Cyprus boosts its shipping registry with tax incentives and EU-backed stability
Cyprus has intensified efforts to attract shipowners to register under its flag, citing tax stability, EU membership, and a strong international inspection record as key advantages. The Cyprus Ship Registry has grown by 23% in gross tonnage since September 2023, reaching a 25-year high and ranking as the 11th-largest fleet globally and third in Europe.
Shipping Deputy Minister Marina Hadjimanolis highlighted the ministry's focus on simplifying procedures and enhancing competitiveness, while maintaining high quality standards, as Cyprus remains on the Paris MoU White List and is classified as a high-performing flag under the Tokyo MoU. The EU-approved Tonnage Tax System, effective until 2029, offers tax benefits based on net tonnage rather than conventional corporate tax, further boosting appeal.
Cyprus has also introduced environmental incentives with tax reductions up to 30% for eco-friendly vessels, removed government fees on ship registration and mortgages, and expanded administrative support through maritime offices worldwide and the online CYSh1P portal. These measures aim to ensure Cyprus remains a reliable and attractive maritime partner on the global stage.
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