There are a few important factors to consider when choosing the country or flag to register your yacht. These factors include economic advantages such as low registration costs, no tax on operation revenues, no income tax on crew wages, appropriate tonnage tax regulation, and no stamp duty on ship mortgages. Additionally, the advantages of being under the EU flag should not be ignored.
On the other hand, it is also important that the flag chosen by the ship complies with international maritime standards. For example, the inclusion of the Cypriot flag on the White List of the Paris and Tokyo Memorandum of Understanding and its removal from the US Coast Guard’s “List of Targeted Flag States” would allow ships to be less inspected and delayed at ports.
The existence of maritime offices for ships serving under the Cypriot flag should also be taken into account. For example, there are maritime offices providing services to Cypriot ships in important ports such as New York, London, Rotterdam, Piraeus, Brussels and Hamburg. These offices have formed a network around the world to ensure effective inspection of ships and to prevent them from being detained due to port state controls.
Ships flying under the Cypriot flag are parties to most international maritime conventions and comply with standards regarding safety and pollution prevention. In addition, the Cypriot government has made bilateral agreements with 26 countries, ensuring that its ships receive national or privileged country treatment in the ports of these countries.
