WISTA Med Conference

“WHY CYPRUS?”a Shipowners point of view

23 June 2012 Le Meridien Hotel & Spa, Limassol

from CyprusSteaming ahead

“WHY CYPRUS?”

from a Shipowners point of view

“WHY CYPRUS?”

from a Shipowners point of view

23 June 2012 Le Meridien Hotel & Spa, Limassol

• Loving the sea !

• Enjoying the warm sunny climate

• Enviable unique quality of Mediterranean lifestyle and being a European Union Member State

• Strategically located

• Safety - the highest in Europe!

23 June 2012 Le Meridien Hotel & Spa, Limassol

“WHY CYPRUS?”

from a Shipowners point of view The clearest bathing waters in Europe !

“WHY CYPRUS?”from a Shipowners point of view

• Surrounded by friendly people

“Filoxenia” (Hospitable) • Low cost of living

• Excellent medical facilities • Common Language

Despina Sonia Martina Jane Victoria

23 June 2012 Le Meridien Hotel & Spa, Limassol

“WHY CYPRUS?” from a Shipowners point of view

Telecommunications Air & Sea Accessibility

No exchange control and freedom of movement of foreign currency

Personal IncomeTax

23 June 2012 Le Meridien Hotel & Spa, Limassol

Important for families: Education

The Benefits: High-income NewResident Individuals

“WHY CYPRUS?” from a Shipowners point of view

23 June 2012 Le Meridien Hotel & Spa, Limassol

A mere 14 private reasons “WHY CYPRUS?”

Home is where the Heart is &

my heart is in Limassol !!

• International Maritime Centre

“WHY CYPRUS?” from a Shipowners point of view

23 June 2012 Le Meridien Hotel & Spa, Limassol

• Cyprus Flag of Excellence

• Availability of highly qualified managerial, technical and administrative staff

• Low set up and operating costs for shipping companies

• European Union Member State

“WHY CYPRUS?” from a Shipowners point of view

• Lowest Corporation Tax in the EU

• Special Taxation for Shipping

companies

Highlights of the new Tonnage Tax Scheme (TTS):

• Based on an annual Tonnage Tax as opposed to ordinary Corporation Tax. The tax is charged on tonnage of the vessels

• Owners of Cyprus flagged vessels are automatically taxed based on their tonnage

• Shipowners, Charterers and Shipmanagers participating in the TTS are also exempt from Income Tax or any other tax or levy on dividends paid to Shareholders, interest earned on working capital and on any profit made from the sale of a qualified ship. Qualified ships are employed in international maritime transport.

“WHY CYPRUS?” from a Shipowners point of view

23 June 2012 Le Meridien Hotel & Spa, Limassol

• Liberal Direct Foreign Investment Regime

• Cyprus, Where?

“WHY CYPRUS?” from a Shipowners point of view

• Turkish Ban on Cyprus ships

• Local Banks

• Anti Piracy Bill

• Modern and efficient legal, accounting and banking services

23 June 2012

Le Meridien Hotel & Spa, Limassol

THANK YOU !