Vessels and yachts registration

HomeServicesVessels and yachts registration

Cyprus is regarded as one of the largest sea powers; its advantageous geographical position has enabled it to be a significant international hub of sea transportation for many years. However, the registration and operation of shipping companies and individual yachts in Cyprus possesses several convincing advantages which become more and more numerous year after year. State authorities are interested in the development of state sea infrastructure; therefore they have signed the double taxation treaties (treaties with more than 50 countries having signed so far), implemented tax exemptions and further benefits.

In particular, in Cyprus there is no tax on profits received from either a company’s navigation activity, or by an owner of a ship flying the Cypriot flag (or by a company that has chartered a ship with no crew). There is also no tax on capital in connection with the selling and the transfer of a ship and the shares of a shipping company. The salary of crew members working on Cypriot ships is not subject to income tax. There is no stamp duty for bills of sale (documents confirming the title of a vessel), mortgage certificates, deeds of ownership and other documents.

Midland Consult provides services for the registration of vessels and yachts in Cyprus. In general, one needs to register an individual Cypriot company, which will acquire the vessel through chartering or purchase. The beneficiary data, if necessary, is not disclosed; the owner of a vessel can use the services of nominee directors and shareholders.

Registration is recorded in the Cypriot Register of Ships headed by the Department of Merchant Shipping. Registration takes 3-5 working days.

Depending on the purpose for which the vessel is to be used, Midland Consult experts will make a temporary, permanent or parallel registration.