Cyprus: Yachts Registration In Cyprus And Aircrafts Registration

Last Updated: 14 June 2019
Article by Alex Danos

REGISTRATION OF YACHTS

Danos & Associates through its partners offers Vessel Registration under a Cyprus flag.

The relevant legislation:

  1. The Emergency Powers (Control of Small Vessels) Regulations of 1955 and any other legislation amending the same ('Emergency Powers Regulations').
  2. The Merchant Shipping (Registration of Ships, Sales and Mortgages) Law 45/63, as amended ("the Merchant Shipping Law").
  3. The High Speed Small Vessels Regulations of 1992 to 1999; P.I. 121/1999 (the "High Speed Small Vessels Laws").
  4. The High Speed Small Vessels Laws of 1992 to 2001; Law No. 56(I) of 1992 as amended, governing the matters in relation to the movement of high speed small vessels and for other relevant matters (the "High Speed Small Vessels Movement and Other Matters Regulations").
  5. European Directive 94/25/EC on recreational craft was adopted by the Basic Requirements (Recreational Craft) Regulations of 2003, P.I. 307/2003 which were published in Official Gazette No. 3706 on 18.4.2003, Supplement III(I).
  6. European Directive 2003/44/EC which amends European Directive 94/25/EC on recreational craft was adopted by the Basic Requirements (Recreational Craft) (Amendment) Regulations of 2004, P.I. 537/2004 which were published in Official Gazette No. 3853 on 30.4.2004, Supplement III(I).

The above Regulations have been adopted to harmonize the national Cypriot laws with the European Directives.

It should also be noted that Recreational Craft Directive 94/25/EC as amended by Directive 2003/44/EC gives a definition of "recreational craft" as any boat of any type intended for sports and leisure purposes of hull length from 2,5 to 24 nm, measured according to the harmonized standard, regardless of the means of propulsion.

In addition, all recreational crafts including personal watercraft (jet skis) as well as all propulsion engines for recreational craft, which have been manufactured in Cyprus or in any other Member State of the EU or have been imported from a non- EU country and which will be placed on the Cyprus market after the 1st January 2006 need to comply with the provisions of the Basic Requirements (Recreational Craft) (as amended) Regulations of 2004, (PI 537/2004).

MAIN REGISTRATION REQUIREMENTS IN CYPRUS:

All recreational crafts should be registered in:

  • In Register of Cyprus Ships (these vessels are permitted to sail in national and international waters), or
  • In the Register of Small Vessels (these vessels are permitted to sail only in the territorial waters of the Republic of Cyprus).

A yacht may be registered:

  • Under the Cyprus flag if it is acquired by a Cypriot person or legal entity.
  • Foreigners will commonly register a company which will own the yacht.

The application for registering a yacht is submitted to the Registrar of Cyprus Ships and it can be made even before the registration of the company which will own the yacht.

Some of the advantages of registering a vessel in Cyprus are:

  • No income tax on the profits derived by a Cyprus Ship-owning company nor any tax on any dividend of any Cyprus ship-owning company
  • Cyprus has double tax treaties with more than 40 countries
  • Existence of bilateral agreements between Cyprus and several other countries
  • No tax on dividends
  • No estate duty on the inheritance of shares
  • No capital gains tax on the sale or transfer of a ship or the transfer of the shares of a Cyprus ship-owning company
  • No tax on the salaries of crew members
  • The possibility of employing crew members of any nationality
  • Recognition of the Competence Certificate issued by Cyprus
  • Existence of a Collective Agreement between Trade Unions and Ship-owners
  • Cyprus ships can call at any port in the world
  • Possibility of provisional registration abroad
  • Minimum of red tape
  • Low tonnage tax and other duties paid for registration fees, etc.
  • Full protection and recognition of mortgages registered on a Cyprus Flag ship
  • Possibility of parallel registration of Cyprus ships in other countries
  • Possibility of parallel registration of foreign ships in the Cyprus Registry

Ship-management companies have the option, under certain conditions, to be taxed either according to the corporate rate of 12.5% or to a special tax, which is levied on the basis of the tonnage of ships, for which ship-management services have been rendered.

REGISTRATION OF AIRCRAFTS

Our firm through its associates with more than 20 years of experience in the field of aircraft registration offers Aircraft Registration in Cyprus and a complete range of professional services to aircraft owners and operators worldwide.

We provide aircraft registration services in the British overseas territories and other registries popular with corporate aircraft owners. We offer advice on the advantages, or disadvantages, of registering aircraft on a worldwide basis.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions