ul. J. Dąbrowskiego 70
tel: +48 22 854 01 77
fax: +48 22 854 01 80
As an island at the crossroads of three continents, Cyprus has always had an important maritime tradition and heritage, but during the past 40 years it has developed into one of the world’s most significant maritime centres.
Cyprus shipping today:
- More than 140 ship owning, ship management and shipping related companies controlling a merchant fleet of 2,200 vessels, with 50 million Gross Tonnage.
• 10th largest merchant fleet in the world
• 3rd largest merchant fleet in the EU
• 2nd largest Ship Management Centre in the world
• Largest third party Ship Management Centre in the EU
Cyprus has the only EU-approved “Open Registry” Regime with a very wide and legally endorsed Tonnage Tax System (TTS), which was introduced with the Merchant Shipping Law in 2010 and covers the three main “maritime transport” activities: ship owning, ship management (crew and technical management), and chartering.
In summary, advantages of the Cyprus TTS include:
• No tax on shipping activities other than “Tonnage Tax”
• No tax on shipping profits including profits from the sale of ships
• No tax on dividends paid from shipping profits
• No estate duty or capital gains tax
• No income tax for seafarers on Cyprus-flagged ships
• No stamp duties on documents or mortgage deeds
In addition to tax incentives and the country’s excellent geographical location, Cyprus maintains its competitive advantages through a high quality maritime cluster, offering efficient and quality services, as well as:
• Competitive ship registration fees
• Recognition of Competence Certificates from many countries
• Bilateral agreements of cooperation in merchant shipping with 23 countries
• Classification of the Cyprus flag on the “White List” of the Paris and Tokyo MoUs
Cyprus’ Maritime Offices are located in Limassol (Cyprus), as well as Hamburg (Germany), New York (USA), London (UK), Athens (Greece), Rotterdam (Netherlands) and Brussels (Belgium).
Cyprus is an attractive jurisdiction not only for ocean-going ships but also for motor and sailing yachts.
For more information:
Cyrus Shipping Chamber
Department of Merchant Shipping