articles | 26 February 2020

Brexit will not unduly affect Cyprus shipping, minister says

Brexit will not unduly affect Cypriot shipping, deputy minister of shipping Natasa Pilides said on Tuesday at the opening of the 4th Annual Capital Link Cyprus Shipping Forum in Limassol.

“On a broader level [due to Brexit] shipping is affected in terms of corporate earnings and trade, but beyond that concern, Cypriot shipping is not expected to be adversely affected,” she said.

The aspects regarding shipping, she explained, are “under control”, while referring specifically to British vessels that are part of the Cyprus tax system and are no longer considered part of the EU.

She said that the ministry contacted all owners of such vessels “to make sure that will be able to follow the rules in the future.”

“British shipping companies are also affected because they are no longer considered European and therefore cannot fit into our tax system unless they make the necessary changes to be considered European,” the minister added.

Pilidou said she believes the changes that needed to be made were not restrictive.

“There are various options we have explained to all affected companies and I believe they have taken appropriate action,” she added.

Regarding the more than 2,000 British seafarers working on Cyprus-flagged vessels, the deputy minister said that “they are not affected because Cyprus will continue to recognise these seafarers.”

She noted, however, that new British seafarers, arrangements would need to be made with the EU for Britain to be recognised as a third country in terms of schools and certificates given to sailors.

This is a formal process which has already started and there is no need to worry about it, she concluded.

Source: Cyprus Mail

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