Maritime Law in Cyprus
Maritime Law in CyprusUpdated on Saturday 05th September 2015
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Maritime legislation in Cyprus
Also known as the Shipping or the Admiralty Law, the Cypriot Maritime Law is comprised of several legal frameworks defining maritime activities, navigation and transportation of goods or passengers by sea. The Cypriot Maritime Law is based on the international legislation on shipping activities and vessel registration. The laws governing maritime activities in Cyprus are:
- - the Merchant Shipping Law of 2010,
- - the Law of the Sea,
- - the Marine Pollution legislation,
- - the Recreational Marine Activities legislation.
The Cypriot Maritime Law also encompasses legislation regarding:
- - the registration of vessels which is divided into permanent, provisional and parallel registration,
- - taxation of shipping activities,
- - tonnage taxes.
Our lawyers in Cyprus can provide you a complete list of all laws regarding shipping activities.
Conditions of vessel ownership under the Cypriot Maritime Law
The Merchant Shipping Act provides for the ownership of a boat in Cyprus. The law stipulates a foreign individual company may register a boat in Cyprus if:
- - the foreign company owns more than 50% of the shares of the ship,
- - the foreign company owns 100% of the shares of the ship.
The foreign company must have a registered address, according to the Commercial Code in Cyprus. If the company is registered outside the country, it must be controlled by a Cypriot citizen or it is entrusted to a shipping company in Cyprus.
International maritime legislation applicable in Cyprus
In order to consolidate its status as an international maritime center, Cyprus is a signatory member of several international treaties for shipping activities. This way, companies flying foreign flags will find it easy to conduct business activities related to the maritime industry in Cyprus. The most important conventions Cyprus has adhered to are:
- - the International Convention for the Safety of Life at Sea,
- - the International Convention for the Prevention of Pollution from Ships,
- - the International Convention on Load Lines,
- - the International Convention on Tonnage Measurement of Ships,
- - the Special Trade Passenger Ship Agreement.
For complete information about the Maritime Law, but also for ship registration procedures you can contact our law firm in Cyprus.