great Britain until 1964 has since maintained a special relationship with the UK.

Added to which, as the only one of two European Commonwealth members, Malta’s relationship with the UK, is based on mutual cultural, legal, and economic understanding.

Accordingly, Legal Notice No. 63 of 2019 (“Legal Notice”) goes some way to protecting British persons resident in Malta before the Brexit withdrawal date – whenever that may be.

Who is included?
The Legal Notice sets out persons to whom these provisions will apply: “British Citizen” means a person who holds British Nationality under the British Nationality Act excluding those holding the following British nationality status:

1. British nationals (Overseas),
2. British overseas territories citizens (BOTC),
3. British overseas citizens (BOC),
4. British protected persons (BPP),
5. British subjects (BS)

As well as a British citizen who holds a valid certificate under the Residents Scheme Regulations, if such person within 2 years from UK’s withdrawal date, exchanges their status to the residency status under the Legal Notice.

Family Members?
The provisions of the Legal Notice will apply to established family members of British persons, even if that family member is not residing in Malta as of the withdrawal date. The above rules apply to children adopted or born after the withdrawal date to the British person.

In cases where the British person has died, or divorced or separated, the family member may still have the right to reside in Malta if they have the right to reside under the Free Movement of European Union Nationals and their Family Members Order.

Length of Residency Permit
10 years, renewable subject to the person continuing to meet the requirements set out in the Legal Notice.

Application Process

Applications are to be submitted to the CEO of Identity Malta. The CEO of Identity Malta shall refer all applications to the Principal Immigration Officer to ensure the application is not against the public interest.

Until approval of the application under this Legal Notice, the British person’s (and residing family members’) previous residency rights shall continue to subsist.

Benefits & Related Rights
Except for regulated professions, all rights held by the persons shall continue, prior to Brexit with access to:

• Healthcare – if a worker or student
• Healthcare entitlements – if covered by the S1 scheme (formerly residual E106),
• Healthcare entitlements if self employed
• Access to education – except that grants or loans may only be given to persons who have resided in Malta for at least 5 years prior to the withdrawal date.

Equal treatment on par with a Maltese citizen as to :

• Recognition of educational qualifications – provided that an application is submitted prior to the withdrawal date to recognise diplomas, certificates and professional qualifications in accordance with Maltese legislation
• Access to goods and services
• Social benefits, provided that the person does not become a burden on the Maltese social assistance programme.

British nationals will also be able to exchange their UK driving license for a Maltese license without having to take the test.

Loss of Rights
The rights granted to British persons (and appropriate family members) will be lost if the beneficiary is absent from Malta for a continuous period of 2 years, not including:

• Temporary absences of 6 months in a year
• Absences due to compulsory military service
• One absence of a maximum of 12 consecutive months due to important reasons such as pregnancy, serious illness, study or vocational training or a work positing outside of Malta
• It is contrary to the public interest or public security
• After the withdrawal date the beneficiary is found guilty of an offence and subject to imprisonment of 1 year or more, whether in Malta or abroad
• Does not have sufficient funds, equivalent to the national minimum wage, to support themselves, or becomes a burden on the Maltese social assistance system
• No application for the Brexit Permit is received within 2 years of the withdrawal date
• Concealment of any material fact, by way of fraud, false representation
• Beneficiary is spouse or partner who is a 3rd country national, whom after the withdrawal date divorces or separates from the British citizen within 3 years of the marriage or registration of the partnership
• A de-facto partner of a British citizen, whose relationship no longer exists.

Refusals & Appeals
Refusals by the Maltese Government should be supplied with reasons, in writing, for the basis of the decision, unless this is contrary to public security. An appeal can be submitted to the Immigration Appeals Board, on the basis and within the time period notified to the British national.

Next Steps
British nationals resident in Malta prior to the Brexit withdrawal date are urged to regularise their position.

• Older persons and persons not deemed a worker or student on holding an S1 scheme permit should make inquiries as to an appropriate health insurance
• Persons in ‘regulated professions’ such as lawyers, doctors, nurses, social workers, pharmacists, vets are urged to contact their regulating profession in Malta in order to ascertain their work / license status. You can find out whether you are part of a regulated profession here: http://ec.europa.eu/growth/tools-databases/regprof/index.cfm

You are urged to submit their qualifications to the Malta Qualifications Recognition Information Centre prior to Brexit.