Shipping in Cyprus
Due its strategic geographical position in the eastern Mediterranean at the crossroads of Europe, Asia, the Middle East, Africa and its close proximity to the Suez Canal, the Republic of Cyprus today holds the title of a well-established shipping center.
Many shipping offshore companies chose Cyprus in order to further their business in the shipping sector, as not only do they benefit from the Island’s geographical position, but also due to the modernization of its infrastructure, its EU membership, and its role as an International business and financial center which is constantly growing and expanding considerably.
Subsequent to the Republic of Cyprus’s entrance in the EU, a full harmonization to the acquis communautaire was establish, which essentially enhanced the existing fleets of the Republic to a much higher perspective quality and thereby as a result, the Island is now a member in the White List of the Paris Memorandum of Understanding on Port State Control Organization.
A variety of offshore companies have chosen shipping in Cyprus as their jurisdiction of doing business, including but not limited to business such as; chartering, crewing, ship broking, ship registration, insurance, and salvage.
Our team of highly specialized individuals are willing to guide you through the registration of your vessel and furthermore assist you in making the correct choice in choosing a ship handling company.
Before registering a vessel, it is important to note that it may only be registered in the Republic if:
1) More than fifty per cent (50%) of its shares are owned by a
- a. citizen of the Republic; or
- a. a European Union citizen who even though they do not reside in the Republic, they have appointed an authorized representative in Cyprus.
2) The total of one hundred per cent (100%) is owned by one or more legal entities that are incorporated and functioning:
- b.1. in line with the legislation applicable in the Republic and have a registered office in Cyprus; or
- b.2. in line with the laws of any EU member state within which they hold a registered office and have a representative in that state or the effective management of that vessel is operated by a Cyprus shipping company that have their registered office in the Republic; or
- b.3. outside the Republic and the EU in general, but either controlled by a citizen of the Republic or an EU citizen and have either appointed a representative in the Republic or the effective management of the vessel is in fact held and run by either an EU or a company that specialises in shipping in Cyprus. It must be established that the corporation is in fact controlled by either Cypriots or EU citizens, which can be accomplished if it is proven that more than fifty per cent (50%) of shares are owned by an EU or a Cypriot citizen or when the majority of its directors are either EU or Cypriot citizens.
We can assist you to go through all three stages of registration (provisional, permanent and parallel registration) in all kind of vessels, such as but not limited to Cargo vessels of 500 gross tonnes and over and tug boats, Cargo vessels of less than 500 gross tonnes, Passenger vessels, Coastal passenger vessels, small passenger vessels and landing craft, Pleasure craft (i.e. yachts or similar), Fishing vessels, vessels engaged in activities not previously mentioned and non-self-propelled vessels and Dynamically supported craft. We offer to all our clients the relevant guidance and assistance in registering and owning your own vessel. We will prepare and launch all the required documents for the application for registration, as well as assist you in your preparation for the occasional inspection of your vessel by the surveyors of the Department of Merchant Shipping and the occasional annual inspection, which is standard practice for shipping in Cyprus.
Owning and handling a vessel was never easier.