Cyprus plans to abolish ship initial registration fees as part of its efforts to attract competitiveness and attract more ship registrations, Deputy Minister for Shipping Natasa Pilides announced on Friday.
The announcement was made during a briefing by Pilides at the parliamentary committee on transport, concerning new draft regulations approved by the Council of Ministers.
These are in relation to the registry’s new pricing policy, which provides for rounding of fees, grouping of fees, as well as abolishing the initial registration fee.
The Cypriot registry ranks third among EU countries and 11th in the world, with 1,100 ships and a gross tonnage amounting to 24.4 million – the highest level since 2010 when Cyprus’ tonnage tax was approved by the European Commission, Ms. Pilides was also quoted as saying by Xinhua.
She also provided the example of Denmark, which abolished ship registration fees in 2018 and has the fastest growing registry in Europe.
She said the new pricing policy will come into force before the annual Maritime Cyprus conference on 6-9 October, after being approved by parliament.
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