More than half of the shares (50%) 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
|No. of Ships||1475|
|Size Restrictions||1,600 grt|
|Ownership Requirements||More than half the shares in the ship must be owned by a Cypriot national, by a company established and having its registered office in Cyprus or (with specific authorisation) by a company registered outside of Cyprus but controlled by Cypriots. Applications for registration of ships must be made through Cypriot lawyers. At the time of registration the ship must be surveyed by an approved classification society.|
For provisional registration:
|Registration Fees||There is a fee payable on provisional registration between a minimum of C£125 and a maximum of C£3,000 depending on the grt of the ship. The tariff differs for passenger vessels. No other fee is payable on permanent registration provided this takes place before the provisional registration expires. An Annual Tonnage Tax is payable according to the tonnage and age of the ship with discounts if the crew and technical management of the ship are carried out by a Cypriot company and (other than in the case of a passenger ship) if the crew comprises Cypriot seamen.|
|Approved Classification Societies||ABS, CBS, LRS, DNV, BV, GL, RINA, HRS, RNR, PRS, NKK, KRS, CCS, MRS|
|Crew Nationality||The existing regulations provide that at least 15% of the crew must be Cypriots. However, due to the limited availability of Cypriot seamen, crew members may be of any nationality but must be holders of recognised countries’ certificates of competency.|
|Parallel Registration||A bareboat charterparty to a Cypriot company is permitted if the consent of the principal flag of registry (and the mortgagees) is obtained. Parallel registration out of the Cypriot Registry is also permitted. The fees for parallel registration of a ship are 20% higher than those referred to above.|
|Flag of Convenience||Yes|
|Principal IMO Conventions Adopted||MARPOL, CLC, COLREG, STCW, FUND, SOLAS, INMARSAT.|
|Type of Mortgage||An account current or principal and interest statutory mortgage form is accepted and will need to be registered. There will normally be a separate Deed of Covenants which will also be subject to registration. Care should be taken to ascertain whether these documents also need to be registered in the relevant Companies Registry (within a specific time limit) if the owner is a body corporate. The mortgage and Deed of Covenants will normally need to be notarised and legalised.|
|Mortgage Registration Fee||C£0.02 per grt up to 10,000 grt (subject to a minimum of C£30) and C£0.01 per grt thereafter.|
- Vessels over 15 years of age may be registered in the Cyprus Register of Ships under additional conditions, which must be fulfilled concurrently with the submission of the application for registration and must be complied with at all times while the vessel remains registered, irrespective of any subsequent transfer of ownership.
- 3 month extension may be obtained upon application.