The maritime industry in Cyprus has drastically expanded over the last few decades, constituting the Republic as one of the most competitive maritime forces in the world. Nowadays, the port of Limassol has been converted into a complete and modern trading center, due to it’s central location, being the crossroad between three continents.
The Cypriot flag is considered to be as one of the most competitive and highly respected flags in the maritime sector worldwide.
Why opt for a Cypriot flag?
1. It is a highly competitive flag
2. Cyprus is among the 3 largest fleet in the EU
3. Cyprus is among the 11 largest fleet in the world
4. Cyprus offers competitive registration fees and benefits
5. Cyprus has signed over 25 bilateral agreements with other countries, in the trading maritime sector
6. Cyprus holds an EU approved open Registry
7. Cyprus holds a Maritime Center of Excellence
8. Cyprus is white listed on the Paris and the Tokyo MOU on port state control
9. Cyprus is listed among the top 3 ship management centers worldwide
10. Cyprus is trusted by international banking institutions for shipping loans and ship mortgages
11. There are no restrictions on the nationality of the employees onboard
12. 24hour High end maritime administration services
13. Client friendly services
14. Striking presence in the international maritime organizations, such as IMO and ILO
15. The Denoted Shipping Deputy Minister collaborates directly with the President of the Republic of Cyprus
16. Cyprus is an EU member state
17. Allowance of over 24 million gross tonnage for cargo ships
18. Competitive legal framework with regards to the capital investments, offering distinctive financing solutions to shipping companies.
The tax benefits of the Republic of Cyprus:
1. Cyprus is the first ever country to introduce the Tonnage Tax System in the EU
2. The attractive tax regime is applicable to shipowners, ship managers, ship brokers and charterers
3. Cyprus has signed over 60 double tax treaties
4. Cyprus has signed over 25 bilateral agreements in the sector of merchant shipping
5. Low, competitive and transparent taxation system
6. EU approved tax regime
7. Highly flexible taxation system.
For the above mentioned reasons, as well as the low costs of setting up a business, the easy access to all markets, the excellent regulatory infrastructure and the constant economic growth, Cyprus is considered to be an optimal choice of investment into the shipping industry!
Please note that the present article does not under any circumstances constitute legal advice. For further information on the subject, please contact Arsen Theofanidis LLC and one of our associates will be glad to assist you.
N. Kalifatidou
Advocate – Legal Consultant
Arsen Theofanidis LLC