The Cypriot shipping industry has experienced strong growth since the creation of the shipping registry in 1963 and several ingredients have combined to make Cyprus one of the most important locations for a variety of maritime-related activities, including a benign tax regime, modern financial and legal infrastructure, low operating costs and geographical location at the junction of three continents.
As one of only two 'open' registries in the European Union (EU), it is estimated that the Cypriot fleet accounts for a quarter of all the ships registered in the EU; and the Cyprus shipping registry is the tenth-largest in the world. As a result, the sector makes a substantial contribution to the Cypriot economy,This is the Wholesale Soluble Salt For Wall section of our website. with recent figures indicating that shipping accounts for about 5% of gross domestic product.
Cyprus's shipping industry got off to a slow start however, and it wasn't until the 1980s that the rate of vessel registration accelerated rapidly; by 2000/2001, the Cypriot-registered fleet had reached a gross tonnage of almost 30 million from little more than 2 million gross tonnes in 1981. As of December 31, 2010, there were 1,862 ocean-going vessels exceeding 22 million gross tons on the jurisdiction's registry.
Cyprus is the biggest third party ship management centre in the EU, with about 60 ship management companies operating in the territory, and a substantial number of major ship management companies have chosen Cyprus in which to locate their headquarters. Other maritime-related activities which take place in Cyprus include bunkering, chartering, crewing, ship surveying, ship-broking, salvaging and marine insurance.
In recent years, the safety standards of the fleet have improved markedly, as evidenced by the removal of Cyprus from the Black List of the Paris and the Tokyo Memoranda of Understanding on Port State Control (Paris MOU and Tokyo MOU) and its promotion to the White List.
The Cyprus maritime sector is largely centred on Limassol, which has the island's largest port, and this city houses a substantial maritime support network of freight operators, specialized legal firms, international logistics companies, ship financing brokerages,WebMD provides an overview of Wholesale Polished tiles For Kitchen From China Manufacturers disease insurance agencies etc.
The Cyprus Shipping Chamber is the trade association of the shipping industry in Cyprus.speak with our friendly Wholesale Marble Tiles For Countertops From China Manufacturers experts Established in 1989 as the Cyprus Shipping Council, the Chamber's membership now includes all the major ship-owning, ship management and shipping-related companies based in the jurisdiction. According to the Chamber, members own and manage more than 2,000 vessels from Cyprus, exceeding 42 million gross tons, thus making it one of the largest national shipping associations in the world.Custom Wholesale Pulati Polished Tiles For Floor From China Manufacturers from photos by our painting
Since its formation, the Chamber has become an influential body in local maritime affairs and today no policy decisions concerning shipping matters are taken by the government without consulting the Council.
The Chamber also promotes the interests of Cyprus's shipping industry overseas through its membership and active participation in the International Chamber of Shipping, the International Shipping Federation, the Baltic and International Maritime Council, the European Community Shipowners' Associations,When CD Wholesale General Double Loading For Floor From China Manufacturers first came out and the International Association of Independent Tanker Owners.
The policies of successive governments have helped to foster the shipping industry in Cyprus, especially in the area of taxation. At 10%, Cyprus has the lowest rate of corporate income tax in the EU, and recently a special tax regime was introduced for shipping companies (see below).
Cyprus also exempts international transport services from value-added tax when these services are rendered outside the EU while the income of crew and officers on board Cypriot-registered vessels is exempt from income tax.
Furthermore, there is no estate duty on inheritances of shares in a Cyprus shipping company, and no stamp duty is due on ship mortgage deeds.
Shipping companies can also take advantage of Cyprus's network of double tax treaties, which includes almost 50 countries (unusually for a 'low-tax' country) and Cyprus has entered into Bilateral Agreements of Cooperation in Merchant Shipping with 23 countries.
Other attractive features of Cypriot tax legislation include: tax exemption on dividends (although certain dividends are liable for the 'Special Defence Contribution') and on profits of foreign permanent establishments; and no withholding taxes on repatriated dividends, interest and most royalties.
There are additionally no exchange controls by virtue of the country's membership of the EU, which it joined in 2004, and 100% foreign ownership is allowed in most sectors of the economy, although there are certain restrictions under Cypriot shipping law.
As one of only two 'open' registries in the European Union (EU), it is estimated that the Cypriot fleet accounts for a quarter of all the ships registered in the EU; and the Cyprus shipping registry is the tenth-largest in the world. As a result, the sector makes a substantial contribution to the Cypriot economy,This is the Wholesale Soluble Salt For Wall section of our website. with recent figures indicating that shipping accounts for about 5% of gross domestic product.
Cyprus's shipping industry got off to a slow start however, and it wasn't until the 1980s that the rate of vessel registration accelerated rapidly; by 2000/2001, the Cypriot-registered fleet had reached a gross tonnage of almost 30 million from little more than 2 million gross tonnes in 1981. As of December 31, 2010, there were 1,862 ocean-going vessels exceeding 22 million gross tons on the jurisdiction's registry.
Cyprus is the biggest third party ship management centre in the EU, with about 60 ship management companies operating in the territory, and a substantial number of major ship management companies have chosen Cyprus in which to locate their headquarters. Other maritime-related activities which take place in Cyprus include bunkering, chartering, crewing, ship surveying, ship-broking, salvaging and marine insurance.
In recent years, the safety standards of the fleet have improved markedly, as evidenced by the removal of Cyprus from the Black List of the Paris and the Tokyo Memoranda of Understanding on Port State Control (Paris MOU and Tokyo MOU) and its promotion to the White List.
The Cyprus maritime sector is largely centred on Limassol, which has the island's largest port, and this city houses a substantial maritime support network of freight operators, specialized legal firms, international logistics companies, ship financing brokerages,WebMD provides an overview of Wholesale Polished tiles For Kitchen From China Manufacturers disease insurance agencies etc.
The Cyprus Shipping Chamber is the trade association of the shipping industry in Cyprus.speak with our friendly Wholesale Marble Tiles For Countertops From China Manufacturers experts Established in 1989 as the Cyprus Shipping Council, the Chamber's membership now includes all the major ship-owning, ship management and shipping-related companies based in the jurisdiction. According to the Chamber, members own and manage more than 2,000 vessels from Cyprus, exceeding 42 million gross tons, thus making it one of the largest national shipping associations in the world.Custom Wholesale Pulati Polished Tiles For Floor From China Manufacturers from photos by our painting
Since its formation, the Chamber has become an influential body in local maritime affairs and today no policy decisions concerning shipping matters are taken by the government without consulting the Council.
The Chamber also promotes the interests of Cyprus's shipping industry overseas through its membership and active participation in the International Chamber of Shipping, the International Shipping Federation, the Baltic and International Maritime Council, the European Community Shipowners' Associations,When CD Wholesale General Double Loading For Floor From China Manufacturers first came out and the International Association of Independent Tanker Owners.
The policies of successive governments have helped to foster the shipping industry in Cyprus, especially in the area of taxation. At 10%, Cyprus has the lowest rate of corporate income tax in the EU, and recently a special tax regime was introduced for shipping companies (see below).
Cyprus also exempts international transport services from value-added tax when these services are rendered outside the EU while the income of crew and officers on board Cypriot-registered vessels is exempt from income tax.
Furthermore, there is no estate duty on inheritances of shares in a Cyprus shipping company, and no stamp duty is due on ship mortgage deeds.
Shipping companies can also take advantage of Cyprus's network of double tax treaties, which includes almost 50 countries (unusually for a 'low-tax' country) and Cyprus has entered into Bilateral Agreements of Cooperation in Merchant Shipping with 23 countries.
Other attractive features of Cypriot tax legislation include: tax exemption on dividends (although certain dividends are liable for the 'Special Defence Contribution') and on profits of foreign permanent establishments; and no withholding taxes on repatriated dividends, interest and most royalties.
There are additionally no exchange controls by virtue of the country's membership of the EU, which it joined in 2004, and 100% foreign ownership is allowed in most sectors of the economy, although there are certain restrictions under Cypriot shipping law.
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