Cyprus Real Estate

Cyprus - a fully-functional maritime hub

  • 11.11.2021
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Cyprus is the third largest island in the Mediterranean, strategically located at the crossroads of three continents - Africa, Asia and Europe. This island state has been a full member of the EU since 2004 and today is a stable and prosperous country, an excellent place for holidays or permanent residence. You can obtain a permanent residency status in Cyprus by investing in property on the island. The shipping industry is one of the key economy sectors on the island and is performing very well year on year.

A statistical "platform" for the successful development of Cyprus shipping industry

  • Today, Cyprus has the third largest shipping fleet in the European Union. In fact, the island's merchant fleet has over 1850 registered ships.
  • There are a number of international maritime agreements and a number of bilateral treaties between Cyprus and other countries, which allow ships from Cyprus to enjoy national or privileged national treatment in ports around the world.
  • The shipping industry in Cyprus contributes more than 5% of the total GDP to the national economy.
  • Cyprus has ratified most international maritime safety conventions, which deal with marine pollution, maritime training and others.
  • The improved taxation system in the shipping industry has opened up more opportunities for Cypriot shipping companies to do business not only within the EU, but also outside the European Union.

The shipping industry in Cyprus

Cyprus is a global shipping hub and this is also due to the fact, that people in this business are passionate about shipping, their knowledge, skills and expertise. The merchant fleet is a sector of business that Cyprus is very proud of, it represents an invaluable asset to the entire country and therefore ranks high on the list of priorities. Furthermore, the Cyprus Ship Registry is highly ranked among the leading international ship registries and has the third largest merchant fleet in the European Union, with the highest standards of quality and safety. The Ministry of Transport is doing all it can to promote the competitiveness of its flag and maritime cluster. In addition, the flora and fauna of Cyprus promotes, and practically obliges, the island to develop in this direction.

Nowadays Cyprus shipping industry faces new challenges. Cyprus has the potential to develop into an important energy centre in the Mediterranean. Therefore, the country is keeping a close eye on all issues relating to liquefied natural gas as a fuel for ship engines.

Overall, Cyprus is a favourable environment for business development in general, and the shipping business in particular. This European island offers great opportunities for life in the Mediterranean.