Bermuda's Ship Registry Gets China Boost
by Mike Godfrey, Lowtax.net, Washington
24 January, 2017
The Bermuda shipping registry, which offers preferential tax and non-tax benefits to ships under its ensign, says it has been boosted by China confirming "Most Favoured Nation" status for the territory.
China has confirmed that a 1996 maritime transport agreement between China and the UK gave "Most Favoured Nation" status to Bermuda-registered vessels trading into Chinese ports. The designation also applies to five other Overseas Territories.
Most Favoured Nation status could go a long way toward making Bermuda even more attractive as a reputable flag state, according to the island's government.
Commenting on the announcement, Bermuda's Tourism, Transport, and Municipalities Minister, Michael Fahy, said: "This is of tremendous benefit. The advantages include reduced port dues paid by Bermuda-flagged ships visiting Chinese ports, which will give those ships a competitive edge. This will help us retain business which may otherwise have moved elsewhere, and help us attract new business. We are grateful for confirmation that Bermuda can benefit from this agreement under the UK umbrella."
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