Meet Acumum – Legal & Advisory in Monaco!
Acumum is attending the Monaco Yacht Show (MYS) in September.
The MYS is the most important yacht show of the year, bringing together hundreds of service providers, yacht owners (both current and prospective), agents, yacht builders and other stakeholders in the industry – it is set up as a networking event for owners and other stakeholders alike. It is held in the beautiful Port Hercule, the home of the largest Superyachts in Monaco – perhaps in the Mediterranean; the boats on display range in size from around 65 feet to over 250 feet – spanning a wide range of High-Net-Worth and Ultra-High-Net-Worth owners. Many yachts berthed in this beautiful port fly the Maltese flag
The current Maltese Government has, upon its election, given a commitment to ensure that Malta becomes a center of service excellence and a Maritime hub – a commitment that shows all the signs of being fruitful, with hundreds of owners opting to register their vessels in Malta.
In addition, with Fitch’s Sept 14 affirmation that Malta has retained its ‘A’ country ratin, Malta’s regulatory stability, as well as the wide spectrum and availability of services have all been conducive to this trend. The fairly simple registration procedure balanced by a serious maritime administration have been a primary driver of this trend; as has the financial stability and regulatory environment been important. Indeed, while being open to owners of any nationality, the Malta Maritime Register is a well respected flag in all major ports around the world and is compliant with all major international conventions.
These four factors have been – and continue to be – an essential feature of Malta becoming an increasingly large Superyacht flag in Europe and around the world. The advantages of registering in Malta are wide and varied – and the tax incentives for non-domiciled owners together with the attractive VAT scheme are among the important factors to be considered. More information about Malta’s attractive yacht registration rules can be accessed here.
Malta’s VAT Scheme Malta’s favourable VAT scheme allows a yacht to be registered under a finance leasing scheme, which can result in the reduction of VAT to as little as 5.4% of the yacht’s value, dependent on her size. Such scheme entails the setting-up of a financial lease of a period of between 1 and 3 years. Taking advantage of this scheme requires adequate structuring and following of the necessary procedures and requirements, but is highly achievable with proper advice. Benefits of the low-VAT leasing scheme for the yachting industry.
To take advantage of the VAT scheme requires the incorporation of a Malta company; this procedure is straightforward and uncomplicated. With the correct advice and having all the required documentation available, incorporation can be achieved within 2-3 days. Yachts are high-value assets that require competence and professionalism in management. Acumum aims to provide the owner with a range of services such as: structuring and incorporation, management, provision of advice (legal, tax and otherwise) and assistance in liaising with maritime, customs and tax authorities. Acumum is a young international law firm and advisory firm located in the tax efficient EU jurisdiction of Malta. Composed of senior lawyers authorised to practice in different jurisdictions, both in Europe and the world, having a wide network of contacts and collaborators enabling a far-reaching service.
The choices available are wide and far-reaching, providing clients with a number of options depending on their own residence as well as the intended region for use of the yacht. Services are varied and suited to provide clients with a single point of contact concerning their yacht: legal advice, accountancy, management and other related services. Such a variety of services is provided irrespective of the yacht’s flag or where she is berthed.
Email us to find out how Acumum can assist with your yacht and shipping needs: [email protected]