The goal of the Strategic Vision Paper which the Maltese government unveiled this week, is to position the nation as a preferred jurisdiction for the superyacht industry by promoting a sustainable ecosystem backed by dependable infrastructure, superior services, and a workforce with the necessary skills. As a specialized market within the maritime industry, it has seen notable success in recent years. This specialized market is built on high-value-added operations and is distinguished by unwavering quality-based services.
The Strategic Vision Paper lists several upcoming projects. It includes creating a national plan with programs and incentives to support the yachting industry’s transition to a sustainable and eco-friendly economy, guaranteeing the supply of alternative fuels, and drawing in creative start-ups from the superyacht and maritime industries.
Consequently, a variety of strategic initiatives established by the industry for the sector were grouped into the following four pillars: product development, a framework of laws and regulations, HR development, and environmental and social factors.
By providing generous incentives to businesses, the Maltese government hopes to establish Malta as a testing ground for emerging technologies. Furthermore, current boatyards will receive assistance in expanding their offerings in order to set themselves apart from the competition. Businesses may qualify for incentives if they make use of the entire spectrum of services, which includes maintenance, repairs, and refits.
In addition to suggesting the prospect of providing special berthing rates for yachts wintering in Malta, the document stresses Malta’s potential to become a winter base for refit and charter clients.
Additional initiatives are being discussed to strengthen Malta’s standing in the industry. These include encouraging financiers of superyachts to register a company in Malta, kick-start operations in Malta, and strengthen the island’s position as a hub for crew training, facilitating work permits for crew members wishing to live ashore, and enhancing air connectivity with well-liked superyacht destinations.
Download the Malta Strategic Vision Paper for the Superyacht Industry here.
At Papilio Services we fully capitalize on our expertise, dedication, and vast network in the Malta superyacht industry in order to provide comprehensive Yachting & Shipping Services for our clients’ yachting needs.
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