Cyprus Shipping: Casting A Long Shadow Over The International Maritime Industry

PL
Patrikios Legal

Contributor

Patrikios Legal is a leading, highly recommended and multi-awarded law firm based in Cyprus. With more than 60 years of experience in the local and international legal market, the firm is renowned for its involvement in some of the largest cross-border transactions and complex litigation and arbitration matters and its exceptional client service in Cyprus and abroad.
Meanwhile, there has been a decline in the administrative, engineering and other expenses abroad which could be attributed to the ever-growing local market.
Cyprus Transport

Cyprus as a maritime hub

Since the early 1960s when Cyprus opened its shipping registry and introduced an advantageous shipping tax regime, the island's maritime industry has come a long way and has been established as one of the three largest merchant fleets in Europe and one of the largest in the world, renowned for its high quality services and standards of safety.

Today, it stands as one of the strongest and most significant pillars of the Cyprus economy with Limassol being the heart of the shipping activities taking place in the island. It offers a significant number of fiscal advantages, such as the efficient and safe ship registration allowing for both a sovereign flag and a resident shipping industry, the favourable tax regime and competitive tonnage tax scheme, as well as the availability of highly skilled professionals in the legal and accounting sector, a legal system based on the English model and competent local workforce.

The annual survey conducted by the Central Bank of Cyprus for the year 2017, which was published in April 2018, documents an increase of ship management revenues to €476 million during the second half of 2017 and lists Germany, Russia and Singapore as the main export destinations for the ship management services. Meanwhile, there has been a decline in the administrative, engineering and other expenses abroad which could be attributed to the ever-growing local market.

Please download the pdf below to read more.

Download PDF

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More