Cyprus’ deputy minister for shipping stated that the number of companies that are developing their headquarters in the small east Mediterranean island nation has almost doubled in the last six years. This reflects Cyprus’ growing appeal as a maritime business hub. Shipping accounts for around 7% of Cyprus’ economy.
Specifically, Natasa Pilides commented on the Associated Press that for the time being there are 203 maritime companies operating in Cyprus.
The number of shipping companies has experienced an increase by 100, in comparison to 2013’s numbers.
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In addition, a shipping company decided to relocate to Cyprus from Hong Kong.
Also, Mrs Pilides highlighted that because of Brexit, a British company put the majority of its vessels under the Cypriot flag.
In the meantime, two UK-based insurance companies are also being transferred to Cyprus.
Pilides noted that Cyprus is experiencing these benefits due to its stable business environment, clear tax and legal frameworks.
Finally, Natasa Pilides has addressed before Cyprus’ attempts to be more active in the shipping industry. She has previously highlighted that Cyprus maritime schools aim to promote marine professions in order to boost shipping companies, while in the meantime plans are being conducted in order to add maritime training in the technical schools.
