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