The European Commission has referred Cyprus, along with Spain, Poland, and Portugal, to the European Court of Justice due to their failure to enact the 2022 directive on a global minimum level of taxation for multinational corporations and large companies, known as the Pillar 2 directive. This action was part of the Commission’s October infringement package, announced recently. In addition to the tax...
According to data released by Eurostat on October 1, 2023, only 25% of the EU population aged 16 and over have seen energy efficiency upgrades in their homes over the past five years, meaning one in four Europeans live in more energy-efficient dwellings. However, a closer look at the statistics shows that people at risk of poverty or social exclusion are less likely to experience these improvements,...
Real estate experts in Cyprus are growing increasingly concerned about the ongoing conflict in the Middle East and its impact on the island’s property market. Recent trends reveal a shift in the housing market: In Limassol, Israelis are purchasing properties at a rapid pace. Similar to the Russian influx from previous years, Israelis are entering the market. However, unlike Russian buyers, they...
There were initial concerns that the halting of construction on Larnaca’s new marina would negatively affect the housing market and deter investors from the coastal city. For the past three years, this much-publicized project, particularly enticing to buyers from Israel, had boosted demand for homes around the port. However, despite the high-profile termination of the agreement with Kition Ocean...
After extensive deliberations, the Cyprus Association of Banks has announced that local financial institutions will reintroduce a moratorium on the sale of mortgaged properties whose owners are unable to obtain Residential Titles. Loan management companies have also supported this move. This moratorium, effective until 31 December 2024, offers borrowers temporary relief. The Cyprus Association of Banks...
With just one month remaining before the deadline for tax returns, many Cyprus residents are still delaying the process of reporting their income. According to Tax Commissioner Sotiris Markidis, a total of 174,600 taxpayers have started filling out their tax returns via the government portal. However, only 155,300 have officially submitted their returns, while 19,300 have saved their forms for further...
On September 25, the Central Bank of Cyprus released its latest Bank Lending Survey, detailing trends in loan demand and lending practices for businesses and households. The report highlights that in the second quarter of 2024, demand for business loans in Cyprus remained steady, while there was a sharp decline in consumer loans and mortgage lending. For business loans, the report noted that while...
Starting from October 2, 2024, Cyprus will no longer require mandatory construction licences for certain low-risk building projects. This change specifically applies to the construction of one or two residential buildings, provided specific conditions are met. This update was recently announced by Interior Minister Constantinos Ioannou. The main goal of this reform is to streamline the application...
Transport Minister Alexis Vafeadis announced on Friday that both foreign and Cypriot investors have expressed interest in the Larnaca port and marina development project. He encouraged Cypriot investors to participate in the bidding process, emphasizing the importance of ensuring the project benefits future generations. Following a meeting with the Larnaca mayor, Vafeadis highlighted the significance of...
The Cyprus government is placing significant emphasis on improving care for the elderly, acknowledging both the advantages of increased life expectancy and the challenges it presents. Speaking on behalf of President Nikos Christodoulides at the "Walking with the Elderly" march in Foini, Deputy Welfare Minister Marilena Evangelou highlighted the importance of adapting to longer lifespans. Evangelou...
