Cyprus began to develop into an international maritime centre back in 1963 when the
Government offered the first incentives aimed at the encouragement of ship owning
and the registration of vessels under the Cyprus flag.

The Cypriot merchant fleet today ranks 6th on the list of maritime nations, exceeding 26 million gross tonnage. This achievement is due to the cost competitiveness of the Cypriot Ship Registry, the island’s well-developed maritime infrastructure as well as the high standard of services offered to international shipping.

Ship owners, managers and their expatriate employees can take advantage of the taxation incentives that are offered not only by domestic legislation, but also through the wide and increasing network of Double Tax Treaties of Cyprus.

GCP Auditors is able to assist clients using this kind of companies in all the relevant areas, such as incorporation, domiciliation, tax issues, and legal issues and accounting services.