By: Ioannis Ttavas, ADVOCATE – LEGAL CONSULTANT @ A. Karitzis & Associates LLC
Cyprus has one of the largest registered merchant fleets in the world, being at the same time a well-established shipping and ship management center, located close to the Suez Canal.
Cyprus Registry is also one of the only two open registries within the European Union, allowing non-Cypriot citizens to register their ships under the Cyprus flag, provided that they fulfil the specific conditions of ownership that the Merchant Shipping (Registration of Ships, Sales and Mortgages) Laws of 1963, require.
The Cyprus flag offers many economic benefits such as the following:
- Low set-up and operating costs for companies;
- No registration and mortgage fees for ocean going vessels;
- Competitive yacht registration costs and fees;
- No registration duty is payable on the shares of as shipping company.
- Attractive and transparent Tonnage Tax System;
- There are not any restrictions in relation to the nationality of the seafarers;
- There are not tax profits from the operation or management of a vessel flying the Cyprus flag.
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