Approximately 90% of world trade is carried by the international shipping industry. Taking advantage of its strategic geographical location in the Mediterranean Sea and implementing an excellent communications network and favourable tax and legal framework, Cyprus has an established maritime industry and is a notable international merchant shipping centre.
Today Cyprus ranks amongst the top 10 maritime nations with a merchant fleet exceeding 20 million gross tons.
Currently over 1,000 registered vessels with 21 million gross tonnages are registered under the Cyprus flag making Cyprus the:
-country with the 10th largest international ship register in the world,
-country with the 3rd largest international ship register in Europe,
-largest crew management centre in the world,
-largest third-party ship management centre in Europe
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. The simplified Cyprus Tonnage Tax System represents a competitive advantage and contributes significantly to the already strong position of the country in the global shipping world.
Cyprus maintains a wide range of competitive advantages, offering efficient and quality services, such as:
-the latest EU-approved Tonnage Tax System (TTS) with no direct link to corporate tax
-competitive ship registration costs and fees
-no restrictions on crew/officer nationality
-over 25 merchant shipping bilateral agreements
-signatory to all international maritime conventions on safety, security and pollution prevention
-provides full protection for financiers and mortgagees
-White List of Paris and Tokyo MoUs
We can advise ship owners, managers, charterers, freight forwarders and/or their respective agents on the following:
- Cargo disputes, lading and handling disputes concerning bills of lading, quality or quantity shortage and indemnity claims.
- Arrest or attachment proceedings at the Admiralty courts of the Republic of Cyprus.
- Claims procedures in marine disputes whether that may be negotiation, arbitration or litigation.
- Sale and purchase of vessels including yachts and related registration with Cyprus maritime registry and flagging of vessels.