Shipping and Admiralty

Cyprus maintains an internationally recognized shipping industry. At the crossroads of Europe, Africa and the Middle East, Cyprus is strategically placed geographically. . The Cyprus Shipping Industry contributes relatively substantially to the GDP of the country.

The ‘Open Registry’ enables non-Cypriot residents to register ships under the Cypriot flag. There is excellent maritime infrastructure of two multipurpose ports of Limassol and Larnaca. Limassol is considered one of the largest Ship Management Centre in Europe. There are low ship registration fees, and taxation is quite favorable for ship-owners and crew members.

Through Cyprus' sound network of Double tax Treaties tax, and EU Tonnage tax, Cyprus is considered by many as ideal Shipping Centre. Other benefits include no income tax, estate duty or capital gains for ships registered under the Cyprus Flag. Deletion is quite straightforward from the Cyprus Shipping Registrar. Competence Certificates are recognized internationally.

Among the services on offer in the industry, include ship owning, ship management and other related shipping services such as corporate administration, accounting, audit and taxation.