The Cypriot shipping industry has experienced strong growth
since the creation of the shipping registry in 1963 and several
ingredients have combined to make Cyprus one of the most important
locations for a variety of maritime-related activities, including a
benign tax regime, modern financial and legal infrastructure, low
operating costs and geographical location at the junction of three
continents.
As one of only two 'open' registries in the European
Union (EU), it is estimated that the Cypriot fleet accounts for a
quarter of all the ships registered in the EU; and the Cyprus
shipping registry is the tenth-largest in the world. As a result,
the sector makes a substantial contribution to the Cypriot economy,
with recent figures indicating that shipping accounts for about 5%
of gross domestic product.
