Cyprus Island has many advantages as it concerns shipping and for this reason many countries choose the island for their shipping developments. Here are some of them:
• Cyprus became a Full Member of the European Union
• Is a Democratic country with market economy
• Has strategic location at the crossroads of three continents
• Provide modern and efficient legal, accounting and banking services based on British practice
• Has the freedom to direct foreign investment that allows up to 100% foreign participation in most sectors of the economy
• In Cyprus you must exchange controls and there is free movement of foreign currency
• Double tax treaties with 43 countries
• Non-taxation on capital gains from sale or transfer of a ship registered in Cyprus Ships
• Do not impose income tax on earnings of seafarers
• Cyprus has a party to numerous international maritime conventions
• Have signed bilateral agreements with 29 countries through which Cypriot ships receive more favorable treatment in the ports of those countries
• Cyprus Shipping offers full protection financiers and mortgagees
• Favorable tax regime of ships management
• Low cost of setting up and operating companies
• Excellent telecommunications and easy access by air and sea
• Available qualified managerial, clerical and technical staff