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Cyprus An International Shipping Centre Since Antiquity Giuseppe ROSACCIO (author), Jacomo FRANCO (engraver), ”Isola Di Cipro” - “Natolia...” (143x192mm), Viaggio Da Venetia A Constantinopoli..., Venice 1598 or later. Coloured. Invest in Cyprus Invest in Us 1 More than 1,000 registered vessels with 21 million gross tonnage are registered under the Cyprus flag. •10th largest merchant fleet in the world •3rd largest merchant fleet in the EU •Shipmanagement Centre amongst top three in the world •largest third party Shipmanagement Centre in the EU Cyprus has an EU-approved “Open Registry” regime with a very wide and legally endorsed Tonnage Tax System (TTS), which has been introduced with the Merchant Shipping Law in 2010, and covers the three main “maritime transport” activities, namely, shipowning, shipmanagement (crew and technical management) and chartering. CYPRUS AN INTERNATIONAL SHIPPING CENTRE Cyprus, a Member State of the European Union, has been an important centre for trade and commerce since antiquity. The small but dynamic country has a long established reputation as a “Centre of Excellence” for international business activities and retains a unique cluster of expertise in various industry segments. Cyprus is an internationally renowned shipping centre, which is home to some of the world’s leading names of the global shipping industry. The accession of Cyprus to the European Union in 2004 further boosted the reputation and overall image of the Cyprus Flag and the infrastructure of Cyprus Shipping in general. The Cyprus Shipping Sector makes a substantial contribution to the Cypriot economy, with recent figures indicating that 2 shipping accounts to approximately 7% of the country’s GDP. The country’s unique geographical position at the crossroads of three continents, the advanced infrastructure and services, its very attractive shipping taxation system, as well as other competitive advantages make Cyprus the ideal location for shipowning, shipmanagement, ship chartering and ancillary shipping related services. Present facts about Cyprus’ Shipping Sector: Over 150 shipowning, shipmanagement, chartering and shipping related companies controlling a merchant fleet of 2,300 vessels with 50 million gross tonnage, while employing approximately 4,500 employees and 55,000 seafarers. Owners of Cyprus flag ships fall automatically under the new tonnage tax regime, whereas ship owners of foreign flag ships, charterers and shipmanagers may opt to be taxed under the tonnage tax system (TTS) under certain conditions. In addition to the country’s strategic geographical location, Cyprus maintains a wide range of competitive advantages through a high quality maritime cluster, offering efficient and quality services, including: •The latest EU-approved Tonnage Tax System (TTS) with no direct link to corporate tax; •Competitive ship registration costs and fees; •No crew/officers nationality restrictions; •28 Merchant Shipping Bilateral Agreements; •Signatory to all international maritime conventions on safety, security and pollution prevention; •Full protection for financiers and mortgagees; •White List of Paris and Tokyo MOUs. Advantages of the Cyprus Tonnage Tax System (TTS): •No tax on qualifying shipping activities other than “Tonnage Tax”; •No tax on shipping profits made from qualifying shipping activities including profits from the sale of qualifying ships; •No tax on dividends paid out of profits made from qualifying shipping activities; •No tax on wages or benefits of seafarers on qualifying Cyprus flag ships. Cyprus’ Shipping Sector offers industry benefits, which include: wider •Approximately 50 Double Tax Avoidance Treaties; •No estate duty on the inheritance of shares in a ship owning company; •No stamp duty on ship mortgage deeds or other security documents; •Efficient, qualitative and reliable services to the shipping industry; •Strong involvement in international shipping fora (IMO, ILO) and the E.U. All the above reiterate the enormous potential that the industry enjoys while also highlighting its importance within the Cyprus Economy. To add to these, the existence of word-class deepwater natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ) is bringing new and exciting opportunities, which naturally the Shipping Sector activities will be closely connected to. In addition, with the ongoing energy developments in the neighbouring countries, prospects may be there for Cyprus to become an energy hub in the Eastern Mediterranean. In any case, Cyprus with its attractive shipping tax regime, competitive registration fees, well-regarded shipping legislation, reputation of safety and maritime expertise, is likely to remain one of the most important and high quality shipping industry clusters worldwide. 3 A ship may be registered in Cyprus once it fulfils one of the following criteria A) More than half (50%) of the shares of the ship must be owned by Cypriot citizens or by citizens of Member States of the EU or of the European Economic Area who in the instance of not being permanent residents of the Republic will have to appoint an authorised representative in the Republic of Cyprus, or B) The total (100%) of the shares of the ship must be owned by corporations, which operate in accordance with the laws of the Republic and have their registered office in the Republic of Cyprus, or they operate in accordance with the laws of any other EU or EEA Member State and have their registered office, central administration or principal place of business within the European Economic Area or by corporations registered outside the EU or the EEA but controlled by Cypriot citizens or citizens of a Member State. In both of the latter cases, they must have either appointed an authorised representative in Cyprus or the management of the ship must be entrusted in full to a Cypriot or Community shipmanagement company in Cyprus. and other unlawful acts, including a legal framework allowing and regulating the use of private armed security personnel in high-risk areas. Cyprus’ Maritime offices are located in Limassol (Cyprus), as well as Hamburg (Germany), New York (USA), London (UK), Piraeus (Greece), Rotterdam (Netherlands), and Brussels (Belgium). The Cyprus Shipping Chamber is the trade association of the Shipping Industry in Cyprus. For the last 25 years, the Chamber acts as an influential body in local maritime affairs, while actively representing the interest of the entire major shipowning, shipmanagement, chartering and shipping related companies based in Cyprus, both in Cyprus and abroad. Yachts and other pleasure crafts may also be registered in Cyprus. Cyprus adopted a maritime safety policy, which focuses on the effective control of ships and the improvement of the quality of the country’s merchant fleet. Furthermore Cyprus enacted an Anti-Piracy Law; a comprehensive and pioneer legislation for the protection of Cyprus ships from piracy 4 5 Confirming the Commitment to Cyprus: “The Cyprus Government considers the Shipping Industry to be a major contributor to our economy, and one that has significant potential for further growth. Its reputation as a solid and serious maritime flag has put Cyprus on the international map, as a base for international operations proving to be one of the best ambassadors for our country. As such we are fully committed to further support it in any way we can. The Ministry of Communications and Works, through the Department of Merchant Shipping in close association with the private sector, continues to improve the operating and legal framework of the shipping industry. At the same time it explores new opportunities to ensure that Cyprus’ attractiveness and competitiveness as a world-class shipping centre are not only safeguarded but extended.” Yiorgos Lakkotrypis Energy, Commerce, Industry and Tourism Minister “The “Troika” Loan Agreement on Cyprus admittedly brought an end to the financial uncertainty that surrounded the overall banking system of Cyprus during that period. Amidst these developments the EU approved and re-confirmed Shipping operational and taxation infrastructure in Cyprus and the Cyprus flag remained intact and very competitive. It is most gratifying to see that Cyprus flag users remain loyal, supporting at the same time, the efforts to reinforce Cyprus Shipping in order to continue its significant contribution to the Cyprus Economy. We strongly believe that, the high value worth shipping services and substantial contribution as foreign and local direct investment into Cyprus’ Economy from Shipping, can be maintained and enhanced even more, through the introduction of certain additional measures, as also envisioned by the EU Integrated Maritime Policy (IMP). These actions will ensure that the Cyprus Shipping cluster will grow and remain a substantial employer of Cypriot and other EU maritime professionals. Cyprus, as an island State, is fully surrounded by water. By making the fullest use of the IMP we can not only maintain the leading edge as one of the largest, “all-embracing” Shipping Centres within the European Union and globally, but we can also grow. The recent credit rating up-grade by Moody’s, S&P and Fitch were possible also because the GDP contribution of the Shipping sector was maintained at around 7%. After more than 40 years of international Shipping presence here, Shipping with its solid contribution, is in essence a “Vote of Confidence” for Cyprus and its Economy.” Capt. Eugen Adami President of the Cyprus Shipping Chamber 6 7 Contact CIPA or your local Trade Centre of the Republic of Cyprus Cyprus Trade Centres Worldwide Network Contact Points: Athens + 30 210 3734822, [email protected] Beijing + 86 1065325057/9, [email protected] Beirut + 961 1 320806, [email protected] Berlin + 49 30 2844596, [email protected] Dubai + 971 4 3575592, [email protected] London + 44 20 7321 4145, [email protected] Moscow + 7 499 5750315, [email protected] New York + 1 212 2139100, [email protected] Paris + 33 1 42896086, [email protected] Tel Aviv + 972 3-525 0212, [email protected] Vienna + 43 1 5130634, [email protected] Warsaw + 48 22 8540177, [email protected] Limassol + 357 25 848100, [email protected] Hamburg + 49 40 410 7497, [email protected] New York + 1 212 686 6016, [email protected] London + 44 20 7321 4100, [email protected] Piraeus + 30 210 453 6371, [email protected] Rotterdam + 31 10 404 7901, [email protected] Brussels + 32 2 739 5155, [email protected] Cyprus Investment Promotion Agency Severis Building, 9 Makariou III Ave. 4th Floor, Lefkosia 1065, Cyprus P.O. Box 27032, Lefkosia 1641, Cyprus T +357 22 441133, F +357 22 441134 E [email protected] www.investcyprus.org.cy 8 Cyprus Investment Promotion Agency Severis Building, 9 Makariou III Ave. 4th Floor, Lefkosia 1065, Cyprus T +357 22 441133, F +357 22 441134 [email protected], www.investcyprus.org.cy