Why Cyprus for Maritime?

Posted on 17 Jul 2019, by Gina Panayiotou

Recognizing the political, economic and social importance of shipping, as from 1963, Cyprus managed to develop the country into a fully-fledged shipping centre combining both a sovereign flag and a resident shipping industry, which is renowned for its high-quality services and standards of safety.

Why choose Cyprus for Maritime?

  • Among Top 3 Shipmanagement centre’s in the world
  • 11th largest fleet worldwide
  • 3rd largest fleet in Europe
  • ≥ 24 million gross tonnage
  • Competitive registration fees & benefits
  • EU approved Open registry
  • White listed by Paris & Tokyo MOU’s on port state control
  • Top quality flag
  • Maritime Centre of Excellence

Denoted Shipping Deputy Minister reporting directly to President of the Republic

Tax Benefits

  • First ever Tonnage Tax system to have been approved by EU
  • Applicable to Shipowners – Charterer’s - Ship managers
  • Comprehensive & favourable
  • More than 60 double tax avoidance treaties
  • More than 25 bilateral agreements on merchant shipping
  • Attractive and transparent tax regime

Why Cyprus?

  • Low cost of doing business
  • Strategic location
  • Access to markets
  • Access to talented and highly skilled workforce
  • Excellent regulatory infrastructure
  • High quality of life
  • Strong business support service
  • Positive economic outlook
  • Bonus plus: the sun, the sea and the great food!

See why Maritime Cyprus video HERE.

For further details on maritime operations in Cyprus and/or vessel registrations under the Cyprus flag, please contact our dedicated Shipping team at mkshipping@kyprianou.com