On 23 May 2019 the Shipping Deputy Ministry of Cyprus announced via Circular No. 10/2019 the new government policy on the registration of vessels in the Cyprus Register of Ships.
The new policy concerns registered owners and bareboat charterers as well as managers and representatives of ships under the Cyprus flag. It has immediate effect as of 23 May 2019.
The Ministry replaced the previous policy attached to Circular No. 12/2012, which was in force since 15 October 2011, to clarify certain discrepancies of the previous policy and further enhance the competitiveness of the Cyprus flag.
As a result, the new policy supersedes the previous government policy on the registration of ships, pursuant to the Merchant Shipping (Registration, Sales and Mortgages) Law 45/63, as amended. It states the additional requirements or conditions for the registration of ships and should be read along with the relevant provisions of the Cyprus statutes.
Cyprus maintains its leading position in the maritime industry. A significant portion of the world’s third-party management fleet is managed by companies based in Limassol.
Our firm advises on the appropriate legal structure and financing vehicle for shipping activities, and all ancillary matters including ship registration.
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