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Shipping & Admiralty in Cyprus

Chambers & Co has an experienced team of lawyers with extensive experience in Shipping & Admiralty law.

The Firm provides comprehensive legal services on ship registration, taxation and litigation in a professional, reliable and cost-effective manner.

We give clear and comprehensive advice on the following matters:

  • Registration of Vessels under Cyprus flag.
  • Yacht and Boat Registration under Cyprus flag.
  • Registration of Vessels and Yachts in Foreign Jurisdictions.
  • Deletion of Vessels and Yachts from Foreign Jurisdictions.
  • Cyprus Yacht Leasing Scheme.
  • Services of Authorised Representative.
  • Ship Security Company Licensing.
  • Financing, Security and the Enforcement of Mortgages.
  • Drafting and Registration of Mortgages and Deeds of Release.
  • Charter party and Seafarer Contracts.
  • Agreements on Sale and Purchase of ships.
  • Shipping Company Law and Tax issues.
  • Legal advice concerning any Maritime or Shipping matter.
  • Services related to the registration and issuance of an IMO number for Fishing Vessels, Sea-going merchant ships and for Shipping Companies & Registered Owners.

Maritime Litigation in Cyprus

The bulk of the shipping related litigation work Chambers & Co undertakes are claims on behalf of cargo owners against the ship and for salvors in salvage actions. We also receive a substantial number of instructions from ship owners in collision, charterparty and bill of lading disputes.

Admiralty litigation in Cyprus has considerably increased proportionally to the ever-increasing importance of Cyprus as a world shipping centre and we are in a position to provide legal assistance in the following areas.

  • Arrest and Sale of Ships
  • Cargo claims
  • Carriage of Goods by Sea
  • Salvage claims
  • Collisions damages
  • Charter Party disputes
  • Ownership disputes
  • Personal injury claims
  • Pollution casualties
  • Disputes relating to the employment of officers and crew
  • Claims for damages done or received by a ship

Advantages of registering a Cyprus Shipping Company

The Republic of Cyprus is a member of the IMO, the Council of Europe, the Commonwealth and many other international organizations. In addition, it is a signatory to many international maritime conventions and has concluded bilateral agreements of cooperation in merchant shipping and double tax treaties with a large number of countries.

 

  • Member of the European Union and the Eurozone.
  • No tax on profit from the operation or management of a vessel registered under the Cyprus flag or shares in a ship owning company.
  • No capital gains tax on the sale of a Cypriot vessel or transfer of shares in a Cypriot ship owning company.
  • No exchange control.
  • Over 65 double taxation treaties in effect, with more under negotiation.
  • Cyprus flag classified in the white list of PARIS & TOKYO MOUs on Port State Control.
  • Cyprus flag excluded from the “List of Target Flag States’’ of the US Coast Guard, resulting in fewer inspections and delays of Cypriot ships at the ports of both MoUs and the US.
  • No estate duty on inheritance of shares in a ship owning company.
  • No income tax on emoluments of officers and crew.
  • No stamp duty on ship mortgage deeds.
  • Signatory to all International Maritime Conventions.
  • Member of the International Maritime (IMO) and Labour (ILO) Organisations.
  • Competitive ship registration costs and fees.
  • Low set up and operating costs for companies.
  • Excellent telecommunications and easy access by air and sea.
  • No nationality restrictions for seafarers.

SHIPPING & ADMIRALTY LAW

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