Free bonded warehouses in Limassol Marina

iStock-546170176-minLimassol is one of the most important trading centers in Cyprus, in which there are also located two large seaports – the old and the new.

The new port, which is the quay for deep-sea yachts, was opened for public access in 2014. It has the largest commercial and passenger traffic in the Republic of Cyprus. Export of grapes, wines, citrus fruits and imports of cereals, vehicles, textiles, agricultural medicines, fertilizers, iron, etc., are passing through the port on a day-to-day basis.

In addition to this, the new port also houses the Free Zone and Customs Warehouses, which carry certain advantages for the purposes of operating tax warehouses. According to Directive 2008/118 / EC of the Council of Ministers, the Customs Warehouse is the place where goods subject to excise collection are produced, processed, stored, received or dispatched under a temporary agreement with the authorized warehouse keeper in the course of its activities, subject to conditions established by the competent authorities of the Member State in which the Customs Warehouse is located.

To open and operate a tax warehouse in the Republic of Cyprus, you must first obtain a permit from the Director of the Department of Customs and Excise Duties. In order to grant a permit for the opening of the Customs Warehouse, the Director must ensure that the following criteria are met:

  • Existence of an economic need for a tax warehouse;
  • The existence of security measures and the suitability of the premises in order to safeguard public revenue;
  • Proper arrangement of the premises of the tax warehouse to facilitate physical control of the tax warehouse;
  • Appropriate accounting system for the supervision of the activities of the warehouse;
  • Sufficient lighting, means of firefighting and suitable equipment according to the kind of products stored for the maintenance of all necessary controls;
  • Availability of suitable and safe office space within the tax warehouse, and equipment to be used by the customs authorities during the required controls.

Our legal experts at Fine Life Limassol offer full services in relation to all aspects of maritime law, including vessel registration, flagging advice, acquisition of new tonnage, freight disputes, and claims for loss or damage to cargo.

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