The Cypriot shipping industry has a promising future, with more high-quality ships expected to register under the Cyprus flag and more shipping firms expected to establish in the country, according to Communications Minister Haris Thrassou.
"With the accession of Cyprus to the EU, our shipping industry has great potential to expand further and the Cyprus registry to grow during the years to come, under a new image of a quality oriented and competitive shipping centre," Thrassou told the 13th international conference of the International Association of Maritime Economics (IAME), which was being staged in Cyprus for the fist time.
One of the main factors that is expected to drive forward the shipping industry in Cyprus is the country's favourable taxation regime, which Thrassou pointed out has been maintained even after accession to the European Union; shipping companies owned by non-residents and deriving their income from sources outside Cyprus are not subject to Cypriot taxation, and this special tax regime has been allowed to survive the general restructuring of the offshore sector put into effect as from 2003.
Registration fees in Cyprus are low, and compare favourably with those in other registries, and other advantages of the Cypriot shipping legislation include: no income tax, estate duty or capital gains tax for Cyprus-registered ships; no income tax in Cyprus for foreign crew; no stamp duty on documents or mortgage deeds; anonymity of beneficial owners through nominee or trustee shareholders; recognition of Competence Certificates from many countries; and easy deletion of ships from the Register.
Cyprus recently adopted a new maritime safety policy, which focused on the effective control of ships and the improvement of the quality of the island’s merchant shipping fleet, a factor which helped the country to move off of the Paris MOU's 'black list' after the organisation, which monitors international safety, security and environmental standards in the global shipping industry, considered its 2004 inspections.
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