The future of a tax on bank deposits, which has been in place since 2011, could be set for changes, though nothing has been finalized. As reported by Panayiotis Rougalas in Kathimerini Cyprus, the proposed adjustments involve redirecting the 0.15% tax that banks currently pay into the Republic’s Fixed Fund. The new focus would be on using this money for social policy initiatives and addressing...
Efforts to address the long-standing issue of trapped buyers are gaining momentum, according to Interior Minister Constantinos Ioannou. Speaking at the House legal affairs committee on Wednesday, Ioannou discussed potential resolutions, noting that about 50% of the cases could be resolved in a constitutionally sound manner, with the legal service’s approval. During the session, no definitive proposals...
The Larnaca Tourism Board (LTB) has been ramping up its efforts to enhance the region’s digital footprint by collaborating with prominent influencers. These initiatives are designed to attract international attention, particularly focusing on Larnaca’s marine beauty and local culture. A standout partnership was with Sophia Hadjipanteli, a globally renowned influencer boasting over 1.5 million...
Israel and Cyprus are currently in advanced talks to potentially seal a $1.5 billion agreement for the supply of natural gas, according to a report from S&P Global. The deal, which involves exporting gas from Israel to Cyprus via pipeline, could mark Israel’s first natural gas sale to Europe. The proposed contract would span over a decade and involve gas from the Karish and Tanin fields, operated...
Cyprus has officially rolled out its Sustainable Urban Mobility Plans (SUMP) for Limassol and Larnaca, a significant step toward making its urban spaces greener and more accessible. Funded under the EU’s Recovery and Resilience Plan, these projects aim to tackle traffic congestion, improve public transportation, and promote eco-friendly alternatives such as cycling and walking. At a joint event on...
A coalition of Turkish Cypriot organizations held a protest on Monday, calling for the immediate release of businesspeople detained by the Republic of Cyprus over charges related to the development of Greek Cypriot properties in the north. The group, calling itself the ‘Initiative for the Protection of Rights,’ staged the demonstration at the Ayios Dhometios crossing point in Nicosia, on the Turkish...
The government has set its sights on boosting wages, particularly for middle and low-income earners, in line with European standards, the Labour Ministry announced on Friday. According to a statement from the ministry, the government is implementing a balanced and comprehensive approach to improve the quality of life, acknowledging both the societal needs and the country’s economic potential. This...
Opposition parties have accused the government of mishandling its response to the rising cost of living, following a recent policy reversal on zero VAT for essential goods. Both the left-wing Akel and right-wing Disy parties expressed dissatisfaction on Friday, claiming that the administration lacked a coherent plan and was out of touch with the financial challenges faced by Cypriots. The uproar was...
The Department of Lands and Surveys in Cyprus has released updated statistics for residential property sales involving both local and foreign buyers, covering the period from September to December 2024. The data reveals a slowdown in the real estate sector, with 1,289 residential properties sold during this period. Of these, 59% (or 759 units) were purchased by local buyers, while 530 transactions involved...
The Cypriot government has decided to cancel all fines imposed on employees of local businesses for the late submission of beneficial ownership data. This announcement was made on October 8 by Irini Milona Chrysostomou, head of the Department of Company Registration in Cyprus. The Parliamentary Committee on Commerce recently held a meeting to review and revise the penalties for non-compliance. As a...
