Ann: Change in substantial holding, page-6

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joewolf

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06/01/20

11:35

Post #: 42242524
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Originally posted by prhb: ↑

Headquartered in Cyprus - interesting.
I had a feeling that Cyprus was a leading shipping centre, and found the link below.

https://csc-cy.org/cyprus-a-leading-maritime-center/

Some excerpts...
Today, the Cyprus Registry is classified as the 10th largest merchant fleet globally and the 3rd largest fleet in the European Union with more than 1000 ocean-going vessels totalling 21 million gross tons. The Cyprus Registry is continuously upgrading its services in order to offer a high standard of support to its flag users and maintain its reputation as a “Flag of Progress and Quality”.
Cyprus, and more particularly Limassol, is considered to be the largest third party shipmanagement centre in the European Union, and one of the largest in the world. A large number of shipowning, shipmanagement, chartering and shipping related companies maintain fully-fledged offices and conduct their international activities from Cyprus. The vast majority of these companies are located in Limassol and are Members of the Cyprus Shipping Chamber. Some of the largest shipmanagement companies in the world have their headquarters and conduct their operations from Limassol. It is estimated that approximately 4% of the world’s fleet is managed from Cyprus. Among the shipowning and shipmanagement companies established and operating from Cyprus, 90% are controlled by EU, including Cypriot interests.

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It is also a very low company tax jurisdiction. Zero tax on dividends and interest. Plus its a gateway to the EU. So a few companies have put assets there. So whilst its is a shipping registry the tax planners have also used it along with Bermuda and others.

SDA Price at posting: 97.0¢ Sentiment: None Disclosure: Held
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Ann: Change in substantial holding, page-6

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