Cyprus is to abolish ship initial registration fees in a bid to boost the Cypriot registry’s competitiveness and attract more ship registrations, Deputy Minister for Shipping Natasa Pilides said on Friday.
“We believe that abolishing initial registration fees will boost the shipping registry,” Pilides told the parliamentary transport committee.
Pilides briefed the parliamentary committee on transport concerning new draft regulations approved by the Council of Ministers providing for 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, Pilides said.
She pointed out that Denmark which abolished ship registration fees has the fastest growing registry in Europe.
She said the new pricing policy will come into force before the annual Maritime Cyprus conference on Oct. 6-9, after being approved by parliament.