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Cyprus, a renowned international shipping center

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
  • Full tax exemption of dividends paid out of profits falling within the Tonnage Tax regime
  • No capital gains tax on the sale or transfer of a Cyprus-registered vessel or the shares of a vessel owning company.
  • No income tax on the wages of officers and crew.
  • No estate duty on the inheritance of shares
  • Cyprus is a signatory to numerous international maritime conventions.
  • Low set up and operating costs
  • Highly qualified managerial, clerical and technical staff
  • Strategic geographical location
  • EU membership
  • Stable political system with sound legal framework

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    Cyprus ranks 1st in ship management in EU

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