Cyprus Shipping

Cyprus is a major ship management center and its flag holds an envious reputation worldwide. Moreover, the Register is growing, with shipping entrepreneurs attracted to the host of benefits offered by registration under the Cyprus flag and the active promotion of ship management interests by regulatory authorities.

The economic benefits of Cyprus registry:
– Extensive Double tax treaty network.
– No tax on profits from the operation or management of a Cyprus registered vessel or on dividends received from a vessel owning company.
– No capital gains tax on the sale or transfer of a Cyprus-registered vessel or the shares of a vessel owning company.
– Low set up and operating costs for companies.
– No estate duty on the inheritance of shares in a shipowning company.
– No stamp duty on ship mortgage deeds or other security documents.
– No exchange control and freedom of movement of foreign currency

Besides the economic advantages / benefits, Cyprus has the following advantages as a maritime center:
– EU flag which is in the White List of the Paris and Tokyo MOUs resulting in fewer inspections of ships and less delays at the ports of both MOUs.
– Offices in New York, London, Rotterdam, Piraeus, Brussels and Hamburg offering services to Cyprus ships.
– Efficient and qualitative provision of services by the Department of Merchant Shipping.
– Bilateral agreements with 29 countries in the field of Merchant Shipping.
– A network of inspectors of Cyprus ships, covering important ports worldwide.
– Signatory to all international maritime conventions on safety and pollution prevention.

It is important to mention the benefit of shipmanagement companies for the taxation of shipmanagement services, which are taxed at the rate of 4.25% on their income. There are simple conditions for this benefit, such as to have an office in the Republic of Cyprus, to provide shipmanagement services to the ships they manage for a period longer than one month and to be staffed with a sufficient in number and qualifications personnel.

Cyprus’ development into a major base of international maritime operations and the impressive growth of its Merchant Shipping Registry, currently ranking 10th in the list of leading maritime nations, it is by no means accidental.

FastCo provides advice on a varied range of services in the shipping industry and the particulars of Cyprus and International maritime law.

 

 

FastCo provides you with specialized tailored solutions.  Our team is comprised of professionals who are fully qualified in their field of expertise.

We are a trusted provider of corporate services including:

  1. Company registration
  2. Provision of fiduciary services
  3. Opening of corporate bank accounts
  4. Management and administration of companies
  5. Audit
  6. Tax planning
  7. Accounting

www.fastcoregister.com

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