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“Why Cyprus” – Maritime Legal Status

Leading ship-owners prefer to register their vessels in Cyprus for the following reasons: 

logo-miniMember of the European Union.

logo-miniDemocratic country with a free market economy, in a strategic location at the crossroads of three continents.

logo-miniModern and efficient legal, accounting and banking services based on English practices, and a liberal Foreign Direct Investment regime allowing up to 100% foreign participation in most sectors of the economy.

logo-miniNo exchange control and thus there is freedom of movement of foreign currency.

logo-miniDouble tax treaties with 45 countries.

logo-miniNo tax on profits from the operation or management of a Cypriot registered vessel or on dividends received from a ship-owning company.

logo-miniNo capital gains tax on the sale or transfer of a Cypriot registered vessel or the shares of a ship-owning company.

logo-miniNo estate duty on the inheritance of shares in a ship-owning company.

logo-miniNo income tax on the earnings of officers and crew.

logo-miniNo stamp duty on ship mortgage deeds or other security documents. Cyprus is a signatory to numerous international maritime conventions.

logo-miniBilateral agreements with 27 countries, through which Cypriot ships receive either national or favoured nation treatment in the ports of other countries.

logo-miniShip registration costs and annual tonnage taxes are competitive.

logo-miniFull protection for financiers and mortgagees.

logo-miniFavourable tax regime for ship management.

logo-miniLow set up and operating costs for companies. Excellent telecommunications and easy access by air and sea.

logo-miniHighly qualified managerial, clerical and technical staff available.

Advocates and Legal Consultants | Cyprus