Reputable International Shipping Centre

Cyprus is a highly reputable international shipping centre, ranking among the 10 leading maritime nations in the world;

Ship Management
Cyprus constitutes one of the largest shipmanagement centres in the world; around 50 shipmanagement companies and marine-related foreign enterprises are conducting their international activities in the country while the majority of the largest shipmanagement companies in the world have established fully fledged offices on the island.

The accession of Cyprus to the European Union has undoubtedly had a considerable impact, both in terms of quality and quantity on the structure of the community fleet. In terms of tonnage, Cyprus accounts for 16% of the EU fleet, thus enhancing considerably the market share of the European fleet in international sea transport.

Transhipment
Cyprus has long developed into a transhipment centre for Asia Pacific trade with Europe as well as with shipping markets situated along the coasts of the Levant and Black Sea, or the North Adriatic. These markets can be easily accessed from Cyprus with minimum diversion from main arterial routes. This development is attributed to the key position of the island, the efficient customs formalities and the reliable handling and delivery system.

Likewise, Cyprus is a natural hub for other main-line deep sea trades traversing the Mediterranean, to North Africa and the Middle East. The main products re-exported from Cyprus are tobacco, processed foodstuffs, beverages, textiles and textile articles, minerals and chemicals. Cyprus could be used as a base for exporting to the Middle East, North Africa and Asia.

Led by its geostrategic position, the island has been a pioneer in the development of purpose-built container terminals in the Eastern Mediterranean, and was one of the first countries in the region to use specialised container gantry cranes.

Notably, Cyprus is classified as a low tax jurisdiction; meanwhile, its fiscal and regulatory regimes as well as its legislation are fully aligned with the EU’s acquis communautaire.

Cyprus is an attractive location for the establishment of shipmanagement companies and companies with shipping related activities. The geographical position of the island, its accession to the main international maritime conventions, as well as the generous tax incentives and the extensive network of bilateral agreements in merchant shipping, have enabled Cyprus to become an ideal shipping centre.

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