Tonnage tax rates
Any residual tonnage of less than 100 units of net tonnage shall be charged proportionally.
No tax on profits from the operation or management of a Cyprus-registered vessel or on dividends received from a vessel owning company.
No income tax on the wages of officers and crew.
No income tax on the wages of officers and crew.
Low registration costs.
Favourable tonnage tax scheme based on ship net tonnage.
No stamp duty on ship mortgage deeds or other security documents.
An extensive double tax treaties network.
No exchange control and freedom of movement of foreign currency
Full protection for financiers and mortgagees.
Low set up and operating costs for companies.
More than half of the shares (50%) of the ship must be owned by Cypriot citizens or by citizens of Member States of the EU or of the European Economic Area who in the instance of not being permanent residents of the Republic will have to appoint an authorised representative in the Republic of Cyprus, or
The total (100%) of the shares of the ship must be owned by corporations, which operate in accordance with the laws of the Republic and have their registered office in the Republic of Cyprus, or they operate in accordance with the laws of any other EU or EEA Member State and have their registered office, central administration or principal place of business within the European Economic Area or by corporations registered outside the EU or the EEA but controlled by Cypriot citizens or citizens of a Member State. In both the latter cases they must have either appointed an authorised representative in Cyprus or the management of the ship must be entrusted in full to a Cypriot or Community ship management company in Cyprus.
Applications for registration of ships must be made through law firms in Cyprus.
At the time of its registration, the ship must be surveyed by an approved classification society.
Any residual tonnage of less than 100 units of net tonnage shall be charged proportionally.
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