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Charting a Course for Global Maritime Success

Over the years, Cyprus has become a global leader in maritime power, boasting one of the largest shipping fleets and serving as a hub for international shipping and management

Located at the crossroads of Europe, Africa, and Asia, Cyprus has emerged as a key player in the global maritime industry. With over 3,500 years of maritime heritage, a skilled workforce and forward-thinking policies, Cyprus has evolved into a significant maritime centre renowned for excellence and quality.

An International Maritime Centre

Over the years, Cyprus has emerged as a leading maritime power, ranking among the largest shipping fleets globally and becoming an international centre for shipping and ship management activities. Its success is built on an advanced infrastructure, a competitive regulatory framework and strong maritime expertise. Last year, Cyprus proudly celebrated the 60th anniversary of the “Registry of Cyprus Ships,” a milestone that underscores the country’s dedication to sustainability and progress.

The maritime sector in Cyprus offers a wide range of fiscal and financial incentives, including competitive ship registration costs and annual tonnage taxes, ensuring the fleet´s worldwide competitiveness and enhance Cyprus’s reputation as a leader in maritime excellence. Cyprus has also concluded double tax treaties with over 60 countries and signed more than 25 bilateral agreements on merchant shipping offering a supportive international network.

The Cyprus Tonnage Tax System, fully aligned with the European Acquis on maritime transport, ensure stability for Cyprus-based shipping entrepreneurs. The country’s simple, robust and transparent legal framework based on the English common law system is constantly updated to maintain competitiveness.

Commitment to Safety and Quality

Maintaining and enhancing the exceptional quality for which the Cyprus flag is renowned remains a top priority. The Cyprus flag is consistently classified in the “White List” of the Paris and Tokyo MoUs on Port State Control, reflecting the commitment to effective implementation of international safety, security and environmental protection standards.

Cyprus actively engages in International and European Union fora, consistently contributes a strong voice to global maritime decision-making processes. The country’s resilience and significance are further underscored by its uninterrupted election to the Council of the International Maritime Organization since 1987.

Navigating Challenges

As the maritime industry faces growing challenges, Cyprus is committed to driving green transformation and embracing digitalisation. Recognising the urgency of climate change, Cyprus supports the transition to low emission in shipping and promotes decarbonisation of the sector. Cyprus has introduced green tax incentives and encourages shipowners to adopt alternative fuels to ships registered in the Cyprus Register of Ships.

Cyprus is on track to fully digitise the Shipping Deputy Ministry to enhance efficiency and strengthen competitiveness of the sector. In a rapidly evolving world, technology serves as a vital tool for providing innovative solutions to pressing challenges. Cyprus has made significant progress to simplify all procedures, reduce bureaucracy and transition to a paperless Maritime Administration.

In addition to these advancements, Cyprus actively supports initiatives focused on enhancing seafarers' welfare and safeguarding the seafaring profession. The country promotes diversity and gender equality within the maritime sector by launching programs that encourage young individuals and women to pursue careers in maritime careers.

Leading the Way Towards a New Era

Cyprus, a guiding light in the maritime world, is set to lead a new era of excellence with its quality flag, incentives, expertise, and strong public-private collaboration. It welcomes global shipping entrepreneurs, offering a base where innovation, inclusivity, and success converge. With unwavering commitment, Cyprus sails towards a future of endless possibilities and unparalleled achievements on the global maritime stage.