Yacht Registration under the Cyprus Flag

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Main reasons to register a vessel under Cyprus Flag

There are several things to consider who deciding on a country / flag to register your yacht.

Low registration cost
No tax on profits from the operation
No income tax on the wages of crew
Favourable tonnage tax scheme
No stamp duty on ship mortgage
Maritime offices around the world
Mortgage protection for lenders
EU flag
Classification of Cyprus flag in the White List of the Paris and Tokyo MOUs and exclusion from the “List of Targeted Flag States” of the US Coast Guard resulting in fewer inspections of the ships and less delays at the ports of both MOUs and of the US.
Maritime offices in New York, London, Rotterdam, Piraeus, Brussels and Hamburg offering services to Cyprus ships.
A network of local inspectors of Cyprus ships, covering important ports worldwide in order to ensure efficient and effective control of Cypriot vessels and to avoid detentions by port state control.
Signatory to all international maritime conventions on safety and pollution prevention.
Bilateral agreements with 26 countries, through which Cypriot ships receive either national or favoured nation treatment in the ports of other countries. Those agreements with labour supplying countries provide for specific terms of employment which are beneficial to both the shipowners and the seafarers.
Efficient and qualitative provision of services by the Department of Merchant Shipping

Conditions of Ownership:
A vessel may only be registered in the Register of Cyprus Ships if:

A) More than fifty percent (50%) of the shares of the ship are owned:

by Cypriot citizens or
by citizens of other Member States1 who in the instance of not being permanent residents of the Republic will have appointed an authorised representative in the Republic of Cyprus, or

B) 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 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 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 but controlled by Cypriot citizens or citizens of Member States and have either appointed an authorised representative in Cyprus or 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. The corporation is deemed to be controlled by Cypriots or citizens of any other Member States when more than fifty percent of its shares are owned by Cypriots or citizens of any other Member States or when the majority of the Directors of the corporation are Cypriot citizens or citizens of any other Member State.

Mortgages on Vessels:

Age limit of Vessels:

Recognised Classification Societies:

TYPES OF REGISTRATION:

Provisional registration

Permanent registration

Parallel (Bareboat) Registration:

Yacht Registration under the Cyprus Flag

Main reasons to register a vessel under Cyprus Flag

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