The route to prosperity
Cyprus is one of the top five third-party management centres in the world, in terms of shipping.
Shipping has been one of the most important pillars of the Cyprus economy for decades
With the 11th largest ship registry in the world, Cyprus has a large resident shipping industry with over 200 companies based in the country covering a full range of shipping activities - ship ownership and management to telecommunication services, specialised IT services, shipping insurance, shipping finance, bunkering and spare parts provision and ship repairs and maintenance.
Cyprus is one of the top five third-party ship management centres in the world with over 20 per cent of the world's third-party managed fleet and 4.5 per cent of the world fleet managed from Cyprus.
In 2018, the government of Cyprus set up the first autonomous Deputy Ministry dedicated entirely to shipping, reporting directly to the President of the Republic. Since then, a number of reform and modernisation initiatives have been completed in order to ensure effective one-stop service is provided to our clients on a 24/7 basis.
These include an updated, flexible registration policy and the streamlining of ship registry fees including the abolition of initial registration fees for ocean-going vessels.
At the Shipping Deputy Ministry, we are passionate about providing top quality services to support our clients, embracing new technologies and integrating them into our current operations. Our digital service enables a user-friendly, client-orientated approach and 24/7 support.
As a top-quality registry committed to safety, security and excellence of service, the Cyprus flag is consistently included in the 'White List' of the Paris, Tokyo and other MoUs for Port State Control.
Cyprus's comprehensive tonnage tax system applicable to ship owners, ship managers and ship charterers is a compelling advantage. The system was the first open registry tonnage tax system to have ever been approved by the EU back in 2010.
Another important advantage is the availability of highly qualified, specialised human talent. With three maritime academies operating across the country and most universities offering top quality maritime programmes, the Cyprus government offers incentives such as grants and scholarships to students in order to encourage them to follow maritime careers.
As part of its blue growth strategy, the Cyprus government is encouraging expertise-building across a range of disciplines covering the full blue economy spectrum. This includes the setting up of the Cyprus Marine and Maritime Institute (CMMI), a regional centre of research and innovation collaborating with many universities and marine institutes from all over the world, including the USA, the UK and Ireland. The CMMI has secured more than ?50 million in funding from the Cyprus government, the EU and the resident shipping industry.