The latest economic forecast published by the European Commission paints an optimistic picture for Malta’s economy. It predicts a healthy climate for an already buoyant property market, where the cost of buying is amongst the lowest in Europe.
Superyacht owners are reaping the benefits of Malta’s favourable VAT and registration system, with the Maltese Shipping Register confirmed by Clarkson Research Services as the largest merchant flag in Europe for 2011. Noting an 18.6 percent increase in the registration of superyachts of 24m or above during 2011, and nearly 300 superyachts registered in total, this has been the third successive year of substantial growth.
Grand Harbour Marina, considered among the better superyacht marinas in the Mediterranean, lies between 2-4 days sail from the principle yachting areas of:
- South of France
- Greek Islands
With more than thirty berths for superyachts from 30m to over 100m in length, and world-class facilities, interest in berth sales at Grand Harbour continues. Continuing on from previous success, the sale of a 46m berth in January 2012 set the year off to a prosperous start and is indicative of Malta’s continued growth in popularity.
With capital growth of 7-8 percent per annum over a 50 year period, Malta offers opportunity where much of the EU is considered risky. Though not immune to the financial strains of the past few years, the island’s economy is holding up well, with continuing growth predicted, inflation at just over 2 percent and unemployment falling.
In 2011, a special taxation treatment for high-net-worth individuals was announced, removing uncertainty and offering an attractive regime for residency.
Malta’s unique package of benefits, including its central Mediterranean location, high-quality facilities, extensive yacht-support services, availability of berths for sale – and numerous financial advantages only strengthen the decision to purchase.
With no wealth, inheritance or annual property taxes, the economic fundamentals are sound. Plus the island is politically stable and VAT is lower than in the UK and Ireland.
Add to that a mild climate (voted as the best in the world alongside Zimbabwe for 2011), good travel access, warm seas and a buoyant lettings market, it’s no surprise that Malta is being cited by the property press as one of the top ten places to invest abroad