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Cyprus is an international maritime centre, boasting strength, breadth and experience, attracting quality tonnage and increasing numbers of first-rate shipping companies from around the world.

The maritime industry is one of Cyprus’ most successful export services, and with over 200 shipping companies, the island is considered one of the top global hubs for ship owning and ship management services. The country’s maritime capital, Limassol, is home to some of the world’s most influential names in shipping. Today, Cyprus is the largest third-party ship management centre in Europe and the largest crew management centre in the world, while the island’s international ship register is the third largest in Europe and one of the largest in the world.

Some key points of the Cyprus international ship registry and Maritime cluster:

Comprehensive and simplified Tonnage Tax system, approved by the EU, available to ship owners, ship managers and charterers, that provides full exemption from corporate taxation of:
– Profits from exploitation of a qualifying ship in a qualifying shipping activity.
– Profits from the disposal of a qualifying ship.
– Profits from rendering crewing and/or technical ship management services to a qualifying ship.

  • Favourable corporate taxation and business-friendly fiscal regime.
  • Full tax exemption of dividends paid out of profits falling within the Tonnage Tax regime.
  • Full tax exemption of crew salaries or other benefits of a qualifying shipping activity.
  • The personal tax regime is very attractive, with annual income up to EUR 19.500 not taxable, and additional tax incentives for foreign staff moving to Cyprus.
  • Non-Tonnage Tax qualifying income is only taxed at 12.5% Corporate Income Tax.
  • Low or zero taxation on expatriates.
  • Competitive ship Registration fees.
  • Double Tax avoidance treaties with more than 60 countries.
  • Effective and efficient Flag Administration.
  • Cyprus International Ship register is one of the largest in the world and the 3rd in Europe.
  • Largest ship management centre in Europe.
  • Largest crew management centre in the world.
  • Cyprus is a world class maritime hub offering services in a vast spectrum of activities.
  • Developing Maritime cluster, fostering new opportunities.
  • Highly skilled and educated local population (55% of the workforce has a tertiary degree) – manpower potential with readily available maritime expertise.
  • Business language is English – 73% of Cypriots speak English
  • Excellent infrastructure, transport connectivity and communications.
  • Comparatively low-cost base centre.
  • Strong government support for the maritime industry.
  • Strategically located.
  • Safe place to live and work.
  • Cyprus is a member of the Eurozone since 2008.
  • The legal system is closely aligned to the English common law legal system and frequently updated to meet investors’ needs.
  • Cyprus is the 5th safest country in the world (as per Value Penguin, 2015).