Register A Vessel in Cyprus
Vessel Registration in Cyprus
Our firm’s Shipping & Maritime Law Department takes pride in its responsiveness, efficiency, reliability and diligence in servicing our clients in a cost-effective, time-efficient and highly qualitative manner.
The geographical position of Cyprus has been and is considered to be an asset throughout the history. Given its unique characteristics, Cyprus will always preserve a protuberant place in the international maritime sector. Cyprus maintains one of the largest registered merchant fleets in the world and is an approved ‘open’ registry by the European Union. Apart from its great geographic location, Cyprus has always attracted many shipowners to register their vessels under the Cyprus Flag. Some of the main reasons why Cyprus is such an attractive destination for shipowners to register their vessels are the following:
- Attractive and transparent Tonnage Tax System, providing exemptions to the beneficiaries (e.g. owners of Cyprus ships, owners of foreign ships, charters and ship managers) from income tax.
- No income tax on the earnings of officers and crew members and master of a qualifying Cyprus ship.
- No tax on the income or profit made from the sale of a qualifying ship.
- No tax on profits from the operation or management of a Cypriot registered vessel or on dividends received from a ship-owning company.
Equally to a yacht registration, the ownership criteria for a vessel to be eligible to register under the Cyprus Flag are the following:
- More than fifty per cent of the shares of a yacht are owned by Cypriot citizens or by citizens of other Member States (EU/EEA), and whereas they are not permanent residents of the Republic of Cyprus, they will have appointed an authorised representative in the Republic of Cyprus; or
- The total percentage of the shares are owned by one or more corporations, which have been established and operate:
- in accordance with the laws of the Republic of Cyprus and have their registered office in the Republic; or
- in accordance with the laws of any Member State (EU/EEA) and have their registered office, central administration or principal place of business within the European Economic Area and which will have either:
- Appointed and maintain an authorised representative in Cyprus; or
- Ensured that the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus; or
- Outside Cyprus or outside any other Member State (EU/EEA) but controlled by Cypriot citizens or citizens of Member States and have either appointed an authorised representative in Cyprus or ensured that the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus.
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Why Choose Cyprus
Cyprus has one of the largest registered merchant fleets in the world, being at the same time a well-established shipping and ship management center, located
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