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Ship-Owning Companies · Tonnage Tax · Cyprus Flag

Shipping and Maritime

Audit, tax, and corporate services for ship-owning companies and shipping groups — utilising Cyprus's world-class tonnage tax regime and the third-largest ship registry globally.

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Why Cyprus

Cyprus for
Shipping

Specialist audit, tax, and advisory services for Shipping and Maritime — combining deep technical expertise with genuine knowledge of Cyprus's regulatory and tax environment.

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Cyprus advantages
  • 15% CIT — one of the EU's lowest corporate tax rates
  • 3% effective rate on fully qualifying IP income via the IP Box, subject to nexus and facts
  • Generally no Cyprus withholding tax on outbound dividends and interest, subject to applicable exceptions; royalties require a separate place-of-use and jurisdiction review
  • 0% capital gains tax on disposal of shares
  • 65+ double tax treaties providing cross-border flexibility
  • EU member state — full single market access and passporting
  • English Common Law — familiar to international investors
What we provide

Services for Shipping and Maritime

Statutory Audit

IFRS audits for ship-owning companies — vessel depreciation, drydocking provisions, charter income.

Tonnage Tax Advisory

Cyprus tonnage tax regime planning — qualifying vessels, calculations, elections, and compliance.

Corporate Services

Cyprus SPV formation for vessel ownership, transfer coordination, and secretarial.

Financial Reporting

IFRS statements — vessel capitalisation, drydocking component approach, and charter revenue recognition.

Tax Services

CIT compliance for Cyprus shipping entities, TP for management fees, and multi-jurisdiction coordination.

Group Consolidation

Consolidation of multi-vessel shipping groups — pool arrangements and time charter elimination.

Case studies

Representative engagements

Ship-Owning Group - 4 Bulk Carriers
Limassol-based group needed annual statutory audits, financial statements, and tonnage tax compliance.
→ Annual audits completed — tonnage tax compliance confirmed
→ IFRS 16 bareboat charter accounting implemented
→ Management fee TP documented and filed
Ship Management Company - 12 Vessels
Cyprus ship management company needed audit and IFRS 15 revenue recognition advice.
→ Annual audit completed — management fee revenue recognition agreed
→ ISM compliance reviewed — no qualification
→ Recommended as auditor to 3 additional vessel-owning clients

Ready to discuss your
requirements?

All enquiries are treated confidentially. Fixed-fee proposal where appropriate.

Send a Confidential Enquiry+357 22 662281
Confidential initial discussion