Legal guide — shipping in Cyprus

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Cyprus is considered as an international maritime centre and offers significant incentives for the registration of vessels under the Cyprus flag. In addition, some of the world’s largest international ship management companies are based in Cyprus.

There is exemption from any Cyprus income and corporation tax on: (1) the income of a ship owner of a Cyprus ship resulting from the operation of such ship in any shipping enterprise (2) dividends that are paid directly or indirectly from the profits resulting from (1) above. No special defence contribution is payable on dividends paid by ship owning companies. No capital gains tax is imposed on the profits resulting from the sale of a Cyprus ship or from the sale or transfer of shares of a Cyprus ship owning company. There is a reduction on tonnage tax where a Cyprus ship management company manages the ship…

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