Diversified and sophisticated designed maritime industry.
The Maritime sector
The maritime sector has historically been one of Cyprus’ biggest and developed industries. Cyprus has successfully built a diversified and sophisticated maritime industry due to its strategic location at the crossroads of busy sea trade routes while offering attractive legislative and operational shipping infrastructure, a solid and efficient tax framework and an excellent communications network.
Now, more than 1,022 registered vessels with a 21 million gross tonnage are registered under the Cyprus flag making the country the:
- 3rd largest merchant fleet in the EU
- 10th largest merchant fleet in the world
- Top 3 Ship Management Centre globally
- Largest third party Ship Management Centre within the EU
Our firm’s high-qualified experts are continuingly following up with the latest maritime scheme updates. We are committed to provide tailored solutions and advise to your needs. Our team, together with a network of professionals around the world, focuses to support any level of Maritime enterprise.
We provide services such as:
- Registration of shipping companies (ship owning, charterer, ship management)
- Tonnage tax compliance
- Audit and assurance
- Compliance of Cyprus registered companies
- International tax planning, structuring and restructuring
Cyprus has an EU-approved “Open Registry” regime, one of the only two ‘Open Registries’ in the EU, 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, namely ship-owning, ship-management (crew and technical management) and chartering.
Owners of Cyprus flagships fall under the tonnage tax regime, whereas ship owners of foreign flag ships, charterers and ship managers may choose to be taxed under the tonnage tax system (TTS) under certain conditions. Over 150 ship-owning, ship-management, chartering and shipping related companies control a merchant fleet of 2,300 vessels with a 50 million gross tonnage, while employing approximately 4,500 employees and 55,000 seafarers.
Cyprus maintains a wide range of competitive maritime advantages supported by quality business services:
- The latest EU-approved Tonnage Tax System (TTS) with no direct link to corporate tax
- Competitive ship registration costs and fees
- No crew/officer nationality restrictions
- 28 Merchant Shipping Bilateral Agreements
- Signatory to all international maritime conventions on safety, security and pollution prevention
- Full protection for financiers and mortgagees
- White List of Paris and Tokyo MOU