MARITIME LAW

MARITIME LAW

 

In the last few decades, Cyprus has become an International Maritime Center.  The strategic location of the island, together with the efficient public and private services and infrastructure, has made Cyprus a fully-fledged maritime center. Taking the advantage of "Cyprus Sovereign Flag" and Cyprus being an international Maritime Centre with increased demand in shipping related services, our law firm may assist on:

  • Registration of shipping companies in Cyprus
  • Registering Vessels
  • Yacht registration in Cyprus
  • Parallel (bareboat) registration
  • Transfer of vessel ownership
  • Assistance on Ship Finance and marine insurance policies

 Competitive Advantages of the Cyprus Flag

  • No income tax on the profits derived by a Cyprus Shipowning company nor any tax on any dividend of any Cyprus shipowning company (including chartering of any nature of any vessel) (S.4 of the Merchant Shipping Laws No. 38 (I) of 1992).
  • No tax on dividends of a Cyprus Shipping company.
  • Double Tax Treaties with 55 countries.
  • No estate duty on the inheritance of shares.
  • No capital gains tax on the sale or transfer of a ship or the transfer of the shares of the ship owning company.
  • Low tonnage tax and other duties paid for registration fees, annual tonnage tax, mortgages etc.
  • No income tax on the salaries of officers and crew members.
  • Recognition of the Competence Certificate issued by Cyprus.
  • Possibility of provisional legislation.
  • Possibility of parallel registration of Cyprus Ships in other countries.
  • A quick and easy way of obtaining certificates for the ship.
  • Minimum of red tape.
  • Full protection and recognition of mortgages registered on a Cyprus ship.

Local or international ship management and crew management businesses - incorporated or unincorporated - have the option to be taxed either at the rate of 4.25 percent or at rates equal to 25 percent of the rates used to calculate the tonnage tax that would be payable on the vessels under management.

Limassol, where our office is located, is characterised as the commercial capital of Cyprus and as the most important port of the country and the Cyprus Department of Merchant Shipping are both located in Limassol, therefore we are able to serve our clients rapidly and effectively.


Please don’t hes­i­tate to con­tact us for any enquiries you might have.