2. ADMINISTRATIVE AND LEGAL FRAMEWORK 2.1 Maritime Administration All maritime matters are under the jurisdiction of the Ministry of Communications and Works (the “Ministry”). The Ministry exercises its authority through the Department of Merchant Shipping. The Department of Merchant Shipping deals with registration of ships, administration and enforcement of merchant shipping legislation, control of shipping and enforcement of international conventions, investigation of marine casualties, resolving labour disputes on board Cypriot ships and training and certification of seafarers. 2.2 Legal Framework Shipping legislation in Cyprus is essentially based on the British model. The Register of Cyprus Ships is regulated by the Merchant Shipping (Registration of Ships, Sales and Mortgages) Laws 1963-1996. These correspond to the British Merchant Shipping Acts 1894-1954. The other principal merchant shipping laws are the Merchant Shipping (Masters and Seamen) Laws 1963-2002 and the Merchant Shipping (Fees and Taxing Provisions) laws 1992-2003. Cyprus shipping companies are regulated by Chapter 113 of the Statute Laws of Cyprus (as amended) which is, again, modelled on the UK Companies Act, 1948. Cyprus is a signatory and has ratified the major international conventions on maritime safety, prevention of pollution of the sea, training certification and watch keeping of seafarers and limitation of ship owner’s civil liability in case of oil pollution damage and conventions on maritime labour. It has also concluded double tax treaties and bilateral agreements with a large number of countries for the avoidance of double taxation and enhancement of co-operation in the field of merchant shipping. These agreements provide additional financial advantages, tax incentives and advantages on the engagement of foreign seafarers on board Cypriot ships. 2.3 Banking and Finance Commercial and banking arrangements and practices in Cyprus follow the British model. There is a strong correspondence network with international banks. Cyprus also enjoys a well developed insurance industry and all types of risk are accepted, mainly through agents and intermediaries.
2.1 Maritime Administration
All maritime matters are under the jurisdiction of the Ministry of Communications and Works (the “Ministry”). The Ministry exercises its authority through the Department of Merchant Shipping. The Department of Merchant Shipping deals with registration of ships, administration and enforcement of merchant shipping legislation, control of shipping and enforcement of international conventions, investigation of marine casualties, resolving labour disputes on board Cypriot ships and training and certification of seafarers.
2.2 Legal Framework
Shipping legislation in Cyprus is essentially based on the British model. The Register of Cyprus Ships is regulated by the Merchant Shipping (Registration of Ships, Sales and Mortgages) Laws 1963-1996. These correspond to the British Merchant Shipping Acts 1894-1954. The other principal merchant shipping laws are the Merchant Shipping (Masters and Seamen) Laws 1963-2002 and the Merchant Shipping (Fees and Taxing Provisions) laws 1992-2003.
Cyprus shipping companies are regulated by Chapter 113 of the Statute Laws of Cyprus (as amended) which is, again, modelled on the UK Companies Act, 1948.
Cyprus is a signatory and has ratified the major international conventions on maritime safety, prevention of pollution of the sea, training certification and watch keeping of seafarers and limitation of ship owner’s civil liability in case of oil pollution damage and conventions on maritime labour. It has also concluded double tax treaties and bilateral agreements with a large number of countries for the avoidance of double taxation and enhancement of co-operation in the field of merchant shipping. These agreements provide additional financial advantages, tax incentives and advantages on the engagement of foreign seafarers on board Cypriot ships.
2.3 Banking and Finance
Commercial and banking arrangements and practices in Cyprus follow the British model. There is a strong correspondence network with international banks. Cyprus also enjoys a well developed insurance industry and all types of risk are accepted, mainly through agents and intermediaries.