About Cyprus Maritime

Why Cyprus

Geography and Demographics

  • 3rd largest island in the Mediterranean Sea at the eastern edge of Europe, at the core of busting air & shipping routes connecting Europe, Asia & Africa
  • 847,000 people.

Governance

  • Founded in 1960
  • A full member of the European Union
  • Presidential system of governance:
    - the President exercises executive power
    - The House of Representatives exercises legislative power
    - the courts of the Republic exercise judicial power

Institutional Framework and Foreign Affairs

  • Member of the EU & the Eurozone
  • Euro adopter
  • National legislation according to the acquis communautaire

Why Cyprus Maritime

Cyprus is a modern, efficient and integrated shipping cluster ranked amongst the leading in the world. As a third-party ship management centre it is the largest in Europe and amongst the top 3 worldwide. More than 20% of the worlds’ third party management fleet is managed by companies based in Cyprus.

Limassol, the heart of the Cyprus maritime cluster, hosts more than 200 companies offering shipping and shipping-related services from ship ownership and ship management to shipping insurance, shipping finance, brokerage, bunkering, ballast water system production, marine training, maritime technology in satellite and radio systems and many more.

The Cyprus flag is a top-quality sovereign flag which duly adheres to all safety and security standards deriving from the Paris and Tokyo MoUs and is in the “White List” of both MoUs. More than 150 dedicated maritime specialists at the Shipping Deputy Ministry offer tailored, 24/7 service from our offices in 7 different countries.

Cyprus is amongst the countries having a prominent role in forming global shipping policies with a strong presence and a powerful voice in all maritime fora and international organizations such as the IMO, the ILO and the European Union.

  • EU approved "Open Registry" with legally endorsed Tonnage Tax System
  • Competitive shop registration costs and fees
  • Top quantity public services to the shipping industry 24/7
  • Customer oriented approach
  • Maritime offices in Piraeus, London, Hamburg, Rotterdam, New York and Brussels
  • Strong involvement in international shipping fora (IMO, ILO) and E.U.
  • Member of the IMO Council since 1987
  • No crew/officer nationality restrictions
  • More than 25 Merchant Shipping Bilateral Agreements
  • Full protection for financiers and mortgagees
  • No estate duty on the inheritance of shares in a shop owning company
  • Competitive investment funds legislation offering alternative funding solutions to shipping companies
  • Included in the "White list" of Paris and Tokyo MoUs regarding safety standards.