Post event commentary – MYS

The curtain has closed on the 2018 Monaco Yacht Show (MYS), one of the most valuable opportunities to learn about recent trends and innovation within the superyachts industry as well as a great networking platform for yacht owners, yacht brokers, charter agents, management companies, government officials and shipyards.

Alex Beetham, Client Services Director at Abacus Malta and Mike Spittal, Managing Director at Landmark Trust, represented the new combined Group at this year’s show at Port Hercule in Monaco from 26th to 28th September, to discuss the ownership and management of luxury assets, with a particular focus on the Malta Yacht offering, including the recent changes to Yacht Leasing, the newly incorporated Crew Employment Company and how a Helicopter and Yacht can be used in conjunction, but owned and operated independently.

Recently returning from a successful and vibrant show Alex commented: “The Monaco Yacht Show is one of the most prestigious boat shows in the world, and it has been a perfect showcase for promoting the advantages of using a reputable shipping jurisdiction, such as Malta, for yacht ownership crew employment and registration purposes.”

“Unfortunately, the Maltese government were not in a position to release any updates on the Maltese lease, which was a very popular talking point throughout the Show. However, watch this space, as we expect to receive some news from our contacts in Malta within the coming weeks.”

“As of 2018, Malta has over 800 superyachts (yachts that are over 24m in size) registered under its flag, a figure which indicates an increase of 10 per cent over the previous year. This comes as no surprise – Malta offers a respectable and efficient framework for the maritime sector and we operate a number of Commercial Yacht Registration and Ownership Companies. We also like to take pride in that Malta is fast becoming a jurisdiction of key prominence in the aviation sector and is recognised as a ‘Flag of Excellence’.”

“There still remains a good range of jurisdictions that offer competitive services for yacht and aircraft owners to choose from. However, Malta stands out from other European jurisdictions, whether in respect of tax efficiency, industry expertise, facilities, robust regulatory frameworks, reputation or geographic location.”

“Another interesting thing is that over the course of the recent Show, conversations have extended beyond the yacht world, into how the luxury assets are owned and administered and how the owners can use the services of firms like our own to manage multiple and complex cross-border assets, to navigate tax and regulatory issues and to plan for both their wealth and their businesses” Mike added.

“With offices located in the Isle of Man, Malta, Monaco, Geneva, London and Hong Kong, we are ideally positioned in some of the world’s leading jurisdictions that offer competitive services for luxury asset owners. We have extensive experience and knowledge in our field and can offer information and advice on a diverse range of structures as well as assistance in the establishment and development of a tailored solution which yields success, and which are also suitable to niche sectors such as the aviation, property and yachting industries.”

If you’d like to learn more or discuss how to achieve the maximum enjoyment, safety and value from your investment, please email either Alex Beetham at alex.beetham@abacusmalta.com or Mike Spittal at mspittal@landmarktrustgroup.com

 

Picture [L-R]: Alex Beetham, Client Services Director at Abacus Malta and Mike Spittal, Managing Director at Landmark Trust

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