Yacht Registration in Cyprus
Register A Yacht in Cyprus
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Throughout the history and until today, Cyprus worthily remains the epicenter for maritime trading and has become a part amongst the largest and broadly known shipping centers worldwide. There are numerous advantages for registering a pleasure craft under the Cyprus Flag including the fact that no tax is imposed on the income or profits made from the management/operation of such yacht, nor there is any tax imposed on the dividends paid to the shareholders out of profits made from the operation of a qualifying yacht/vessel. In addition, there is a favorable tonnage tax scheme based on the gross tonnage of the yacht and other benefits include, inter alia, competitive yacht registration costs and fees.
There are certain criteria that need to be met in terms of ownership of the yacht in order to be eligible to be registered under the Cyprus Flag and therefore, the following apply:
- 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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