Home CSN news Cyprus Shipping Deputy Ministry incentivises registration for yachts and mega yachts

Cyprus Shipping Deputy Ministry incentivises registration for yachts and mega yachts

The Cyprus Shipping Deputy Ministry (SDM) has updated its ship registration policy with the introduction of technical standards for four types of vessels.

These new technical and safety standards are designed to attract quality yacht and mega yacht owners to the Registry of Cyprus ships, as well as increasing safety standards.

The new technical standards specify technical requirements on areas not currently covered by national, European Union, or international legislation. They have been developed as part of government policy on the Registration of Vessels in the Cyprus Register of Ships and are applicable to the following categories of yachts and mega yachts:

• Motor or sailing vessels used for pleasure and engaged in trade, of more than 24 metres in load line length and below 500GT carrying up to 12 passengers. Sail training vessels are also included in this category.
• Motor or sailing vessels of more than 24 metres in load line length and below 500GT carrying up to 12 passengers, which at the time, are considered to be pleasure vessels not engaged in trade.
• Vessels used for pleasure and engaged in the trade carrying from 13 up to 36 passengers.

Technical standards are also introduced on cargo ships more than 24 metres in load line length and below 500GT.

Commenting on the latest policy upgrades to ship registration, Vassilios Demetriades, Cyprus Shipping Deputy Minister, said:

“The Cyprus Shipping Deputy Ministry remains fully committed to leading progress and development across all segments of merchant shipping and pleasure craft. We see significant value in adapting our standards were needed to encourage growth in our fleet with yachts and megayachts, while continuously improving environmental and safety standards across the industry.”

The new technical standards will apply to vessels that apply for registration on or after the 15th of April 2021.