Malta aims to become the Mediterranean's leading superyacht hub.
Shipbuilding, infrastructure, taxation, and training: the island has ambitious plans
The idea that Malta wanted to expand its presence in the high-end yachting sector had been quite clear for some time, but the first Malta Superyacht Symposium held in recent days has given further concrete elements to this idea.
Organized by the Malta Chamber of Commerce and the Malta Maritime Law Association, the two-day event brought together a large group of experts to officially (or primarily) address the topic of sector regulations. However, the various panels also broadened their scope to include ports, shipbuilding, technology, and, of course, taxation.
Already a strong player in the refit sector, Malta is poised to become a leading all-round hub for superyachts in the Mediterranean, benefiting from its geographic location and, above all, strong cohesion among politicians, businesses, and operators, who are all working together to complete a comprehensive and ambitious development plan.
There was a strong Italian presence at the Symposium, with a qualified delegation from the Azimut Benetti group led by Giorgio Casareto, director of the Varazze Marina and longtime confidant of the Vitelli family, and Giorgio Gallo of Rina.
The fact that Massimo Perotti, founder of Sanlorenzo, also made the effort to attend the event in person speaks volumes about how far-sighted Italian companies are keeping a close eye on what's happening in the archipelago.
The numbers are starting to add up: over a thousand yachts over 24 meters in length are registered under the Maltese flag. The local registry, which is very attentive to the market, has organized itself appropriately, updating its regulations and implementing aggressive marketing and communication strategies that have even managed to "intercept" many yachts that were flying the English flag before Brexit.
The Maltese government's "welcoming" policy towards shipowners and shipyards was explained in his speech by Aaron Farrugia, the Maltese Minister for the Environment and Climate Change.
Also present was Lorenzo Pollicardo, technical and environmental director of Sybass (Superyacht Builders Association): "Malta is structuring itself to develop the entire sector, adding to the considerable expertise it already possesses in refits and shipbuilding, also important regulatory aspects, as well as training for crews and workers. Furthermore, the Maltese register is competitive and certainly destined for growth, in a market that remains vibrant," he commented.
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