Our firm has extensive practice on shipping law, shipping finance and registration of vessels under the Cyprus or foreign flags. We can provide to Ship owners/managers, Shipping chartered companies and any other related shipping institutions, high quality service, advice and representation.
Mouktaroudes & Associates has a client base of various well-known ship-owners and other shipping companies and organisations based in Cyprus and abroad and many companies – members of Cyprus Union of Shipowners, as the firm is the External Legal Consultant of the Union.
We can gratefully assist you with the following services:
• Ship registration under the Cyprus flag
• Sale and Purchase of second-hand tonnage and memoranda of agreement
• Shipbuilding Contracts
• Structuring and tax planning of ship owning groups
• Drafting and the negotiation of shipping related contracts
• Handling of technical enquiries, and exemptions of ships with flag administrations
• Ship management agreements and related matters
• Construction, sale and purchase of Yachts and advising on VAT related issues and schemes
• Financing, security and the enforcement of mortgages
• Admiralty Law
Preparation, filing application for granting license for the provision of maritime security services to vessels under Cyprus flag-representation of our clients – licensed companies in Cyprus.
Cyprus Registry’s Benefits
The Cyprus registry ranks twelve amongst the international fleets. Cyprus is the 3rd largest island in the Mediterranean Sea at the eastern edge of Europe, with shipping roots connecting Europe, Asia and Africa.
Our island is a globally leading maritime center, due to an extension of many more other factors of which are listed below:
• Exemption from corporation tax.
• Liberal Foreign Direct Investment Regime allowing up to 100% foreign participation in most sectors of the economy
• No Exchange Control and freedom of movement of foreign currency
• Double Tax Treaties with 45 countries
• Bilateral Agreements of Cooperation in Merchant Shipping with 23 countries including major labor supplying countries
• Low Set-Up and Operating Costs for companies
• VAT exemption for international transport services, when the effective use and enjoyment of the services takes place outside the EU
Special taxation for shipping companies:
Shipowners, charterers and ship managers participating in the Cyprus tonnage tax system are exempted from income tax and any other tax or levy on dividends paid to shareholders, on interest earned on working capital and on any profit made from the sale of a qualifying ship.