Maritime
Malta has a centuries old Maritime tradition. The strategic location of the Maltese Islands at heart of the Mediterranean Sea, its natural harbours, and the entrepreneurial and maritime skills of its people have, since time immemorial, conspired with its history and millennial culture to transform this European sovereign state into an international maritime service centre.
Malta’s long tradition and revival as a maritime services provider has led to the establishment of the Maltese flag as a reputable flag of choice and quality through the open Maltese register for ships, bare boat charters and mortgages. Malta now boasts the sixth largest fleet in world.
Great care has been taken to ensure that the Malta flag of registration is not only a flag of choice, but also a flag of quality. Malta has ratified most of the IMO and ILO international maritime conventions.
Advantages of the Maltese Flag
- Low Cost and Speed
The Maltese flag offers many advantages, one of which is that the costs of ship registration and company formation are amongst the most reasonable in the world. At the same time, the registration procedure is quick and rather straightforward, whilst a twenty four hours a day seven days a week urgency service is offered by the Malta Maritime Authority.
- Tax Exemptions
A Maltese ship owning company can enjoy a full tax exemption in respect of the exploitation of its vessels by virtue of the tax concession provisions of the Merchant Shipping Act.
- No Restrictions
Another advantage of the Maltese flag is that there are no restrictions on the nationality of shareholders ad directors of Maltese ship owning companies. Moreover, there are no restrictions on the sale and mortgaging of Maltese ships, nor rge sale or transfer of shares in a Maltese ship owning company. Finally, there are no trading restrictions, while preferential treatment may be given to Maltese ships in certain ports.
- Free Nationality of Crew
There are no restrictions on the nationality of the masters, officers and crew of Maltese ships, although crew on Maltese trading ships must be in possession of a recognized valid certificate of competency issued in accordance with he 1078 STCW Convention.
- Safe Register for Securities
The Merchant Shipping Act provides for a well developed security regime of maritime privileges and mortgages. Registered mortgages may entitle a mortgagee to an absolute priority ranking and an executive title. Foreign mortgages are fully recognized, and the registration fees of mortgages are remarkably low.
Mifsud & Mifsud Advocates is able to provide all legal services in connection with the maritime sector. For further information on Maritime Law issues please contact us.
