Cyprus – An established international shipping center
The unique geographical location of Cyprus at the crossroads of three continents, its progressive infrastructure and services, as well as the competitive shipping taxation, make Cyprus the ideal location for ship-owning, ship-management, ship-chartering and ancillary shipping-related services.
Cyprus has a well-functioning legal system based on common law and other principles established through historical links with the United Kingdom. Shipping legislation, as well as commercial and banking practices are all essentially based on the British model.
Advantages of Cyprus
- Competitive ship registration costs.
- Bilateral Agreements of Cooperation in Merchant Shipping with 23 countries including major labour supplying countries.
- Low Set Up and Operating Costs for companies.
- VAT exemption for international transport services when the effective use and enjoyment of the services takes place outside the EU.
- Special taxation for shipping companies: Shipowners, charterers and ship managers participating in the Cyprus tonnage tax system, are exempted from income tax and any other tax or levy on dividends paid to shareholders, on interest earned on working capital and on any profit made from the sale of a qualifying ship.
- No estate duty on the inheritance of shares in a shipowning company.
- No income tax on the emoluments of officers and crew on board of a Cyprus ship.
- No stamp duty on ship mortgage deeds or other security documents.
- Signatory to numerous international maritime conventions.
- Easy deletion from the Cyprus Shipping Register
Our firm can assist with all legal aspects of shipping operations including:
- Registrations under the Cyprus flag
- Admiralty claims and dispute resolution
- Claims for loss or damage to cargo
- Cargo or ship seizure
- Acquisitions and ship-building contracts