16Feb

Is ‘SAF’ the new buzzword in aviation?

16 February 2023 GERALDINE SPITERI 165

During the Corporate Jet Investor event held in London during February 2023, a number of sustainability goals were discussed in the aviation industry.

One of the central themes was that of alternative fuels for business jets. It is hoped that available alternatives might provide a workable and environmentally friendly solution to traditional, fossil-based, jet fuels.

SAF – Sustainable Aviation Fuel – what is it ?

The aviation industry has always been at the forefront of development. It has seen considerable growth during the last few years. This growth was particularly marked during COVID, when travel had become impossible due to commercial lines being grounded. Naturally, this raised concerns about the increased carbon footprint of this high-powered industry. Every industry is now talking of sustainability and lower carbon emissions, whether it is road vehicles, yacht, ships or aircraft. Business aviation is not immune to the global pressure being felt.

SAF is a next-generation fuel which is made from renewable waste and residue raw materials, such as used cooking oil or other agricultural products or waste. Compared to jet fossil-fuel, SAF is claimed to be able to reduce carbon emissions by 80%. Since it is chemically similar to jet fuel, SAF can be used as a direct replacement – although it is much more expensive and has so far been added to jet fuel. SAF is highly compatible with jet fuel. There is no need for the aircraft owner or operator to invest in additional system capabilities or to adapt the aircraft in order to use SAF. It is just added to the traditional fuel.

SAF has been in use since 2016 but recent industry stakeholders have further promoted its use. Customers have become more savvy around the need to limit emissions and to neutralize their carbon footprint.

Lending companies and financiers now tend to insist that an element of sustainability is worked into the business plan of the financier. Servicing companies – aircraft operating companies, brokers – also have a part in pushing towards further use of SAF.

SAF is still very expensive. This means that only a small percentage of the fuel used is SAF. It needs to be sourced in a manner that becomes feasible and that will therefore make it possible for aircraft to use SAF more widely.

The participants at the conference – over 580 professionals – seemed to converge on the idea that SAF will indeed see increased take-up. The industry has a key role to play in all of this, in ensuring that the use of SAF becomes the given practice.

Interestingly, while discussing SAF, sustainability and aviation, environmentalist protestors broke into the room. They accused business jet operators of causing unacceptable levels of pollution. They claimed that there is a high number of emissions in proportion to the small number of passengers. In a recent incident at Sciphol airport, hundreds of climate activists descended on the private jet section. They stopped aircraft from departing by sitting in front of their wheels. It is claimed that at least one of the flights delayed was a medical flight. The organisations involved (Greenpeace and Extinction Rebellion) claimed that they were protesting the aviation industry’s pollution and greenhouse gas emissions, as well as local noise pollution.

From the business aviation community perspective, the industry itself accounts for less than 0.4% of world emissions, even if there is no denying that it is in itself a culprit. The industry and its stakeholders are thoroughly engaged in neutralisation of carbon emissions. Across the board, there appears to be commitment towards more sustainable technologies, lighter materials and research to continue to reduce carbon emissions.

Business aviation – bizav – generates a large number of jobs and is a high contributor to the GDP of any economy. The industry itself promotes mobility of important resources (e.g. medical flights) and has helped world connectivity when commercial aviation (airlines) were unable to provide services. Bizav remains at the forefront of the development – and promotion – of SAF and SAF technologies.

At Acumum, we commend sustainable projects and sustainability as part of our corporate social responsibility and we are happy to service clients and counterparts in bizav having sustainable goals.

Dr Geraldine Spiteri Director and Advocate – Acumum Legal & AdvisoryAcumum 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

16Feb

The Corporate Jet Investor London, 2023: An Exciting Aviation Event

16 February 2023 GERALDINE SPITERI 163

London, 6-8 February 2023. This year, Acumum – Legal & Advisory attended the Corporate Jet Investor (London), held at The Landmark London. With the glamorous backdrop of the 5-star premises, and an array of discussion panels featuring top-notch speakers, Dr Geraldine Spiteri has returned from the event, brimming with excitement.

Business aviation – ‘bizav’ – is on the rise. Business jets have stepped in during COVID, flying people and supplies at a time when commercial aviation had ground to a halt. For some, there is no going back to commercial flying. The tendency among high-net-worth individuals is to stick to private flying: this means fewer queues, less (or no crowds) and greater comfort and privacy while travelling.

Bizav nowadays provides connections to three times more European destinations than just a few years ago. It is responsibile for around 400,000 direct and indirect jobs and adds EUR 900 billion to the European GDP. It is toted as an industry worth investing in.

On the downside, it has a high carbon footprint, but accounts for only 0.04% of the global emissions annually.

Interestingly, during the event, protestors barged into the meeting twice. They slammed private jets as “obscene” and “a privilege that we cannot afford”. The protestors stormed in, as though timed, just as one of the sustainability debates had come to a close.

Later, we learned that a spokesperson for Fossil Free London told CJI: “We disrupted your conference because our climate is in crisis, and people around the world are already suffering and dying from the impacts of this crisis, particularly people in the Global South who have done least to cause this crisis and are now suffering from extreme weather, flooding, drought, heatwaves, storms and forest fires.”

During the conference, discussion panels were asked: Is the bizav industry being unjustly demonised? Among the subjects discussed was the ever-looming issue of the emissions caused by the industry and the bad press this has caused. Indeed, there is an increasing rise in the use of sustainable aviation fuel, though still expensive. Owners and operators are also investing in neutralising their carbon footprint. Naturally, it is still a polluting industry – but the general feeling was one of optimism: as the use of bizav continues to rise, so will scientists find a way to neutralise the carbon or to make the use of replacement fuels possible and, of course, feasible.

At the 2021 United Nations Climate Change Conference, a target was set to achieve net-zero greenhouse gas emissions from the U.S. aviation sector by 2050. A huge part of the conference discussion centred on sustainable aviation fuel, produced from renewable and waste feedstock can provide the greatest impact in our effort to reduce greenhouse gas emissions.

Other discussions centred around the changing trends in the take-up of bizav – both as an investment and as a means of travel. In particular, changing trends in requirements for aircraft, increased demand for aircraft and a lack of supply (long lead times for the delivery of newbuilds) led to lengthy and healthy discussions on the future of the industry.

Naturally, the sanctions on Russia were high on the watch list. This has been seen as a creeping web of restrictions, which practitioners from across the industry are watching with keen eye. A considerable difference has been observed between the EU and the USA as to how to treat aircraft that has a connection with Russia.

The conference was attended by around 580 delegates from all over the world. Some of the world’s largest brands in aviation sponsored the event – aircraft builders, engine builders, maintenance companies, managers and operators and financial and legal advisors.

Acumum Legal & Advisory’s Marine & Aviation is headed up by Dr Geraldine Spiteri, whose main practice areas are maritime and yachting, aviation and transport and corporate law.

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

10Nov

Acumum – Legal & Advisory Celebrates Ten Years in Business

10 November 2022 Dario Signorino 76

Award-winning legal, tax and fiduciary firm, Acumum – Legal and Advisory, is celebrating ten years in business. Founded in 2012 by director Geraldine Noel, the Malta-based firm now acts as a leading advisor to international clients with a range of legal, corporate and fiduciary services, with offices across Europe.

Starting out as a one-woman business, Acumum Legal & Advisory provided a vehicle for founder, Geraldine Noel, to use her years of expertise to help a wide range of international clients. With a Masters in Law from the University of Oxford and completing her LLM at Fordham University School of Law, and is currently completing her fourth post graduate degree in energy law, Noel gained valuable expertise as a barrister in London, as well as legal counsel for various global companies – NY, Switzerland & Cayman Islands. Geraldine is a barrister of England & Wales, Republic of Ireland and is registered in Malta and is also a founding partner of Acumum Chambers – an English barristers chambers located in Malta focusing on cross-border litigation and arbitration.

Celebrated throughout the industry, Noel’s work at Acumum – Legal & Advisory has seen her named in the Citywealth Power Woman Top 200 List every year from 2013 to 2020 and has also won awards for Best Businesswoman in Legal Services and Best Contribution in Business Service at the Malta Best Businesswoman Awards in 2021.

With a series of hires over the years, the boutique firm is now a leading expert in corporate law as well as aviation and maritime, pharmaceutical, bio-tech and medical cannabis, energy and wealth and estate services. The firm is also an accredited agent for Maltese citizenship and an authorised mandatory agent for all Maltese residency programmes. Dr. John Navarro joined the company in 2017 as junior legal counsel, qualifying as a Maltese advocate and rising to associate advocate. John is currently in the process of qualifying as an English barrister. In 2018, Michael Satariano joined as director of compliance, with years of corporate services and compliance experience. Finally in 2021, Dr. Geraldine Spiteri took up a full-time role as a lawyer and director designate, with the aim to set up the maritime and aviation section of the company as well as supporting and developing its advisory services.

Other notable achievements for the firm include acceptance to two leading legal networks, the International Jurists and the International Lawyers Network, with Acumum – Legal & Advisory acting as the sole Maltese representative to a global network of professionals.

Geraldine Noel, director of Acumum – Legal & Advisory said: “I’m delighted to mark the milestone of ten years in business. The company has come such a long way since I founded it in 2012 and I am proud to be able to offer such a wide range of services and work with the best talent in Europe. I am excited to see the company grow even further in the coming ten years.” For more information visit www.acumum.com

08Oct

The Voice of the Shipping Industry – Malta Maritime Summit, 2023

8 October 2022 GERALDINE SPITERI 170

Early this month, Dr Geraldine Spiteri was invited to speak about seafarers and yachting at the biennial conference, the Malta Maritime Summit,2022. This is the forum where players in the maritime industry can bring matters of importance to the attention of the authorities and propose a way forward.

It is the third time that this biennial event was organised. Held in the first week of October 2022, it follows soon after the Monaco Yacht Show and brings together maritime experts from several countries.

Yachting Events — Pretty flags grace the vents of these beautiful yachts in Port Pierre Canto

Themed “The Voice of the Industry”, this event hosted prominent and influential maritime stakeholders who debated maritime concerns and challenges facing the various sectors including the post-COVID reality, technology, environment and finance.

These discussions included, in particular, the training needs of seafarers and of the yachting industry. There has been a worldwide call for seafarers in yachting, due to the increase in the interest in owning and operating yachts, whether privately or for charter. This may call for a rethink on the training of seafarers who intend to work onboard yachts.

The summit also touched upon discussions relevant to other areas of the maritime industry, such as the IT needs of the maritime industry, sustainability and digitalisation, security issues, technical issues relating to ships and much more. Political issues were discussed – such as the possibility of the maritime industry requiring a shift in thinking. Sustainability of the industry featured high on the list of discussions and environmental concerns were raised and discussed.

Dr Geraldine Spiteri Director and Advocate – Acumum Legal & Advisory

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

30Sep

Acumum attends the Monaco Yacht Show, hails end of the charter season for 2023

30 September 2022 GERALDINE SPITERI 165

September 2022. Acumum – Legal & Advisory attended the Monaco Yacht Show, 2023.

For any yachting professional, the Monaco Yacht Show is an annual must-visit. It brings together many important events, such as Marine Money , the SOS Yachting VAT seminar and the Mare Forum conference.

Following hot on the heels of other yachting events that opened the conference season, the Monaco Yacht Show is the biggest yachting show of the year in Europe. It is possibly the most important yacht show of the year in the region. Yachting professionals from a wide range of service fields meet, network and grow their business at this interesting, high-paced event.

The show features some of the largest, most luxurious yachts in the world. The yachts are showcased for sale or charter, or simply on display. Builders bring their new creations here, and visits are available for those interested in buying or chartering. There is also a range of tenders and toys on display – boats of various sizes, jet skis and other attachments which make life onboard a superyacht that much more fun.

Crewing organisations and crew training companies were also present to meet with yacht owners, managers and operators to discuss training and crewing needs. These will depend on the size of the yacht and whether she is used for private ends or chartered commercially..

“It is always so exciting to see so many of these very large yachts flying the Malta flag,” says Dr Geraldine Spiteri, who leads the Yachting team at Acumum. “The Malta flag is the largest superyacht registry in the world and Malta has a legal framework that is very interesting for yacht owners.”

“The Merchant Shipping Registry, Malta’s flag state administration, had one of the most active stands in the entire show, with professionals from all over the world, stopping by for drinks, a chat and to exchange business contact details,” Geraldine says. Indeed, practitioners from many industries – lawyers, surveyors, accountants, brokers – all attend the Monaco Yacht Show in an attempt to renew old contacts and make new ones.

The show consists of different sections – ranging from the very large yachts, to tenders and toys, innovative designs and service providers. Acumum – Legal & Advisory, part of a boutique group of firms, provides services including registrations, financial administration and advice on chartering and other contracts, while the corporate arm, Acumum Corporate Services Limited, is a licensed entity that offers corporate set-up and administration for yacht-owning and operating companies. We aim to provide a one-stop shop for yacht owners, bringing a wide range of expertise to our clients, delivered in a very personalised fashion and based on the client’s requirements.

Acumum Legal & Advisory’s Marine & Aviation team was present and met many clients and colleagues to discuss matters 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.

Read our factsheets on yacht registration in our library, and read more about our yachting services on our Maritime page.

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

09Sep

Yes, we Can(nes) – Acumum at the Cannes Yachting Festival

9 September 2022 GERALDINE SPITERI 171

September 9, 2022. Acumum – Legal & Advisory attended the Cannes Yachting Festival – a delightful celebration of yachting, bringing together professionals and clients from the yachting world, from all over the globe.

The Cannes Yachting Festival heralds the opening of the show season for the yachting industry, as well as the closing of the charter season in the Mediterranean. It is held every year during the early weeks of September.

September a time when many chartered yachts begin to plan for their winter maintenance, or head to the Caribbean where they can continue their operations in the warmer weather. Private yachts may follow the same course, depending on the owner’s itinerary. For some, the weather is still sufficiently inviting to warrant a few more trips out at sea, or a few more charters for that matter.

The Cannes Yachting Festival is held in the beautiful Port Vieux, hosting motor yachts, and Port Canto, hosting some of the largest sailing yachts in the world. This exciting yachting event brings together yacht builders and brokers, suppliers of all types of yachting goods and a wide range of service providers. Stakeholders in the yachting industry review the success of the charter season. Owners begin to plan the winter schedule – from winterising, a maintenance programme for the winter months, to general upkeep, be it technical or cosmetic. The yachting festival also boasts a number of servicing and parts providers, which makes it a great opportunity to book any refits, or upgrades in the appearance of the yachts, and all kinds of maintenance programmes.

For service providers such as Acumum, being involved in this event means staying on top of the industry. Yachts are very special assets and hands-on knowledge of their maintenance requirements means that those responsible for a yacht’s operation and management are well aware of what the industry has to offer. This is key to offering expert advice and guidance in the ownership and operation of a yacht – whether private or commercial.

Boarding ? — Beautiful yachts are open to visitors

Surrounded by the glamorous buildings from the Belle Epoque and a stunning promenade, some of the largest yachts proudly flew the Malta flag, which is the largest superyacht registry in the world. This year, a number of yacht builders featured their newbuilds in Cannes while a number of events aimed at networking brought together a number of professionals – some of whom had not been to any yacht shows during the previous two seasons, due to the pandemic.

Many professionals visit the show, travelling from all over the world to close the charter season and to commence a series of events after the other which lead to networking, professional discussions and hopefully, brokering deals.

“The general feel of the festival exhibitors and attendees was really great,” says Dr Geraldine Spiteri, who leads the yachting team at Acumum, “and despite the last two years of lockdowns and world upheavals, the yachting industry is still going strong. Indeed, owners have immersed themselves more deeply into their yachting activities, realising that it is one of the safest options to travel. During the pandemic, orders for newbuilds or refits have soared, with the result that many yacht yards have a full order list. The yachting industry is really thriving.”

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

20Jul

Acumum – Legal & Advisory attended the 2022 Superyacht Symposium in Malta

20 July 2022 Acumum Legal & Advisory 201

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.

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

18May

Acumum Director receives Excellence Award, Maritime & Aviation, at the Women’s Economic Forum

18 May 2022 Acumum Legal & Advisory 197

Last night, Dr Geraldine Spiteri, director and advocate at leading Maltese specialists Acumum – Legal & Advisory received an award for Exceptional Women of Excellence in Maritime Law & Aviation, during a ceremony held at the Women’s Economic Forum networking event at the Valletta Waterfront, Malta. The 18^th May, is ‘International Women in Maritime Day’, a day when the global maritime industry celebrates the encouragement of women to work in the maritime industry.

The event was organised as part of a series of networking events for the Women’s Economic Forum (WEF), that is a part of the Women’s Indian Chamber of Commerce International (WICCI), Malta Branch – a business and industry that boosts and builds women’s entrepreneurship and businesses through greater engagement with government, institutions, global trade and networks. WICCI includes various free platforms, including the All Ladies League (ALL), and the SheEconomy. The group hosted leading women across the world working in high profile industries and established the new headquarters of WICCI Malta.

During her speech to express her thanks for this recognition, Dr Spiteri mentioned the ever-increasing role that women in maritime contribute to the maritime industry. Dr Spiteri promised to work within the industry to continue to promote the role of women in high positions in the maritime world. “I believe that women can also play an important role in the maritime economy and Malta is very well placed to put this matter on the agenda for continued developments in the maritime industry,” she said in her speech. “Together, this is something we can work on across our industries to be able to promote accessibility of these roles to women all over the world.” Dr Spiteri has also headed up a number of initiatives and spoken at key events, including a Women in Maritime held at the IMO International Maritime Institute on the empowerment of women in the maritime industry in 2019.

Dr Geraldine Spiteri celebrating the wining of her Women Economic Forum award

Within Acumum, Dr Spiteri heads up the Marine & Aviation team, which services clients wishing to register their yachts and aircraft, as well as those wishing to set up the ownership and operation of these assets within a corporate structure. Dr Spiteri is a Maltese advocate and lectures in maritime and aviation law.

Acumum Legal & Advisory is a fullservice boutique firm, providing a range of services including those relating to the registration and management of ships, yachts and aircraft.

To contact Dr Spiteri or to find out more about Acumum and its services call +356 2778 1700, email [email protected] or visit the company’s website at www.acumum.com.

12May

Acumum director to host global business and community forum

12 May 2022 Acumum Legal & Advisory 184

Dr Geraldine Spiteri, director and advocate at leading Maltese legal and advisory specialists Acumum – Legal & Advisory, is hosting a chamber on maritime, transport and logistics at the upcoming Women Economic Forum summit taking place in Malta between 16 and 18 May 2022.

The event commences with a one-day meeting hosting G100 event on Monday 16^th May, followed by the Women Economic Forum (WEF) conference, which is a series of discussion chambers as well as networking events on Tuesday 17^th May and Wednesday 18^th May. While G100 is a group of 100 female economic leaders around the world, WEF conducts global summits , offering a compelling platform for women to be increasingly involved in the business world, inspired by some of the world’s most successful entrepreneurs, authors, thought leaders and celebrities.

The event will host women in leading roles – as well as male counterparts – from around the world, as well as Malta. On the agenda will be inclusion, public health, the arts, culture and language, sustainable energy, business and economic development, maritime affairs, logistics and environmental affairs.

Dr Geraldine Spiteri Director and Advocate (Malta) – Acumum Legal & Advisory

Dr Geraldine Spiteri, who specialises in maritime, aviation and corporate law, will be hosting a chamber within the WEF forum covering maritime affairs, blue economy, aviation, transport and logistics. These are matters that are of key interest to Malta in general, with Malta being a maritime hub and transport being a sector that has received major focus in recent years. The classification of the Maltese shipping register as the sixth largest maritime registry worldwide, and Europe’s largest and the increase in the number of aircraft registered under the Malta aircraft register are ample proof of the commitment by the Malta Government to increase these sectors.

‘Receiving an invitation to play a leading role in a global event of this scale, focused on these themes, is important both professionally and on a wider scale, is indeed an honour,’ Geraldine comments. ‘I’m looking forward to meeting passionate people, sharing views and taking part in interesting discussions and also widening my network of contacts in the industries that the chamber I will be hosting is tackling Acumum has always been an inclusive company and supporter of empowering women – encouraging and embedding the advancement of female entrepreneurship in Malta and globally is a cause we’re always pleased to support.’

While the G100 summit is only open to members of that group, the WEF Summit is open to a wider network and includes the chamber hosted by Dr Spiteri. Registration to the WEF Summit is open to all interested parties – male and female – from all over the world.

Acumum Legal & Advisory is a full-service law firm with services including aviation, corporate formation, accounting, estate and wealth planning, taxation, maritime and yachts, energy, intellectual property, to name a few.

To contact Dr Spiteri or to find out more about Acumum and its services call +356 2778 1700, email [email protected] or visit the company’s website at www.acumum.com.

22Dec

Look beyond your horizons: Acumum Advisory on Malta’s specialised maritime and yachting services

22 December 2021 Acumum Legal & Advisory 187

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.

News

SAF – Sustainable Aviation Fuel – what is it ?