Cyprus’s Maritime industry was developed and expanded further after Cyprus gained its independence from the United Kingdom in 1960. Shipwrecks found on the coasts of the island prove that Cyprus has been a prominent shipping center since the times of antiquity.

Today, Cyprus ranks for being the 11th largest fleet globally and the 3rd largest fleet in Europe. Cyprus is also the largest third party ship management centre in Europe and in the top three worldwide. Such positioning makes Cyprus a powerful player within the international organisations such as IMO, ILO, and the EU when it comes to policy making in the area of shipping and maritime thus an ideal jurisdiction for shipping and shipping-related services.

There are already more than 200 companies based in Cyprus operating in the shipping industry utilising the benefits of Cyprus such as;

  • EU flag – Cyprus Flag is classified as “White Listed” according to the Paris and Tokyo MoUs
  • EU approved favourable Tonnage Tax Scheme
  • No tax on income derived from the operation or management of a Cyprus registered vessel
  • No tax on the wages or other benefits of officers and crew members of a Cyprus registered vessel
  • No estate duty on inheritance of shares in a ship owning company
  • No capital gains tax for Cyprus registered ships on the sale of a Cyprus vessel or transfer of shares in a Cypriot ship owning company
  • Signatory and compliance to all international maritime conventions on safety, security and pollution prevention
  • Full protection for financiers and mortgagees
  • Competitive ship registration costs 

The Merchant Shipping (Registration of Ships, Sales and Mortgages) Law of 1963 (as amended), governs all matters relating to the registration of ships and the related transactions in the Register of Cyprus Ships or in the Special Book of Parallel Registration.

All applications for the registration of ships and for the related transactions in the Register of Cyprus Ships or in the Special Book of Parallel Registration must be submitted to the Registrar of Cyprus Ships.

Under the Cyprus’s Law, only Cyprus Bar registered lawyers are qualified to draft the necessary documents for the incorporation of Cyprus companies as well as to carry out all registry transactions.

We can assist you with:

  • Registration of shipping companies (ship owning, charterer, ship management)
  • International tax planning, structuring and restructuring
  • Preparation of a variety of commercial shipping contracts
  • Transactional advice
  • File searches in Registrar of Cyprus Ships
  • Transfer of ownership of Cyprus flag vessels and deletion from the Registry
  • Representation before the Cypriot Admiralty Court.