Shipping

Cyprus is an internationally renown shipping centre. The island’s merchant fleet has been growing steadily, reaching a top 3 position in Europe and a top 10 global ranking.The unique geographical position at the juncture of three continents, the advanced infrastructure and services, as well as the very attractive taxation and other advantages makes Cyprus an ideal location for ship owning, ship management and ancillary shipping-related companies.

• The merchant fleet of Cyprus is the 3rd largest in the European Union and the 10th largest in the world
• Nearly 1,000 ships exceeding 19 million gross tonnage are registeredin Cyprus
• More than 130 ship owning, ship management and shipping related companies maintain offices in and conduct international activities from Cyprus
• More than 2,000 vessels with 40 million gorss tonnage
• Shipping contributes about 4% to the Gross Domestic Product (GDP) of Cyprus
• The Cyprus shipping sector employs approximately 4000 people ashoreand approximately 40,000 seafarers onboard Cypriot flag ships

• Bernhard Schulte
• Columbia Shipmanagement Ltd
• Dartmonth Shipping Limited
• Hanseatic Shipping Company Ltd
• Ocean Challenge
• OceanWide
• Schoeller Holdings Ltd
• Synergy

• Merchant Shipping Laws, 1963-2005 (Registration of Ships, Sales and Mortgages)
• Merchant Shipping Laws, 1992-2007 (Fees and Taxing Provisions)
• Merchant Shipping Laws, 1963-2002 (Masters and Seamen)

Competent Authority

• The Cyprus Department of Merchant Shipping (www.shipping.gov.cy)

• The Cyprus Shipping Chamber is the trade associationof the shipping industry in Cyprus, (www.csc-cy.org) promoting the interests of Cyprus shipping and furthering the reputation of the Cyprus flag, among other priorities.

• Excellent geographical position at the crossroads of Europe, Africa and the Middle East
• “Open Registry” (one of two countries in the European Union),allowing non-Cypriot citizens to register ships under the Cypriot flag
• Advanced maritime infrastructure (two deep sea multipurposeports in Limasol and Larnaca)
• Sound international relations
• Favourable taxation regime and other benefits for shipowners and crew members
• Low ship registration fees
• No income tax, estate duty or capital gains tax for
• Cyprus-registered ships
• No stamp duty on documents or mortgage deeds
• Anonymity of beneficial owners through nominee or trusteeshareholders
• Recognition of Competence Certificates from many countries
• Easy deletion from the Cyprus Shipping Register

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