Why Register a Yacht in Cyprus

When registering a yacht, personal or business related needs must be considered in great depth and as such, a favorable flag state to meet the needs is required.

The Cyprus Flag has long been a popular "flag of convenience" and Cyprus itself has over the years become one of the largest and widely known shipping centers in the world.

There are a number of advantages of registering a yacht in Cyprus, as listed herein below:

  • No tax on profits from the operation or management of a Cyprus-registered yacht or on dividends received from a yacht-owning company;
  • No income tax on the profits derived by a Cyprus yacht-owning company (including chartering of yachts)
  • No capital gains tax on the sale or transfer of a Cyprus-registered yacht or the shares of a yacht-owning company;
  • No estate duty on the inheritance of shares in a vessel or company holding a yacht;
  • No income tax on the wages of officers & crew;
  • Low registration costs;
  • Favorable tonnage tax scheme based on yacht gross tonnage;
  • No stamp duty on ship mortgage deeds or other security documents;
  • Double tax treaties with more than 43 countries;
  • No exchange control and freedom of movement of foreign currency;
  • Full protection for financiers and mortgages;
  • Low set up and operating costs for Cyprus companies;
  • European Union (EU) Flag;
  • Classification of Cyprus Flag in the White List of the Paris and Tokyo MOUs
  • Maritime offices in various countries offering services to Cyprus ships;
  • A network of local inspectors of Cyprus yachts, covering important ports worldwide;
  • Signatory to all international maritime conventions on safety and pollution prevention;
  • Bilateral agreements with more than 23 countries, through which Cypriots yachts receive either national or favored nation treatment in the ports of other countries
  • No restriction on the nationality of crew members;
  • Documents in the English language
  • Professional infrastructure with high-quality professional services are provided by lawyers, accountants, consultants, Registrars etc
  • In conclusion, a widely accepted Maritime Nation in general