Shipping & Ship Management Companies
(Also refer to the very important web-site of The Republic of Cyprus’s Department of Merchant Shipping)
The Cyprus’ strategic position at the crossroads of Africa, Asia and Europe, north of the Suez Canal, has been an important factor in the development of the island as a maritime centre in the region.
Cyprus Registered Companies, owning and operating ships under the Cyprus Flag, enjoy complete exemption from income tax on income derived from operating such ships in international waters.
In addition, no income tax is payable on the salaries of the captain, officers and crew of a Cyprus ship in respect of emoluments earned for services rendered to such shipping companies.