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The Chartering Business in Cyprus

Taxes can be a major burden in the chartering business.

With the introduction of the Tonnage Tax System in 2010, the Cyprus Ship Registry noted an increase of 300% in the number of Chartering companies registered under the Tonnage Tax system in a span of 4 years.
The reasons for such tremendous increase are obvious:

  • Great Financial Incentives: as the Companies are solely taxed on the tonnage of their fleet and not on their profits;
  •  The clarity and simplicity of the law as well as the efficiency of the Department of Merchant Shipping ensure that almost all applications are examined within one month and
    the overall application and examination procedure is very clear without any element of surprise or unpredictability;
  • The system applies to mixed fleet situations (not solely to Cypriot fleet or EU fleet);

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OPERATION OF CASINOS ON MALTESE VESSELS – CASINO CRUISE REGULATIONS

On the 14th April 2015, the ‘Cruise Casino Regulations’ (hereinafter referred to as ‘Regulations’) which are present in Subsidiary Legislation 400.03 of the Laws of Malta were put into effect as a result of Legal Notice 132 of 2015. The purpose for introducing these Regulations was to regulate casino operations on board cruise ships, which are either berthed in Malta or which are located within its territorial waters. The Malta Gaming Authority (the ‘Authority’) is to ensure that there is fair play in accordance with the Authority’s established fundamental principles and to safeguard the interests of the Maltese Gaming Industry as well as the interests of the passengers.

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Cyprus (EU) Citizenship by Investment Guide

BENEFITS OF THE CYPRUS PROGRAM

  • All nationalities are eligible to apply;
  • Investment as low as €2.5 million (as per the collective scheme);
  • Fast-track procedure allowing for direct gaining of citizenship within three months;
  • No physical residence requirement before, during or after the approval of the citizenship application;
  • No language requirements;
  • No medical tests;
  • No interview;
  • No obligation to dispose of current nationality;
  • Citizenship granted to the spouse of the investor and to the financially dependent adult children up to the age of 28 and are in full time higher education;
  • The investment must be retained for a period of 3 years after which the investor is free to dispose of it however, the investor must hold a privately-owned residence in the Republic of Cyprus of at least €500,000 lifelong;
  • Citizenship is passed on by descent subsequently offering a legacy to future generations of the investor and family;
  • Cyprus passport holders can quickly and cost effectively obtain visas for USA for 10 years.

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Feature in IP Pro Annual Magazine on Collecting Societies

Keeping up with the changes.

What will the EU’s Collecting Management of Copyright and Multi-Territorial Licensing Directive mean for collecting societies in the EU?

The internet has changed the shape of the entire world. In some areas, such as communications,telecommunications and advertising,the impact was imminently discernible. In other
areas, however, a more conservative path has been taken. Nonetheless, the change is irresistible, and it has found collecting societies.
Collecting societies became an indispensable intermediary for rights holders in the music industry and users of such rights. Their core task was to protect the interests of rights holders so that users could not exploit them without providing for some consideration.
Their function includes three main obligations: licensing, monitoring, and ensuring payment of royalties by users and their distribution.

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Private Aircraft Leasing Scheme 2015

The Cyprus Private Aircraft Leasing Scheme:
Cyprus is now the most attractive jurisdiction with reduced VAT rate to as low as 4,37%

The new guidelines issued by the Cypriot VAT authorities with regards to the registration of private aircraft, make Cyprus the most attractive jurisdiction in the European Union (EU) in this area, reducing the effective VAT rate for private aircraft registration to as low as 4,37%, through the use of the “Private Aircraft Leasing Scheme”.

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Copyright in an era of evolution

Christodoulos G. Vassiliades and Ourania Vrondou, review the legal framework for copyrights in Europe and the development of innovation encouraging Creative Commons licensing.

They set out to compare the legal framework of copyright protection with the current social trend of fostering innovation; and how the latter is developing in Europe.

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Cyprus Yacht Leasing Scheme: Regulatory Update April 2015

Special Yacht Scheme

The guidelines issued by the Cypriot VAT authorities with regards to the registration of yachts, simple to comprehend and apply, make Cyprus one of the most attractive jurisdictions in the EU in this area, now reducing the effective VAT rate for yacht registration to as low as 2.42%, through the use of the Yacht Leasing scheme.

General
This special regime applies to yachts owned by a Cyprus company which are leased to physical or legal persons. The purpose of this scheme is to determine the percentage of time a yacht spends within the EU based on the yacht size and type and apply VAT according to this percentage.

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Interview of the Year: Corporate Law by Christodoulos G. Vassiliades for Lawyer Monthly Magazine

Despite these alarming historical events, Cyprus proved that it has not followed the path everyone was expecting. This new-found positive outlook for Cyprus is attributable to its many advantages, including its status as an ideal financial hub for investors, granting vital access to Europe, the Middle East and Africa. Also, as a member of the European Union, Cyprus still holds the benefits associated with this alliance.

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