Cyprus has become the destination of choice for ship owners and operators looking to gain a competitive edge in the maritime industry. With Cyprus' streamlined processes, vessels under the Cyprus flag can set sail swiftly, ensuring efficiency and reliability.
Benefits:
- streamlined registration process that ensures vessels can set sail swiftly under the Cyprus flag and the Cyprus Ship Registry is known for its efficiency and quick registration process;
- cost-effective option, including low tonnage taxes and tax exemptions;
- Cyprus has extensive double tax treaty network with over 60 countries;
- highly educated and multilingual workforce, particularly in fields crucial to the maritime industry such as shipping, finance, insurance, and law;
- skilled and experienced maritime workforce, which includes seafarers, technical experts, and professionals in various maritime-related fields;
- no nationality restrictions for Seafarers and there are 24/7 Service by Competent officers & surveyors;
- as an EU member state, Cyprus provides unrestricted access to European Union markets, enhancing the reach and competitiveness of vessels registered under its flag. Internationally recognized for its commitment to safety, security, and environmental protection, Cyprus enjoys a coveted position on the ‘’White List’’ of both the Paris and Tokyo Memorandum of Understanding on Port State Control;
- provides a high quality of life characterized by a pleasant climate, picturesque landscapes, and a rich cultural heritage, making it an attractive destination for maritime professionals and their families.
Conditions of owning a ship under Cyprus flag:
(1) more than fifty per cent (50%) of the shares of the ship are owned:
- by Cypriot citizens, or;
- by citizens of other Member States (EU/EEA) who in the instance of not being permanent residents of the Republic of Cyprus will have appointed an authorised representative in the Republic of Cyprus, or;
(2) the total (100%) of the shares of the ship are owned by one or more corporations, which have been established and operate:
- in accordance with the laws of the Republic of Cyprus and have their registered office in the Republic, or;
- in accordance with the laws of any other Member State (EU/EEA) and have their registered office, central administration or principal place of business within the European Economic Area and which will have either appointed an authorised representative in Cyprus or ensured that the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus, or;
- outside Cyprus or outside any other Member State (EU/EEA) but controlled by Cypriot citizens or citizens of Member States and have either appointed an authorised representative in Cyprus or ensured that the management of the ship is entrusted in full to a Cypriot or a Community ship management company having its place of business in Cyprus.
Types of ships that can be registered in the Register of Cyprus include:
- Passenger Ship
- Fishing Vessel
- Pleasure Vessel
- Cargo Ship
- Small passenger vessel
There are three types of ship registration in Cyprus:
- Provisional: a temporary registration option available for vessels. It allows shipowners to register their vessels under the Cyprus flag on a provisional basis while they complete the necessary documentation and requirements for permanent registration.
- Permanent: is a registration that involves permanently placing the vessel on the Cyprus registry. Vessels registered under permanent registration enjoy the benefits and privileges of Cyprus flag status, including protection from Cyprus authorities and access to favorable international agreements. It is highlighted that the permanent registration of a provisionally registered ship must be effected prior to the expiry of the ship’s Provisional Certificate of Cyprus Registry.
- Bareboat charter registration (parallel): is a registration that allows vessels to be registered under the Cyprus flag while maintaining their registration in another jurisdiction simultaneously. The legislation provides for the two types of the internationally accepted bareboat charter registration and these are (a) the registration of the bareboat charter of a foreign ship in the Special Book of Parallel Registration (commonly referred to as “Parallel-in registration”) and (b) the registration of the bareboat charter of a Cyprus ship in a foreign register (commonly referred to as “Parallel-out registration”).
Conclusion:
Embarking on maritime ventures with Cyprus offers a variety of advantages that connect with ship owners and operators worldwide. From streamlined registration processes and cost-effective options to a highly skilled workforce and unparalleled access to international markets, Cyprus stands as a model of excellence in the maritime industry.
Furthermore, the country's commitment to safety, security, and environmental protection, coupled with its rich cultural heritage and quality of life, solidify its position as a preferred destination for maritime professionals and their families.
As we navigate the seas of opportunity, let Cyprus be your trusted partner, guiding your vessels towards success and prosperity. Register your ship today and set sail towards a brighter future with Cyprus by your side.
How can BYBLOSERVE MANAGEMENT LIMITED assist you?
Our team is always available to offer extensive support and expertise in all aspects of ship registration, ensuring a smooth and efficient process.
DISCLAIMER:
The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.