Cyprus Shipping Companies and the Cyprus flag have always been of great essence to the world of shipping. Cyprus currently has the 10th largest fleet in the world. The shipping industry plays a vital role in the economy of the country and because of that special incentives have been given by the government to enhance even more Cyprus position in the world of shipping.
Further than that the favorable and straight forward tax system along with the sound legal system and well educated and experienced workforce place Cyprus in the 1st position in ship management in EU.
The main advantages that Cyprus has to offer in brief are:
- EU approved Tonnage Tax system available to ship owners, ship managers and charterers, that provides full exemption from corporate taxation of:
- Profits from exploitation of a qualifying ship employed in a qualified activity
- Profits from the disposal of a qualifying ship
- Profits from rendering crewing and/or technical ship management services to a qualifying ship