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SHIPPING, ADMIRALTY AND MARINE INSURANCE

Cyprus is a very popular International shipping center and here are located some of the world’s leading companies in this field. The maritime sector is a branch that is a pillar of the Cyprus economy. The strategic location of the island, an excellent communication network and the efficient tax framework has a result Cyprus to create a robust and a successful maritime industry.

Our team specialize in this field can provide you an efficient legal advice and assistance. Due to our great experience in this field we can ensure you for the high quality of the services provided by our office. We have extensive experience in all legal aspects of shipping practice in Cyprus. Our litigation team has also extensive experience in representing ship owners, importers, and insurance companies in litigation disputes.

Our services includes cover the following areas:

  • Advice and assistance on the registration of Ship and yacht registration both in Cyprus and Worldwide, including bareboat and parallel registration.
  • Advice for the sale and purchase both of second hand and new build vessels., transfer of ownership., chartering and ship management of vessels
  • Ship Finance both for second hand tonnage and new build vessels.
  • Advice on New building Contracts.
  • The setting up and operation of shipping funds.
  • We can represent our clients in all the kinds of maritime claims and we have significant expertise is ship arrest cases.
  • Preparation and review of all contractual documentation required for any shipping related projects.

Registration of Cyprus shipping company 

Legal Status

The registration of the company is made under the Company Law of Cyprus and had the form of a private company with limited liability. The time for the registration of the company is around one week procedure.

 

Tax and other benefits to Shipping Activities

  •  There is not an income tax on the emoluments of crew and officers on board Cyprus ships.
  •  As it concerns ship mortgage deeds and other security documents there is not a stamp duty.
  • Ship managers, charterers and ship-owners who are participating in the tonnage tax system of Cyprus, benefit from special taxation legislation. These professionals exempted from the income tax and any other tax or levy on interest earned on working capital, on dividends paid to shareholders, and on any profit made from the sale of a qualifying ship.
  • for the inheritance of shares in a shipping company there is not an estate duty
  • Double Tax Treaties with 42 countries
  • A quick and easy way of obtaining certificates for the ship
  • Minimum of red tape
  • Full protection and recognition of mortgages registered on a Cyprus ship

Tonnage tax

The new Tonnage Tax System (Law 44(I)/2010) is applicable as from the fiscal year 2010. According to this system, owners of Cyprus ships do not pay tax for income, instead the paid tonnage tax which is an annual tax. 

Ship and crew management business in Cyprus or abroad can choose to be taxed either at rates equal to 25 percent of the rates used to calculate the tonnage tax that would be payable on the vessels under management or at the rate of 4, 25 %.

The tonnage tax is applicable to any charterer, owner or ship manager of a qualifying ship. The term qualifying ship is referred to any vessel that is registered in the ship register of a member which is recognized by Cyprus of the International Labour Organization and the International Maritime Organization

For further information please contact us at info@hadjisterkotislaw.com

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+357 25 354 782, +357 25 355 322

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Working Hours

  • Monday – Friday 08:00 -1300 / 16:00 -19:00
  • Saturday               Closed
  • Sunday                   Closed