Cyprus maritime law is based on our own (English and as of 2004 EU influenced) as well as international legislation on shipping activities and vessel registration. The diversified nature of the current shipping fleet flying the Cypriot flag, its upgrading and modernization and the revised Tonnage tax System, proved Cyprus as a strong and resilient player in the Shipping Industry, despite the worldwide financial crisis in 2008 and its aftermath.
The Cyprus registry ranks 10 th in the world and 3 rd in the EU.
- A sovereign flag and a member of the EU;
- An EU flag classified in the White Lists of the Paris and Tokyo Memoranda of Understanding (MoUs) and excluded from the ‘list of Targeted Flag States’ of the US Coast Guard, resulting in fewer inspections of the ships and less delays in the ports of both MoUs and of the US;
- Bilateral agreements of cooperation in merchant shipping with 23 Countries, through which Cypriot ships receive either national or favored nation treatment in the ports of other Countries;
- Treaties on the avoidance of double taxation with 43 countries;
- No stamp duty on ship mortgage deeds or other security documents;
- EU diplomatic protection afforded to Cyprus ships;
- Cyprus is a party to all international maritime conventions on safety, security, pollution, prevention, maritime labor and health and safety giving full and complete effect to their provisions;
- Comprehensive and pioneering national legislation for the protection of Cyprus ships from Piracy and other unlawful acts;
- Ship management companies in Cyprus, manage 20% of the world’s third party managed fleet;
- Three types of registration that offers flexibility;
The most advantageous aspect in the shipping sector in Cyprus, it is its Tonnage Tax system (TTS) which is based on ship’s net tonnage. It is compatible with the EU requirements, and one of the most beneficial tonnage tax systems in the EU.
For any additional information, please feel free to contact us