Partner Costas Stamatiou was invited to attend the reception organised by the Shipping Deputy Ministry on 28 March 2024 at the DP World Passenger Terminal in the Port of Limassol on the occasion of the Cyprus Shipping Deputy Ministry Yearly Review. Costas is a member of the shipping committee of the Cyprus Bar Association.
Deputy Minister Marina Chatzimanoli presented achievements and goals at the event. Key points included increased registration of ships in the Cyprus registry, growth in EU-approved Tonnage Tax System companies, and successes such as the Sea Passenger Connection. Plans for a new building, including a maritime museum and conference centre, were discussed. The Cyprus flag's rise in the Paris whitelist and legislative improvements underscore the nation's commitment to maritime safety and environmental protection. Initiatives like green incentives for reducing greenhouse gas emissions and digitization of services highlight efforts towards sustainability and efficiency. Cyprus maintains an active role in international maritime forums, despite geopolitical challenges, aiming to strengthen its global shipping presence. Gender equality in the maritime sector was emphasized, with the establishment of the "Cyprus Shipping Gender Equality Award."
Cyprus is an EU member state and common law jurisdiction while it maintains an attractive tonnage tax system. Its merchant shipping laws can further provide sufficient protection to financiers (mortgagees) of Cyprus registered ships. For further information, please speak with your usual contact within the Admiralty and Shipping Department of Elias Neocleous & Co LLC.