Hellenic Bank Public Company Ltd

Cyprus, an International Shipping Centre

One of the largest shipping centers in the world

 

Throughout the years, Cyprus has gained international recognition as a reputable shipping centre.

 


Cyprus, an International Shipping Centre

With a sizable number of ships registered under the Cyprus flag, the country maintains the third largest merchant fleet in Europe and the tenth largest in the world. Cyprus, one of the largest established shipping centers with worldwide recognition, is a host to a number of ship owning and management companies.

 

 

Many of the ship management companies operating out of Cyprus are among the largest in the world. It is estimated they manage about 20% of the world’s third party managed fleet.

 

 

The significant benefits of the new Shipping Tonnage Tax System revised and approved by the European Union in 2010 are also expected to further boost the country as one of the leading shipping centers in the world.

 

 

Cyprus’ key benefits as a shipping center:

 

  • The country’s strategic position at the crossroads of Europe, Middle East and Africa.
  • The flexibility “Open Registry” provides to non- Cypriot citizens to register ships under the Cyprus flag.
  • The classification of the Cyprus flag in the ‘White List’ of the Paris and Tokyo MoUs on Port State Control. In addition, Cyprus is not included in the “List of Targeted Flag States” of the U.S. Coast Guard.
  • Wide network of double tax treaties and bilateral agreements of cooperation in merchant shipping including major labor supplying countries.
  • No income tax, capital gains tax and estate duty for ships registered under the Cyprus flag.
  • Beneficial taxation for shipping companies: Ship owners, charterers and ship managers participating in the Cyprus tonnage tax system, are exempted from income tax and any other tax or levy on dividends paid to shareholders, on interest earned on working capital and on any profit made from the sale of a qualifying ship.
  • Advanced maritime infrastructure and services.
  • Low registration fees for ships.
  • No stamp duty on documents or mortgage deeds
  • Anonymity of beneficial owners through trustee shareholders and nominees.
  • A solid legal, accounting and banking system.
  • Highly educated and qualified labor force.
  • Safe environment combined with a high standard of living.

 


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