Thursday, 29 July 2010
Cyprus is one of the main centres for shipping services in the world. It currently ranks 6th according to the Lloyd’s Register list of leading maritime nations with around 1407 vessels under the Cyprus flag, totalling around 23 million gross tonnage.
Cyprus has many advantages to offer as a maritime centre. It has a well established maritime infrastructure and offers substantial tax incentives for the shipping industry. Also, it is a member of the International Maritime Organisation (the “IMO”), the Council of Europe, the Commonwealth and many other international organizations. It is a signatory to many international maritime conventions and has concluded bilateral agreements of co-operation in merchant shipping and double tax treaties with a large number of countries. A significant number of Cyprus vessels are managed from ship management companies operating from fully manned offices on the island.
Cyprus’ accession to the European Union on 1 May, 2004 has boosted the registration of vessels under the Cyprus flag. On the date of accession, some 25% of the EU fleet fell under the Cyprus flag.
Cyprus has many advantages to offer as a maritime centre. It has a well established maritime infrastructure and offers substantial tax incentives for the shipping industry. Also, it is a member of the International Maritime Organisation (the “IMO”), the Council of Europe, the Commonwealth and many other international organizations. It is a signatory to many international maritime conventions and has concluded bilateral agreements of co-operation in merchant shipping and double tax treaties with a large number of countries. A significant number of Cyprus vessels are managed from ship management companies operating from fully manned offices on the island.
Cyprus’ accession to the European Union on 1 May, 2004 has boosted the registration of vessels under the Cyprus flag. On the date of accession, some 25% of the EU fleet fell under the Cyprus flag.