Cyprus Shipping and Transportation

It is worldwide known that the Cyprus shipping cluster has experienced remarkable growth over the years. Cyprus is at the forefront of global shipping with a fully functional and innovative department of merchant shipping, a new EU approved tonnage tax regime and a committed resident shipping industry.

Due to the recent financial crisis, Cyprus has taken the opportunity by adjusting the Cyprus shipping law resulting to the increasing of new shipping company registrations.

As a result of this, Cyprus is one of the largest ship management centers in the world and the Cyprus registry fleet ranks among the top 10 worldwide and among the top three in Europe. The shipping & transportation industry remains a critical industry to the global economy and Cyprus is expected to continue to play a prominent role as a leading maritime centre.

Cyprus offers complete tax exemption of all profits and dividends at all levels of distribution arising from qualifying shipping operations. The Cyprus shipping legislation offers new opportunities such as new TT schemes applicable to ship-owners of non-Cyprus flag vessels and charterers.

Non-shipping income derived from surplus funds investments is not subject to TT, but subject to corporation tax at the normal rate of 12,5%, the lowest corporation tax rate in the EU. The tax legislation provides for several exemptions that may reduce the effective tax rate on non-shipping income to well below 12,5%.

PHS has a dedicated team of professionals with depth knowledge and experience on shipping & transportation services, who are committed to providing customized solutions to the challenges faced by our clients. Our highly qualified professionals undergo continuous training on shipping & transportation regulations so as to remain at the forefront of developments within the shipping industry.

How can PHS help you

PHS expert team provides powerful and dedicated solutions for shipping organisations operating anywhere in the world. Our personal approach along with the dedicated experienced services, resulting to assisting our clients fulfilling their requirements and expectations. Our clientele consists of shipping companies and shipmanagement companies around the world.

Our services include:
  • Company / Ship registration
  • Audit & Assurance
  • Tax
  • Accounting
  • Consulting
  • Investigations

 

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