Camper & Nicholsons International, a leader in luxury yachting activities worldwide, has relocated its global headquarters to Malta, inaugurating its new offices at the Vittoriosa yacht marina yesterday.

The offices were inaugurated by Finance Minister Tonio Fenech.

Camper & Nicholsons chairman Nick Maris said one of the reasons why the company chose Malta was because "successive governments had created a legislative environment which encourages the sector".

Asked whether the fact that luxury yachts were exempt from the licence fee hike announced in the Budget had influenced the company's decision to relocate here, Mr Maris would only say that the "government showed an understanding of the needs and structure of the yachting industry".

Large luxury yachts registered in Malta were not affected by the hike in licence fees announced, as the revised annual renewal fees only apply on boats registered under the Small Ship Regulations, which are usually small pleasure boats.

Speaking during the inauguration, Mr Fenech welcomed the company's decision to relocate to Malta. This, he said, was an important message for the country and reflected the interest there was in the yachting industry.

Campers & Nicholsons was not just a household name, he stressed, but a quality name which carried a certain weight. He added that the fact Malta managed to attract a company of this calibre conveyed an important message which coincided with the government's 2015 vision to achieve excellence in tourism and investment.

Yachting, Mr Fenech said, was not just a recreational activity but was also an industry.

Camper & Nicholsons' Maltese office will be complementing its London-based office, which takes care of capital, while the local office will take care of global operations.