Full speed ahead for Monaco Yacht Show 2018
Thursday 23 August 2018
Mark Young is Senior Manager - Yachting and Aviation at Equiom Malta. As Equiom gears up for its tenth year attending Monaco Yacht Show in September 2018, we asked Mark about the industry, its current trends and what’s in store for the future.
How long have you worked in Yachting?
I started out in corporate services 15 years ago and have spent the majority of my time working in various roles within the industry in London, the British Virgin Islands and Malta.
In 2015, I joined Equiom in Malta and began specialising in yachting and aviation.
How does yachting differ from corporate services?
The yachting sector is highly dynamic, demanding a substantial level of work in jurisdictions worldwide and that is where my role comes in. The work I do covers every aspect of our structures, be it yacht registration, VAT, tax, yacht operations, importation, or sale and purchase amongst others.
Working in this field requires dealing with several different parties on a daily basis including the owners, family offices, yacht managers, charter brokers and captains. In addition, its clients are some of the most high profile high-net-worth individuals in the world.
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 industry, and there are some amazing perks. There is the expectation of an exceptional level of service given our client base and our deadlines are rarely flexible.
What types of services are yachting clients most interested in?
Clients come to us for a whole range of reasons. For example, they may be looking for us to operate and manage ownership vehicles for their private or commercial yachts. They could also require VAT and tax advice or be interested in accounting and audit of their ownership structures. We also advise on yacht leasing structures and more recently, we have implemented a structure that allows for a tax efficient method for clients wishing to charter their commercial yachts in Spanish waters.
Given the rapid growth of our crewing division, we are being approached more and more for the provision of crewing services globally. The considerations for employing crew members can often seem endless and we have a global team of specialists that can take care of this.
What are some of your key messages for promoting Malta as a yacht registration jurisdiction?
Malta has an impressive set of statistics to boast, which are a testament to the island’s success in the industry.
- Malta has 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, weighing in 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 for superyacht registrations.
What’s in store for the future of yachting in Malta?
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 Maltese government also has plans to continue investment into its infrastructure in order to further emphasise Malta’s place at the forefront of the industry.
Looking ahead to Monaco Yacht Show 2018, what are you most looking forward to?
It’s always a pleasure to catch up with our clients and intermediaries at the Monaco Yacht Show as it’s the key event on everyone’s calendar. 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 and I look forward to some interesting conversations 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 Mark Young.