WHY CHOOSING THE CYPRUS FLAG FOR YOUR NEW YACHT
new motor boat registered under cyprus flag
14/03/2022

WHY CHOOSING THE CYPRUS FLAG FOR YOUR NEW YACHT

After you buy a new yacht, whether it is a new sailing yacht or a new motor boat you need to register it. There are a lot of  factors you have to take in to consideration before deciding where to register your new boat. What will you use your new yacht for. Is it exclusively for your family, will you put it under charter management, will you use the new yacht at the same place where you will register it or in different countries?

By choosing the Cyprus Flag for your new yacht, you have a lot benefits and it a flag you should take into consideration seriously.

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.

Here is a list of advantages if registering your yacht in Cyprus: 

  • 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

 

When you buy your new sailing yacht or new motor boat or new catamaran you should definitely consider the registering it in Cyprus.

Get in touch