Sign up of Ships in Cyprus

Cyprus is a major international shipping centre because the island offers considerable incentives. As a result, many international shipping companies are advised to establish their operations in Cyprus. In this article, I present the basic details concerning ship registration procedures in Cyprus. Generally, the Policy plus procedures for ship registration intend to facilitate the achievement of safe, secure and efficient shipping.

Eligibility

Ships and vessels of kind of or size, except for those listed below, may be registered in the Register of Cyprus Ships or the Special Book of Parallel Registration, given that they satisfy age-related and type-related requirements.

Boats and vessels that are NOT qualified for registration:

At the time of the application for his or her registration, are banned on slot State control by a country person in any one of the Memoranda of Understanding upon port State control, from entering the ports of the Countries party to that memorandum or that have been disqualified by a State from entering its ports;
Have been detained on slot State control grounds on more than three times within two years period before the submission of application for sign up by States of the Paris or maybe the Tokyo or the Mediterranean Memoranda of Understanding on port State manage or by the US Coast Guard;
Have been constructed exclusively for the use on inland navigation or that are to be utilized exclusively on away from the coast navigation, i. e. internal oceans, rivers, inland waterways, canals, natural or artificial lakes, water reservoir or dams.
Types of Registration:

You can find three types of ship registration: provisional, permanent and parallel registration.

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Provisional Registration:

Many ship proprietors choose the option of provisional registration because it will provide them with the necessary time frame to proceed with the administrative procedures regarding permanent registration. A local lawyer should pursue the application for registration of the ship under the Cyprus flag. Furthermore, the Registrar of Ships allows applications on behalf of companies under formation. Nonetheless, the company should be incorporated prior to the registration of the ship.

A boat could be provisionally registered under the Cyprus flag in Limassol by the Registrar of Cyprus Ships, or at any diplomatic mission or consulate of the Republic of Cyprus abroad which will proceed in accordance with the instructions released by the Registrar of Cyprus Boats. During the provisional registration under the Cyprus flag, the vessel must be at a port to be surveyed and certified on behalf of the Cyprus government. Nevertheless , the presence of the ship at the interface or place where the provisional sign up will be held is not obligatory.

In the event that the provisional registration is kept at a diplomatic mission or consulate of Cyprus abroad, some of the documents can be submitted there based on the Registrar’s written instructions. Following the receipt from the necessary documentation, the Registrar or the consular officer of the Republic of Cyprus may proceed with the provisional registration of the ship.

A2. Permanent Registration

The permanent registration of a provisionally registered ship must be completed within six months or nine several weeks in case the three-month extension has been obtained, from the date on which the particular ship was provisionally registered. By the time all the required documentation are submitted and the administrative procedure is finalized the Registrar of Cyprus Ships will issue the ‘Certificate of Cyprus Registry’ and the ship is going to be permanently registered under the Cyprus flag.

A3. Parallel Registration

The Cyprus legislation provides two option of internationally recognized registration, ‘parallel-in’ and ‘parallel-out’ registration. These two alternatives provide a few considerable incentives for leaseback, employ, purchase and financial arrangements. The particular parallel registration of ships beneath the Cyprus jurisdiction could be effected exceeding 20 countries that have a compatible legislation with Cyprus.

‘Parallel-in enrollment permits a foreign flag ship on bareboat charter to a Cyprus shipping company to be registered in ‘parallel’ under the Cyprus flag to get a period, usually two years. ‘Parallel-in’ enrollment can be renewed. Under ‘parallel-in’ enrollment, the deletion of the registration in the foreign registered is not obligatory. Nevertheless, the foreign nationality is hanging, and the foreign registry applies just according to the ownership and encumbrance standing of the ship. The legislation from the foreign registry must permit the seite an seite registration of the ships registered in its register.

Ships registered parallel-in the Register of Cyprus Ships must fly the Cyprus flag and are not allowed to use the flag of the other country. The port of registry marked on the ship must be Limassol and not that of the foreign registry.

Mortgages are created exclusively by the deliver owner, following the law of the nation of the foreign register in which these people shall be recorded. The constitution of those kinds of mortgages and other encumbrances is just notified to the Register of Cyprus Ships. Apart from issues related to move of ownership and mortgages as well as other encumbrances, all other issues related to ships registered parallel-in the Register associated with Cyprus Ships are regulated from the Merchant Shipping.

Individuals or businesses that would like to proceed to the development of mortgages and transfer of ownership should seek a professional legal services.

‘Parallel-out’ registration allows a Cyprus ship to be bareboat chartered to some foreign person or company and registered in the respective foreign sign up for the duration of the charter party. ‘Parallel-out’ registration permits the funding of a vessel and its mortgaging underneath the Cyprus flag and its registration within a foreign registry via a bareboat rental agreement. The parallel-out registration of the Cyprus ship only if the laws of the foreign registry allows the particular parallel registration of ships associated with another registry. ‘Parallel-out’ registration is achievable for Cyprus ships that are completely or provisionally registered in the Registered of Cyprus Ships. The ‘parallel-out’ registration of a Cyprus ships ought to be approved by the Minister of Communications and Works.

Once the appropriate fees have been paid, and the necessary documentation has been submitted to the Registrar of Cyprus Ships, then the Minister associated with Communications and Works may approve the parallel-out registration of the ship for a period, not more than three years. Following an approval of the parallel-out registration, the Cypriot nationality of the ship is usually suspended, and the Cyprus Certificate of Registration should be deposited to the Registrar of Cyprus Ships.

Cyprus boats registered parallel-out must fly the flag of the foreign registry and cannot use the Cyprus flag. Furthermore, the port of registry proclaimed on the stern of the ship needs to be that of the foreign registry. Transfer of ownership and any issues related to mortgages on Cyprus ships registered parallel-out are exclusively controlled by Cyprus legislation and no action related to these matters can be taken by the foreign registry.