Advantages of Cyprus Shipping Cyprus Island has many advantages as it concerns shipping and for this reason many countries choose the island for their shipping developments.  Here are some of them: • Cyprus became a Full Member of the European Union • Is a Democratic country with market economy • Has strategic location at the crossroads of three continents • Provide modern and efficient legal, accounting and banking services based on British practice • Has the freedom to direct foreign investment that allows up to 100% foreign participation in most sectors of the economy • In Cyprus you must exchange controls and there is free movement of foreign currency • Double tax treaties with 43 countries • Non-taxation on capital gains from sale or transfer of a ship registered in Cyprus Ships • Do not impose income tax on earnings of seafarers • Cyprus has a party to numerous international maritime conventions • Have signed bilateral agreements with 29 countries through which Cypriot ships receive more favorable treatment in the ports of those countries • Cyprus Shipping offers full protection financiers and mortgagees • Favorable tax regime of ships management • Low cost of setting up and operating companies • Excellent telecommunications and easy access by air and sea • Available qualified managerial, clerical and technical staff