Reasons to Register Your Ship in Cyprus
Cyprus is a modern, efficient, and beautiful island surrounded by the sea. It enjoys warm summer weather most of the year. Owning and registering a ship in Cyprus offers numerous advantages. With five active ports, you can access the country at any time.
The Cyprus flag is a top-quality sovereign flag that adheres to all safety and security standards set by the Paris and Tokyo MoUs, placing it on the “White List” of both. In addition to being a European Union (EU) flag state,
Cyprus is also on the white list of the Paris and Tokyo MoUs, recognized as a high-quality flag. Cyprus is a signatory to all international maritime conventions that ensure navigation standards and quality. It also benefits from several bilateral agreements, granting Cyprus yachts national or favored nation treatment at ports.
Types of Vessel Registrations in Cyprus
We offer the following registrations:
- Provisional registration: It is valid for 6 months and renewable once for 3 months. With the assistance of consular officers, it can be done at the Registry or any consular post in Cyprus.
- Permanent registration: It is the most common type of registration. If the vessel was previously registered in a foreign registry, a certificate of deletion from that Registry is required.
- Parallel registration: Includes parallel-in and parallel-out categories.
- Parallel-in registration: Foreign vessels under a bareboat charter to a Cyprus shipping company are granted the Cyprus flag for 2 years (renewable). Such vessels are registered in the Special Book of Parallel Registration.
- Parallel-out registration: Cyprus vessel owners can bareboat charter their vessel to a foreign company or person for parallel registration in a foreign registry for the duration of the charter party.
Our Cyprus-registered lawyers are prepared to draft all necessary documents and handle your paperwork. Our maritime lawyers are always available for any additional information you may need. Owning a yacht or ship has never been easier.
Cyprus Ship Registration Advantages
Cyprus is an attractive destination for ship owners interested in registering their vessels under a foreign and EU flag. Here are some advantages of registering a ship under the Cyprus flag:
- Tax benefits: Cyprus offers attractive tax incentives for ship owners, including exemptions from VAT and customs duties on importing yachts, boats, and vessels.
- EU flag: As an EU member state, ships registered under the Cyprus flag are considered EU ships, providing benefits such as unrestricted access to EU waters and the ability to leverage EU trade agreements.
- Reputation: Cyprus is highly respected in the maritime industry, with a strong regulatory framework and a highly trained workforce. Registering a ship under the Cyprus flag can enhance the vessel’s reputation and increase its resale value.
- Low registration fees: Cyprus offers competitive registration fees for boats and yachts. There are no registration fees or fees for ocean-going vessels for issuing the first certificates, making it more cost-effective than other popular jurisdictions.
- Easy registration process: Registering ships under the Cyprus flag is straightforward and efficient. Many countries recognize the Cyprus flag, facilitating international sailing.
- Seafarers status: There are no nationality restrictions for crew and seafarers on Cyprus-flagged vessels. The Cyprus flag recognizes seafarers’ certificates of competency from 70 countries, and seafarers enjoy tax exemptions under the Cyprus flag.
