2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</strong><br />
PORTS AND SHIPPING<br />
The 2017 commercialisation of the country’s largest port in Limassol marked a<br />
new era for <strong>Cyprus</strong> as a commercial hub. The port privatisation came amidst the<br />
first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading<br />
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation<br />
deal with Eurogate International GmbH and leading Emirati logistics giant DP World<br />
Limited is projected to boost state coffers with €2 billion over the next 25 years, while<br />
the new port operators have injected millions in upgrading services and infrastructure.<br />
Larnaca port is expected to have a new terminal by 2027. The contract for the Larnaca<br />
IThe growth of <strong>Cyprus</strong>’ resident<br />
port and marina was awarded to Kition<br />
Ocean Holdings Ltd, a Cypriot-Israeli<br />
consortium comprising Eldeman Holding shipping sector over the<br />
BV and Alexandrou Corporate Services<br />
past 50 years has developed<br />
Ltd, in late 2020 and Phase 1 works will<br />
begin in 2024. The marina is expected to a strong maritime cluster<br />
attract around €1.2 billion in construction<br />
that caters to the needs of<br />
and real estate development – making<br />
it one of the biggest infrastructure <strong>Cyprus</strong>-based companies,<br />
investments to date in <strong>Cyprus</strong>.<br />
including banking, professional<br />
One of <strong>Cyprus</strong>’ most successful export<br />
services has been the maritime industry, services, insurance, and IT.<br />
which now has a dedicated Deputy<br />
Ministry of Shipping. The growth of <strong>Cyprus</strong>’ resident shipping sector over the past 50<br />
years has developed a strong maritime cluster that caters to the needs of <strong>Cyprus</strong>-based<br />
companies, including banking, professional services, insurance, and IT. The cluster<br />
is consistently attracting more quality tonnage and shipping-related companies to<br />
its shores. Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was approved by the<br />
European Commission – and 2021, there has been more than a fivefold increase in the<br />
number of shipping companies that have registered with <strong>Cyprus</strong>’ specialised shipping<br />
taxation system, boosting the sector’s revenue by around 25%. Also, a new limited<br />
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