MBR ISSUE 43

EXCLUSIVE INTERVIEW
Malta Business Review
FULL SPEED AHEAD TO MONACO
YACHT SHOW 2018
| Family Office | Tax & VAT
ess | Yachting | Aviation | Crewing
Full speed ahead to Monaco Yacht Show 2018 Mark Young is Senior Manager - Yachting and Aviation at Equiom
Malta. As Equiom gears up for its tenth year attending MYS in September 2018, we asked Mark about the industry,
its current trends and what’s in store for the future.
a trustee and fiduciary services provider and as a company service provider by the Malta Financial Services Authority.
CORPORATE BRIEF: Equiom (Guernsey) Limited and Equiom Trust (Guernsey) Limited are licensed by the Guernsey Financial
Services Commission. Equiom (Isle of Man) Limited is licensed by the Isle of Man Financial Services Authority. Equiom (Jersey)
Limited is regulated by the Jersey Financial Services Commission. Equiom (Luxembourg) S.A is supervised by the Commission
de Surveillance du Secteur Financier (CSSF), the supervisory authority of the Luxembourg financial sector. Equiom (Malta)
Limited is authorised to act as a trustee and fiduciary services provider by the Malta Financial Services Authority. Equiom Trust
Services Pte. Ltd. is licensed by The Monetary Authority of Singapore. Equiom Trust Services (BVI) Limited is regulated by the
British Virgin Islands Financial Services Commission. Equiom S.A.M. is authorised to act as a trustee and fiduciary services
provider by the Ministry of Finance in Monaco. Equiom Trust (South Dakota), LLC is licensed in Guernsey by the Guernsey
Financial Services Commission and in South Dakota by the South Dakota Division of Banking.
MBR: How long have you
worked in Yachting?
MY: I started out in corporate services 15 years
ago and have spent the majority of my time
working in various roles within the sector in
London, the British Virgin Islands and Malta.
In 2015, I joined Equiom in Malta and began
working in the intriguing world of yachting.
MBR: How does yachting
differ from corporate
services?
MY: The yachting sector is highly dynamic,
demanding a substantial level of support work
in jurisdictions worldwide and that is where
my job comes in. The work I do covers every
aspect of our structures, be it VAT, tax, yacht
operations, importation, sale and purchase.
Working in yachting requires dealing with
several different parties on a daily basis
including the owners, family offices, yacht
managers, charter brokers and captains.
What’s more, its clients are some of the most
high profile high-net-worth individuals.
It is not a nine to five job, that’s for sure, but it
has to be one of the more exciting roles in the
financial services industry.
MBR: What types of services
are yachting clients most
interested in?
MY: Clients can come to us for a whole
range of requests. They might be looking for
operation and management of ownership
vehicles for their private or commercial yacht.
They could also require VAT and tax advice or
be interested in accounting and audit of their
ownership vehicles. We have also advised on
yacht leasing structures and more recently,
we have been approached for options to
allow for chartering a yacht in Spain following
the introduction of Spanish matriculation tax.
Another very popular service is crewing and
the support we provide for the employment
of staff on board a vessel. The considerations
for employing crew members can often
seem endless and we have a global team of
specialists that can take care of this.
MBR: What are some of your
key messages for promoting
Malta as a yacht registration
jurisdiction?
MY: We have an impressive set of numbers to
boast about, which are a testament to Malta’s
success in this industry.
• Malta is the largest ship registry in the
EU, and the sixth largest in the world in
terms of gross tonnage.
• During 2017, 828 vessels totally just shy
of 10 million gross tons were registered
under the Malta flag, a growth of 7.7%
over 2016’s figures.
• Over 8,000 ships are registered in Malta,
totalling just shy of 75.2 million tons.
• Over 687 superyachts are now flying the
Malta flag
• Within the superyacht sector, the
registry reported an increase of almost
19.5% over the previous year in relation
to superyacht registrations.
MBR: What’s in store for
the future of the yachting
industry in Malta?
MY: The statistics indicate that Malta’s
popularity within the superyacht industry
will continue to increase. With the UK set
to leave the Customs Union, the industry
is keen to determine the specifics of future
ownership structures, and Malta is well
placed in this regard.
The government has plans to continue
Investment into its infrastructure in order
to further emphasise Malta’s place at the
forefront of the industry.
MBR: Looking ahead to MYS
2018, what are you most
looking forward to?
MY: It’s always a pleasure to catch up with our
clients and intermediaries at MYS. Following
Equiom’s acquisition of Carey in Monaco
last October, this year’s show will be a new
experience with a full team of colleagues and
clients based in Monaco.
Our attendance at the show allows us to
stay well informed of developments from
key jurisdictions. I look forward to some
stimulating discussion around the industry as
a whole both locally and globally.
If you are going to the show please stop by Darse
Sud, QS107 to meet the Equiom team. If you
would like to arrange a meeting please contact
me on markyoung@equiomgroup.com.
www.equiomgroup.com MBR
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