Cyprus’ geographic location and maritime legislation makes it attractive to yacht and shipowners from all around the world. The growth in the number of Cyprus shipping companies in recent years is a proof of the enormous appeal which the island has to the international community of yacht and shipowners.
The procedures for registering vessels under the Cyprus flag have been designed to attract and promote foreign registration. For this reason, they are simple, effective and ensure that the Cyprus flag is respected by all international shipping authorities.
In the context of European harmonization, Cyprus has ratified a wide range of international conventions on maritime safety. Cyprus has also concluded several bilateral treaties to avoid double taxation.