Praxis facilitates key services in purchase of Italian superyacht to European client

Praxis Malta has successfully facilitated the purchase and delivery of an Italian 35.75m superyacht to a European client.

Leveraging its extensive yacht ownership services the Praxis team worked closely with the yacht management team for the entire process starting from the initial order and will provide ongoing services while the vessel is used on luxury yacht charters. The five-cabin superyacht is based in the Mediterranean for the summer charter season.

An independent global financial services business, Praxis established a presence in Malta during 2008; followed by the introduction of Trireme Pension Services in 2013 and private wealth and corporate services in 2015. Since acquiring Abacus in 2021 PraxisIFM Trust Limited provides services to high and ultra-high net worth yacht owners from initial vessel incorporation and registration through to ongoing support including bookkeeping and accounting statutory administration and registered office and agent services.

On the success of the transaction for a highly regarded client, Patrick Spiteri, Managing Director, commented: 'At Praxis, we use a vital level of administrative services to be the catalyst between our clients and their ambitions. The purchase of a superyacht is a complex collaborative multi-jurisdictional effort and requires key financial framework from a variety of locations. By harnessing Malta's financial legislation we were able to see the acquisition of this superyacht from its conception in the Italian shipyard to its first voyage.'

Praxis will provide its own ongoing administration services and work in partnership with other providers to assist with other yacht-related issues including European VAT registrations insurance legal advice and reviews.

Find out more about our yacht ownership, management and crew services.

PraxisIFM Trust Limited is licensed by the Malta Financial Services Authority and authorised to act as a trustee and to provide other fiduciary services (including acting as an administrator of private foundations) in terms of Article 43 of the Trust and Trustee Act.