Cyprus Sets New Targets For The Shipping Industry

Cyprus sets new targets for the shipping industry

The Department of Merchant Shipping of Cyprus is promoting four stages of advancement in its attempt to safeguard its competitive shipping industry on the international stage. One year after its institution, the Department has adopted its own road-map and is gradually executing various reforms.

The aim is to ensure competitive taxation and minimal bureaucracy

These goals shall be accomplished through a number of smaller objectives. With an aim of maintaining the stable and business-friendly framework it has towards foreign investors in the shipping industry, the Department shall simultaneously work in two lines of action: firstly, it will maintain its taxation policy as its competitive edge and secondly, it shall decrease bureaucracy. Thus, the Department supports the gradual extension of the Cypriot tonnage tax and shall streamline and simplify shipping licencing fees.

The Director Ms Natasa Pileidou is currently examining the possible revision of the governmental policy on the registration of ships in the Cyprus Maritime Registry. At the same time, the decrease in bureaucracy, that strains the public sector in general, through a ‘one-stop shop’ is another goal set by the Director.

Cyprus will, additionally have to make advances in the technological aspects of shipping, as the Department supports research and innovation programmes, and with regard to the utilization of block chain technology. Indicatively, reference is made the innovative steps taken by a number of businesses that wish to included their technologies within the domain of shipping.

The relevant shipping Director aims to place Cyprus at the forefront of international merchant shipping by advancing  Cyprus as a an efficient and business friendly  hub. The Department has six main goals: the development of the Cyprus Maritime Registry and maritime cluster, greater competition, better international relations, greater security, protection of the environment within the “Blue Growth” framework, and the upgrading of the available services.

Furthermore, the Department hopes to achieve a renewed presence of Cyprus on the international arena through a strategic management of public relations and the intensification of the interactions between traditional and social media in Cyprus and abroad.

We shall continue to update our clients on the latest insight, developments and news in the shipping industry of the Republic of Cyprus.

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