top yachts division group (cyprus) limited

By SuperyachtNews 10 Jan 2022

Inside the €1.2 billion Larnaca Port and Marina Project

Kition ocean holdings ceo panos alexandrou discusses the scale of the development for cyprus and the eastern med….

In a substantial development for the Eastern Mediterranean superyacht infrastructure network, Kition Ocean Holdings has announced a significant investment in the Larnaca Port and Marina project. The tender winning investment from the Cypriot-Israeli consortium Kition Ocean Holdings is valued at €1.2 billion. According to a statement to the media, it will be the largest infrastructure project of its kind on the island at this time. The project will commence in early 2022 and be completed in several stages, by 2037.

The project will involve restructuring the Larnaca marina to include 650 yacht berths, a yacht club, a retail park, and a passenger terminal across 332,449 sqm. Speaking with SuperyachtNews , Kition Ocean Holdings CEO Panos Alexandrou outlines the scale of the project and how it hopes to grow the superyacht infrastructure network in the region.

"As you already know Cyprus, and by extension, Larnaca marina is the last European destination when travelling from Europe towards the Middle East or Asia through the Suez Canal and the first destination when returning from these destinations to Europe", starts Alexandrou, continuing; "Additionally, the proximity of Larnaca marina to Larnaca's historic traditional centre which starts outside its main gate, as well as the Larnaca international airport of Cyprus, 7km away, a key point which will minimise travelling time to get on and off a superyacht. We, therefore, have the opportunity to create a state of the art marina at a great location."

When speaking about the refit and year-round potential that Larnaca hopes to offer, Alexandrou sees a close relationship with the neighbouring port as the key to a compelling offering: "Larnaca marina will coexist next to the renewed Larnaca port and be managed by the same group, this will give us the ability to carry out the regular and periodical superyacht servicing, maintenance and repairs within a secured service/shipyard area which will be established within the Larnaca port."

Further stressing the ambition to become a year-round destination, Alexandrou continues, "as well as the new marina having the capacity to permanently accommodate 650 yachts between 10m - 130m, it will have dedicated visitor spaces, as well as service areas for short term berthing."

“Our aim as Larnaca Marina and by extension, Cyprus, is to create a new yachting destination. This will only be possible with the collective effort from local authorities and individual companies such as ours.” States Alexandrou.

Regarding the demand for berthing in the region, Alexandrou is frank with his assessment of the current network in place: "The demand to berth Superyachts or even mid-size yachts in Cyprus is very limited at the moment, and this is because the supply and berthing capabilities for superyachts are currently minimal, on top of the fact that the current infrastructure lacks services and expertise in many cases."

Going into further detail about the reality of berthing in Cyprus at present, Alexandrou outlines the issue, as he sees it: "If the owner of a large superyacht looks at the current services and capabilities of Larnaca and Cyprus today, it would be difficult to decide to choose it as a year-round destination. There is not a large number of services available or things to do for crew and guests close to the marinas. I believe that is the case with other marinas on Cyprus also, and that is why many are slowly starting to have complete makeovers."

The below image supplied by The Superyacht Agency outlines the current 30m+ Marina network in the region in red, with marinas that also offer 80m+ berthing highlighted in blue. 

With the demand for large superyacht berthing growing in step with the full order books across many shipyards, Alexandrou sees Larnaca filling a niche in berthing demand. "During the last few years and even during COVID, several shipyards in Europe have reported a huge increase in orders and enquiries to build new, bigger and more luxurious megayachts. In addition to this, demand for servicing and refitting of all sizes of yachts has also been soaring during the last few years."

"Almost all experienced Superyacht management companies have expressed interest to secure, well in advance,  space for their clients within already established and newly built marinas which will be able to offer them much more than berthing." Concludes Alexandrou, continuing, "The size of superyachts is growing, and so are the total fleet numbers. Therefore, we aim to create a unique destination able to fulfil the high expectations and demands of existing and future superyacht owners, their families, businesses and others."

The above data is a small snapshot of The Superyacht Agency's full capabilities. By overlaying various data sets, The Superyacht Agency can curate data from across the superyacht industry to suit any project. To find out more about the full suite of services available from The Superyacht Agency, including its rapidly growing consultancy offering, click here .

 Image renderings credit: Kition Ocean Holdings

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Multimarine Shipyards offers one-stop-shop  solution for Superyacht Shipyard Services, Yacht Agency Services and Afloat Repairs in the heart of Limassol Port in Cyprus.

Multimarine Shipyards is your reliable partner for Superyacht Shipyard Services, Agency Services and Afloat Repairs in the Eastern Mediterranean.

Established by our Chairman, Mr. Renos Phokas , Multimarine Shipyards was created to add significant competitive advantage and service diversity to our company portfolio to enable us to offer quality and sustainable services  to our numerous local and international maritime clients.

As one of the region’s leaders in shipyard and ship repair services, Multimarine Shipyards, upholds a company policy that was established over 20 years ago: uncompromising quality. This legacy has resulted in the trust of clients internationally. Our Quality Policy covers all aspects of all products and services produced by the company, with clear lines of responsibility for achieving quality goals and satisfying client requirements.

Multimarine Shipyards is based inside Limassol Port, Cyprus and operates modern, state-of-art Drydocking facilities. The Floating Dock “ERENEOS” with an overall length of 120.00m and width of 32.40m is a pioneering project for the Cyprus Vessel and Yacht Repairing Industries.

We offer our clients more than 40 years of experience, with several challenging and successful projects for vessel and yacht repairs under our portfolio:

From Hull Treatment, Topside Painting, Engineering & Propulsion to Decking, Flooring, Glazing, Water treatment and Diving Support Services… Multimarine Shipyards is your   one-stop-shop solution !

Our Vessel and Yacht Agency experts have tremendous experience in the marine and yachting industries and can assist with all your needs from berthing, crew change, liaising with authorities, customs clearance and forwarding to providing you with 24/7 concierge services.

Multimarine holds IACS Class Welding Qualifications including the DNV Approved Welding Workshop and numerous welding approvals from DNV and ABS.

Our Shipyard facilities in  Cyprus  also  include  the  VIKING  Liferaft  Service  Station, a  Marine  Fire  Service  Station,  the  Dräger  Safety  Equipment  Service  Station, the ABB Turbocharging Service Station and  an Independent Calibrations and Testing Laboratory.

We also offer a state-of-art Warehousing and Logistics  Centre for short and long term storage of yacht tenders and spares.

Multimarine’s key strengths are high quality services, adaptability and rapid alignment in creating perfect customizable solutions while being cost effective for

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YACHT TRADING GROUP CIS LTD

Address: Θεμιστοκλή Δέρβη, 5, ELENION BUILDING, 1066, Λευκωσία, Κύπρος ░░░░░░░░░░░░░

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Directors & Secretaries

Active name: αντιγονη αλεξανδρου role: director potentially affiliated companies: 28 appointed on: ░░░░░░░.

Address: ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░

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Active Name: ΜΑΡΙΟΣ ΑΝΔΡΕΟΥ Role: Director Potentially Affiliated Companies: 139 Appointed on: ░░░░░░░

Active name: abacus secretarial limited role: secretary potentially affiliated companies: 1667 appointed on: ░░░░░░░, shareholders, share capital, shareholders, ░░░░░░░░░░░░░░ - ░░░░░░░░░░░░░░.

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ΓΚΑΡΑΝΗΣ & ΠΕΤΡΙΔΗΣ (1958) ΛΙΜΙΤΕΔ

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Cyprus is a key maritime centre attracting foreign ship owners through the highly favourable tax provisions available for shipping companies on the island. It is recognised as one of the most accessible registries in the EU.

The Cyprus shipping registry has not only grown in size in the last two decades but has also made a considerable effort to increase the quality of its fleet and related services. As a result, the Cyprus flag is now classified on the white list of the Paris and Tokyo MOUs*.

Key advantages relating to the shipping sector in Cyprus include:

• Competitive yacht registration fees
• Low annual fees for yacht owners
• New VAT procedures have been introduced, which comply with the European and Cypriot Law and which are approved by the European Commission. The income of officers and crew on Cypriot registered vessels is not subject to income tax.
• Cyprus offers a competitive rate of corporate income tax.
• There is no estate duty on the inheritance of shares in a Cyprus shipping company and no stamp duty is payable on ship mortgage deeds.
• A tonnage tax system was enacted in May 2010. The tax system is in full compliance with EU requirements. The tonnage tax (TT) is calculated on the net tonnage of a  qualifying  ship engaged in a  qualifying shipping activity according to a broad range of band rates proscribed in legislation. The Cypriot approved tonnage tax system provides for TT on the net tonnage of the vessel rather than corporation tax on the actual profit. This allows for mixed activities within a group, shipping activities are subject to TT and other activities are subject to 12.5% corporation tax.
• Cyprus also offers a series of tax advantages which are applicable to ship and ship management companies: exemption from tax of dividend income (subject to limited conditions), exemption from tax on profits from foreign permanent establishments, and exemption from withholding tax on the repatriation of income (dividends, interest and nearly all royalties).

*White List Paris and Tokyo MOUs: Flags securing the highest rating in relation to the Memorandum of Understandings on Port State Control.

Cyprus is a major ship management centre attracting foreign ship owners through the highly favourable tax provisions available for shipping companies on the island. It is recognized as one of the most accessible registries in the EU.

The Cyprus shipping registry has not only grown in size in the last decades but also has made a considerable effort to increase the quality of its fleet and related services. As a result, the Cyprus flag is now classified on the white list of Paris and Tokyo MoU’s.

• Cyprus exempts international transport services from value added tax when these services are supplied outside of the EU
• The income of officers and crew on Cypriot registered vessels is not subject to income tax.
• Cyprus also offers a series of tax advantages which are applicable to ship and ship management companies: exemption from tax of dividend income (subject to limited conditions), exemption from tax on profits from foreign permanent establishments and exemption from withholding tax on the repatriation of income (dividends, interest and nearly all royalties).
• Full protection for financiers and mortgagees.
• Signatory to all international maritime conventions on safety, security and pollution prevention.
• 28 Merchant Shipping Bilateral Agreements
• Cyprus ship registration competitive costs and fees

Cyprus is one of the most attractive jurisdictions in the European Union for the registration of a private aircraft because of its appealing VAT scheme for private aircrafts.

The Cyprus Aircraft Leasing Scheme requires a lease agreement of a private aircraft between the Lessor (the owner of the private aircraft) and the Lessee (the person who leases the private aircraft) for the use of the private aircraft by the Lessee for a consideration. At the end of the lease period, the lessee may opt to purchase the aircraft at a pre-agreed price.

The Lessor must be a company registered in Cyprus and the Lessee (either an individual or legal person) should have its primary place of residence/establishment in Cyprus.

Features and Benefits

The Private Aircraft Leasing Guidelines provide that Cyprus VAT will only be applied on a percentage of the lease consideration. The applicable percentages have been determined by the Tax Department and depend on the length and type of the aircraft (piston engine, turboprop or jet aircraft) and indicate the presumed length of use of the aircraft in EU air space. There is therefore, no need to maintain for VAT purposes, any detailed record or log books of the movements of the aircraft.

The private aircraft can be registered under any Aircraft register in the world and not necessarily under the Cyprus Aircraft Register.

Certain conditions have to be met and the prior approval of the Tax Commissioner needs to be obtained for the application of the Private Aircraft Leasing Guidelines in each case.

Charalambos Pittas

Director | Cyprus

Directors: C. Pittas BSc FCA M. Kihis BA ACCA A.J. Magell BSc ACA

Company Number: HE 310256 Licence granted by the Cyprus Securities and Exchange Commission (CySEC)

Cyprus Office Information

Dixcart Management (Cyprus) Limited provides expertise to international clients, both companies and individuals, seeking to benefit from the organisation of their activities in Cyprus.

Dixcart Management (Cyprus) Limited

165 Archiepiskopou Leontiou A’ Street 3022 Limassol Cyprus

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t +357 25 030 637 e [email protected]

The Postal Address is: PO Box 58216 3732 Limassol Cyprus

Cyprus Office Services

A comprehensive range of services are available from our office in Cyprus:

Registration of a yacht, ship or Aircraft in Cyprus

Our professionals in the Dixcart office in Cyprus are expert in registering a vessel efficiently and diligently..

Establishment of an appropriate corporate structure

Establishing the right corporate structure is important. Dixcart Cyprus can advise on the most appropriate and tax efficient structure to protect assets.

Importation

Dixcart can provide all of the professional services, from the preparation work in advance, to importing the vessel and assisting with customs clearance.

Accounting and Bookkeeping

Full due diligence support, to ensure all compliance requirements are met, and accounts are up to date.

Assistance with Crewing

Dixcart can draft and organise appropriate contracts and assist with payroll.

Ongoing Annual Registration requirements

Dixcart can continue to assist with the ongoing registration requirements in order to maintain documentation.

Corporate Services

Dixcart Cyprus offers a comprehensive range of management and secretarial services, including directorship arrangements, if needed.

For any enquiries please contact us using our online form:

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