Greek Shipowners Consider Setting Course to Cyprus

  • Business & Finance

Greek shipowners are considering a move to Cyprus due to the current financial crisis in the country and possible tax hikes, a Director General of the Cyprus Shipping Chamber Thomas Kazakos told Cyprus Mail.

Kazakos said that Greek shipping companies are increasingly inquiring about tax and other administrative issues in Cyprus, also noting that for the Greek shipowners to look into the possibility of choosing Cyprus as their second base is ‘‘a normal consequence” of the financial uncertainty Greece is facing.

The shipping industry in Cyprus will not be affected by Greece’s financial crisis, Kazakos said, pointing out that Cyprus is the only open ship registry in the European Union, allowing ship owners outside Cyprus to register their ships under the country’s flag.

Greek shipowners already control 40% of the Cyprus-flagged fleet. Around 4% of the world’s current fleet sails under the flag of Cyprus.

World Maritime News Staff

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