Cyprus’ vibrant shipping industry, highlighting its competitive advantages, commitment to sustainability, and pivotal role on the global maritime stage. The cyprus-mail source.
- Cyprus’ shipping industry thrives as a global maritime leader, with a robust maritime registry and a thriving maritime cluster in Limassol.
- Registering ships under Cyprus’ flag offers numerous financial incentives, including a favorable tonnage tax system and double tax treaties.
- Cyprus is actively committed to sustainability and green shipping, aligning with EU initiatives to combat climate change in the maritime sector.
A Global Maritime Leader
In our fourth issue of Cyprus 4.0 for 2023, we delve into Cyprus’ robust shipping industry and its competitive edge in the global maritime market. With a well-established maritime center, the Cypriot maritime registry ranks among the largest in the EU and worldwide, and over 20% of the world’s third-party management fleet is based in Cyprus. Limassol, the heart of Cyprus’ maritime cluster, houses a myriad of shipping-related services, making it a thriving hub for the maritime sector.
Registering Under Cyprus’ Flag
Cyprus offers numerous benefits for companies registering under its sovereign flag, including competitive registration and financial incentives. The tonnage tax system, a driving force behind the growth of the shipping registry, exempts shipping companies from income tax on profits and bases taxation on the tonnage of Cypriot flag ships. The island also boasts a broad spectrum of double tax treaties with over 40 countries, developed maritime infrastructure, and professional services.
Sustainability and Green Shipping in Cyprus
As the world transitions to green and digital shipping, Cyprus is committed to safeguarding the environment and promoting sustainability. The Shipping Deputy Ministry emphasizes the protection of the marine ecosystem and aims to accelerate the transition of shipping to a low-carbon and climate-resilient industry. Cyprus actively participates in EU initiatives like Fit for 55 and has signed a Declaration on Zero Emission Shipping by 2050, aligning with global efforts to combat climate change.
Climate Targets in the Shipping Sector
The European Union is taking significant steps to address climate change in the shipping sector. The EU proposes achieving net-zero emissions in the shipping sector by 2050, with interim targets of -29% by 2030 and -83% by 2040. They intend to introduce a greenhouse gas fuel standard and a levy on shipping sector emissions. These measures demonstrate the EU’s commitment to decarbonization and its proactive role in shaping international shipping policies.
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