Situated in one of Cyprus’ most dynamic cities, the Limassol Marina has captured the world’s attention with its vibrant and luxurious designs in the heart of an internationally-renowned shipping hub. The marina boasts full-service amenities and a commitment to a sea-faring lifestyle.
The Aspen Trust Group delves into the enticing superyacht and cruise world of the Limassol Marina as well as the benefits awaiting recreational boat owners and operators under a Cyprus flag.
Innovative Luxury in the ‘Jewel of the Mediterranean’
The city of Limassol, Cyprus’s cultural Centre and the development of the Limassol Marina has brought the history of ‘living on the sea’ into a fresh, exclusive new take for both residents and visitors alike. The Limassol Marina combines elegant residences and a full catering service for boat owners and operators.
An Idea Becomes the Foundation
The idea for the Limassol Marina first developed in the 1960s but it took nearly a decade to the form solid design aspects of the ambitious project. Once used as a port in the marginalized part of the city for those suspected of contagious disease, the Limassol Marina now stands as one of the city’s largest attractions, a vision even developers could not have completely expected when applying for the license to begin the project in 2008.
In 2010, official construction on the marina commenced and has gained a number of accolades as well as investors from more than 34 various nationalities.
Not only has the marina become a hotspot for foreign visitors but also a way of life for local Cypriots. On average, the marina sees 2,000-3,000 weekday visitors and 5,000-6,000 weekend visitors. Within its first year, the project netted 175 million Euros in property sales, a number that has slowed down but still remained high in demand despite the recent pandemic restrictions.
The official opening day to the public took place on June 19, 2014, and was attended by Mr. Nicos Anastasiades, the President of the Republic of Cyprus.
Discover what makes this marina the most sought-after destination for ocean lovers worldwide.
An Award-Winning Home for Yachts
Since first opening up to yachts in May 2013, the Limassol Marina holds the ‘5 Gold Anchor Platinum Award,’ which is the highest distinction a marina may receive globally for exceptional customer service and facilities. Only four other marinas have been awarded the prestigious accolade.
Further, Cyprus has long been known for its pristine Blue Flag beaches, and now this superyacht marina also has the honor of being a Blue Flag Marina as a result of its sustainable development and environmental management practices and policies.
For yacht owners and operators, Limassol Marina accommodates 650 private berths or direct access for yachts up to 110 meters and full concierge services, including maintenance. As Limassol is ideally located between Europe, Africa, Asia, and the Middle East, the marina is perfect for adventure-seekers and a diverse range of destinations.
On land, Limassol Marina offers 74 exclusive villas, the only ‘on the ocean villas’ in Limassol and 162 luxury apartments. Beyond that, there is an enticing mix of restaurants and shops, cultural facilities, and a spa and fitness club. New plans are in the works for the development of a ‘Wall Street’ between the marina and the New Port that would house a technology park and financial centre.
Cruises Make a Splash along Limassol Marina and the Shipping Industry
Limassol Marina isn’t just a superyacht marina; the stunning coast of the city is also an impressive anchoring spot for major cruise lines.
In 2020, four Caribbean cruise ships took to the coast with two more joining later in the year, anchored off the port town of Moni, taking advantage of the benefits of the Cyprus flag until standard post-Covid operations could begin again. One of the reasons behind this move was the recent renewal of tax policies for the next ten years that would continue to make Cyprus-based operations of ship owners and management more attractive to base in the country until lockdowns eased.
Efforts had been made to also ensure that crew members could return home as relief crews worked to secure the cruise ships and retrieve or change out the members listed on the boats. Each cruise vessel is estimated to bring in 20,000 Euros monthly to the shipping industry of Cyprus during this time.
Just last month, two more cruise ships under the Royal Caribbean cruise company made the decision to pass through the city with optimistic hopes for the tourism industry of the island. Limassol is the starting and ending destination for one of Royal Caribbean’s most popular Greek island cruise itineraries alongside other top Mediterranean destinations. The move signaled the company’s shift to base many current cruises still in operation out of Limassol and contributed to a significant development in the shipping and tourism industries for Cyprus.
Between the Limassol Marina and new cruise operations out of the city, Limassol has secured a revamped hold on the global shipping industry as well as a sea-faring tourist reputation.
Advantages for Yacht and Cruise Ship Operators in Cyprus
The Cyprus Flags is one of the most attractive jurisdictions to consider for ship owners and management companies. Aside from having a world-class shipping industry, Cyprus’ tax scheme includes no taxation on the operational or management profits on Cyprus-registered vessels, on income or dividends received from a ship management company, and no capital gains tax, estate duty, or income tax.
The low tonnage tax is based on the gross tonnage and is one of the most competitive rates in the world. New policies related to VAT rates for yachts may see reduced rates as low as 3.4%.
For international companies, more than 43 double-tax treaties have been signed that eliminate costly tax expenses for vessels that are operated or managed globally.
Other benefits include low costs for the registration of a ship as well as low operational costs for Cyprus-owned companies. For smaller superyacht and cruise management companies, the Cyprus Flag comes with the European Union Flag, which grants access to the European economic area.
As Cyprus is already an international shipping hub, many highly skilled professionals and services are already prepared to handle a wide range of operational and management needs. Furthermore, Cyprus has reliable infrastructure and many new developments, such as the Limassol Marina project, that make operations of a vessel more effective and efficient.
Whether you want to enjoy the luxurious experience of the Limassol Marina or sail under the benefits of the Cyprus Flag, The Aspen Trust Group can help you register your vessel and begin taking advantage of the policies and infrastructure that the Cyprus’ shipping industry provides.
Contact our team to get professional, tailor-made assistance with berthing your ship at the Limassol Marina or purchasing one of their exclusive properties. Find out more about the Cyprus corporate services for shipping vessels and financial gains for sailing under the country.