The Cyprus Maritime Sector is a true international cluster comprised of over 200 companies of which over a quarter are international ship management companies. This is largely due to the ideal environment for ship registration and shipping operations on the island, as well as a very attractive fiscal regime. Cyprus boasts a well-established and quality Open Registry with Merchant fleet exceeding 23 million gross tonnage, placing it third in tonnage in the EU and 11th in the world. It is a member of the European Maritime Safety Agency (EMSA), International Maritime Organisation (IMO) and the International Labour Organisation (ILO).
The competitive fully EU approved Tax Tonnage System (TTS) introduced in 2010 is one of the most advanced and competitive systems in the EU and has been pivotal in attracting some of the biggest third-party ship managers in the world such as Bernhard Schulte (Germany), Hartmann Group and Fleet Management India.