12 July 2015

Greek shipowners change course to Cyprus

4% of the Worlds Ships are registered in Cyprus !

Greek ship owners consider replacing their business in Cyprus, due to the financial crisis in the country and tax increases, according to the statement of General Director of the Cyprus Maritime Chamber, Thomas A. Kazakos. Maritime Chamber of Cyprus circulated among the media message that the crisis in Greece would not affect the maritime industry in the republic, adding that the ship register of the country is the only one “open” in EU, which allows registration of vessels that are owned by foreign companies. More than 40% from the vessels operating under the flag of Cyprus are owned by Greek ship owners and about 4% from the world fleet is operating under the Cyprus flag. 

In words of Thomas A. Kazakos more shipowners are turning to the Cyprus Maritime Chamber with questions about taxation and administrative procedures for starting a business on the island. “It is quite normal after situation in Greece is so unstable, businesses look to us to Cyprus”, finished General Director of the Cyprus Maritime Chamber.
Today in Greece is held a crucial referendum in which voters must say “Yes” or “No” to the proposals of the international creditors for continued financial assistance to the country. This practically is referendum if the country will stay in the Eurozone. For 1 week the bank accounts of all citizens and business organizations are blocked after Greece is practically in bankruptcy and people are withdrawing billion of EUR per day. This slightly reflected the big business, such as ship owners, who keep their money in Cyprus, Switzerland or other foreign countries.

reported on Monday 13th July 2015


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