The Cyprus Union of Shipowners is the major representative organization of the international shipping community with vessels under the Cyprus Flag. Over the years, the Cyprus Union of Shipowners has managed to register under its membership the vast majority of the Cyprus Flag ships.
The Cyprus Union of Shipowners provides, in all shipping related matters, a strong voice and represents the interest of its members in Cyprus, Greece, U.K. and other European countries.
The Cyprus Union of Shipowners focuses on:
- Being the Cyprus Ambassador of Shipping both nationally and internationally.
- Representing its members before all Trade Unions as well as the International Tradeworkers Federation (I.T.F).
- Signing private Bilateral Labour Agreements with local Labour Unions in coordination and with the approval of the appropriate Cypriot Ministry with an aim to provide its members with highly competitive Seafarers pay-scales.
- The CUS supports a national policy conducive to the development and maintenance of Cyprus flag vessels, in an effort to foster the growth and quality of a Cyprus flag merchant fleet.
- CUS participates to IMO Technical Committees, having a permanent representative within the Cypriot delegation acting as the Governments’ consultant.
- Maintaining close relations with international Security Bodies i.e. MARLU (NATO Unit) that deal with vital issues such as Piracy and provide their members with useful contacts and prompt information.
- Monitoring government legislative and regulatory actions, initiatives by various international marine organizations, political trends and public policy relating to navigation, safety and to the Cyprus shipping environment. In addition, it conducts strategic communications and public relations campaigns.
Cyprus is one of the leading Registries in the world. The Cyprus Union of Shipowners, as the main representative of the Shipowning Community, has the responsibility of informing and educating its Members to ensure that they comply with all their obligations and commitments, stemming from International Regulations that have been implemented.
The CUS has all the tools at its disposal in order to assess the performance of the Cyprus shipping sector. Therefore the Union can advise and help all its shipowner’s members to ensure that they comply with all financial and regulatory commitments and by doing so, will protect the shipowner from being held legally accountable in all these matters.
The Union has extensive access to sources providing a wealth of information. It has strong links with other international shipowners associations and is a Member of the European Community Shipowners Association (ECSA), while continuing to establish ties with maritime related industry organizations, in its emerging role as the focal point for consultation within the Cyprus shipping industry on regulatory and other key developments, thus, giving it, a key role in Cyprus Maritime developments.
- New Tax Regime for Non Domicile Tax Residents.
- Newly Employed Executives earning more than €100.000 enjoy 50% Tax Reduction.
- European Union and European Monetary Union Member State.
- Lowest Corporate Tax Rate in the EU – 12.5% on profits.
- 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 62 countries.
- Low Set Up and Operating Costs for companies.
- 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.
- No inheritance tax.
- No stamp duty on ship mortgage deeds or other security documents.
- Highly Educated, Qualified and Multilingual Personnel.
- As a major touristic destination is friendly, safe and easily accessible by air and sea.
- With strong UK historical ties, English is widely spoken, while its legal system is based on Common law.
- Sophisticated Financial Services Authority
- Excellent telecommunications.
- Limassol has become an important Maritime cluster, operating the 3rd biggest fleet in Europe and offering Third Party Management Services to more than 2000 ships.