Photo: Burgess Yachts
Malta was already known as the largest superyacht registry in the world, having claimed that title since 2020. But in addition to that, the county is now witnessing a record growth, unlike anything else previously experienced.
The Malta Chamber of Commerce and the Malta Maritime Law Association recently held a two-day Superyacht Symposium at the luxury Phoenicia Hotel in Valletta. That is where various government officials and stakeholders in the maritime industry analyzed Malta’s current potential for increased maritime investments, with a focus on superyachts. That’s because more floating luxury toys than ever before in history are now sporting this country’s flag.
Times of Malta reports that a total of 1,030 superyachts are currently registered in this country, translating to an unprecedented registration increase of 51%. The new Maltese Transport Minister, Aaron Farrugia, announced the latest statistics earlier this week. Also, at the recent Symposium, he officially announced his plans to launch the country’s first “national yachting policy.” When you need a national yachting policy, you know that superyachts have become an important pillar for the country’s economy and even its identity.
It could be speculated that this record registration boom has something to do with the international targeting of the Russian oligarchs’ luxury assets. As soon as the sanctions started being imposed following the invasion of Ukraine in February this year, Russian-owned luxury yachts started flocking to the ports of Malta, described in the media as one of the safe havens for the oligarchs. Many Russian-owned superyachts that did not necessarily “hide” in Malta were already sporting a Maltese flag, such as the famous Ragnar explorer.
Malta’s current boom when it comes to luxury toy registrations seems to be similar to the situation in Dubai, where the real estate market blew up after more, and more wealthy Russians decided to buy properties and move their luxury assets there.
Despite what might be at the root of this unprecedented growth, the government’s vision is a very glamorous one, planning to turn the island into “a leading yachting hub in the Mediterranean.” That’s linked to the fact that its ship register is not only indicating more yachts but also that more of the high-end superyachts are coveting the Maltese flag.
Times of Malta reports that a total of 1,030 superyachts are currently registered in this country, translating to an unprecedented registration increase of 51%. The new Maltese Transport Minister, Aaron Farrugia, announced the latest statistics earlier this week. Also, at the recent Symposium, he officially announced his plans to launch the country’s first “national yachting policy.” When you need a national yachting policy, you know that superyachts have become an important pillar for the country’s economy and even its identity.
It could be speculated that this record registration boom has something to do with the international targeting of the Russian oligarchs’ luxury assets. As soon as the sanctions started being imposed following the invasion of Ukraine in February this year, Russian-owned luxury yachts started flocking to the ports of Malta, described in the media as one of the safe havens for the oligarchs. Many Russian-owned superyachts that did not necessarily “hide” in Malta were already sporting a Maltese flag, such as the famous Ragnar explorer.
Malta’s current boom when it comes to luxury toy registrations seems to be similar to the situation in Dubai, where the real estate market blew up after more, and more wealthy Russians decided to buy properties and move their luxury assets there.
Despite what might be at the root of this unprecedented growth, the government’s vision is a very glamorous one, planning to turn the island into “a leading yachting hub in the Mediterranean.” That’s linked to the fact that its ship register is not only indicating more yachts but also that more of the high-end superyachts are coveting the Maltese flag.
Google News