Directors from leading fiduciary and fund services specialists Abacus, will be attending the yachting calendars biggest show, later this month, to promote the benefits of using the Isle of Man and Malta over other shipping jurisdictions.
Garry Crossan, Chief Executive Officer – Malta, and Emer Dowling, Director - Abacus Trust Company Limited in the Isle of Man, will represent Abacus’ offices at this esteemed event which opens its doors from 25th - 28th September 2013 in Monaco. The annual event is expected to see numerous yacht owners, captains, charter agents, yacht brokers and advisors amongst its attendees, all taking full advantage of the renowned networking platform Monaco provides.
Garry Crossan said, “There are still a variety of relevant issues that can affect yacht planning and ownership. The ever changing requirements and regulations surrounding the industry require structures to be established and administered compliantly, whilst still meeting the needs and objectives of the client. Importation into the EU, VAT registration and leasing structures are some of the many issues currently of topic.”
The Isle of Man and Malta offer a distinct advantage in that VAT registration is carried out locally, quickly and can be granted to local and foreign companies as long as they are registered on the foreign companies register. Both jurisdictions also provide opportunity to set up an ownership structure and provide for leasing of an asset; a concept of particular interest to those clients who intend to operate their yachts in the EU and who are unable to take advantage of VAT exemptions.
Emer Dowling commented, “Having offices in two strong shipping jurisdictions together with experience in providing bespoke yacht services to owners and their representatives, Abacus are well placed to assist a variety of clients and their specific reasons for yacht ownership planning, tax and administration. Both jurisdictions have their own attributes which may benefit a client depending on their objectives and intended use; we believe the Monaco Yacht Show is a great venue for us to promote the two jurisdictions, their benefits as well as our complementing services.”
Abacus provides simple ownership structures for both pleasure and commercial yachts, working with the owners to provide an administrative team who will work alongside the owner’s family office, captain and intermediaries, giving the owner the freedom to enjoy their yacht. Abacus will be promoting their full range of yacht ownership services at the Monaco Yacht Show and will be happy to discuss the considerable benefits of using the Isle of Man and Malta. If you wish to meet with Garry or Emer at the show, please email emer.dowling@abacusiom.com or garry.crossan@abacusmalta.com to arrange an appointment.
