Updated on September 13th, 2022
Malta has been trying for several years to solve a number of problems that prevent it from becoming the center of the yachting industry, with the most focus on the opportunities the archipelago can provide for luxury superyachts. Symposiums are regularly held where representatives of the Maltese Chamber, as well as maritime and yachting associations, discuss these issues.
Malta, which is located in the heart of the Mediterranean, between Africa and Europe, has an ancient history of navigation, being a transit point for merchant ships. But if we consider the superyacht industry, then today Malta will have to compete with the French Riviera and Italy, as well as Turkey, Greece and the entire Adriatic. These places have all the necessary infrastructure and many years of experience in receiving a large number of luxury boats.
The northern coast of the Mediterranean has become traditional for yachting, not only because of the favorable weather, but also because it is part of a large continent that has historically flourished film production and other factories to create stars who spent their weekends on these beaches. Of course, the issue of logistics plays a significant role, and there are no such problems for this region. The established traditions are very strong and it is difficult to destroy them.
Malta has an area of only 316 km2 and local industries compete for free space. Although there are several excellent modern shipyards for refitting and servicing yachts in the archipelago, this alone is not enough to attract their owners in large numbers. While the “comfortable” Maltese flag is one of the most popular in the EU today, thanks to tax incentives, Malta’s marinas are in no hurry to fill up with luxury yachts.
Investors are ready to invest capital to develop the industry, but they need some clear development plans for the coming years. However, one thing is clear: Malta must use cutting-edge technical developments for the highest service, including digitalization, in order to become a worthy alternative to competitors.