The European Commission has approved a financial package of €39.5 million for 2024 aimed at aiding the Turkish Cypriot community and advancing efforts toward the reunification of Cyprus. The funds will be directed toward several major initiatives, including the Halloumi/Hellim Protected Designation of Origin (PDO) project. This program marks the first time Turkish Cypriot producers can benefit from EU...
Senior representatives from four of Cyprus' major banks will travel to the U.S. on September 16 to present the strides they’ve made in anti-money laundering (AML), sanctions enforcement, and management of foreign accounts. As reported by Panayiotis Rougalas in Kathimerini, the delegation includes officials from Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, and Astrobank. They are scheduled to meet with...
Interest rates on loans for consumers and mortgages in Cyprus saw an increase during July, according to data from the Central Bank of Cyprus (CBC). Specifically, the rate for consumer loans rose to 6.67%, up from 6.18% in June. Meanwhile, mortgage rates also climbed slightly, reaching 4.59% from 4.52%. The CBC’s report highlighted contrasting trends in the financial market. While borrowing costs have...
Cyprus has achieved a notable fiscal surplus of €702.5 million for the first seven months of 2024, according to preliminary data released by the Statistical Service of Cyprus on Friday. This surplus accounts for 2.2% of the nation's GDP, a significant rise from the €345.9 million surplus (1.2% of GDP) recorded during the same period in 2023. Revenue Surge The fiscal boost is primarily due to a...
For the first time in history, the price of a gold bar has surpassed $1 million, driven by record-high spot prices and rising demand. On Friday, gold's spot price shot up to over $2,500 per troy ounce, setting a new all-time high. With most gold bars weighing approximately 400 troy ounces, their value now exceeds a million dollars each. Gold bars vary in weight, generally ranging between 350 and 430...
Starting November 10, 2024, the European Union will introduce a new automated system known as the Entry/Exit System (EES) at the external borders of the Schengen area. This system is set to replace the traditional passport stamping process for non-EU nationals, using automated terminals for border checks instead. The system will not affect EU citizens, Schengen area residents, or individuals holding...
The Cyprus Mortgage to Rent program has garnered significant interest from residents across the island since its launch. Hundreds of people have expressed interest in joining the scheme, which aims to provide relief for homeowners struggling with their mortgage payments. KEDIPES, the organization managing the program, has received approximately 2,500 applications. Of those, about 1,700 applicants were...
Recent research into the environmental health of the Blue Lagoon area on the Akamas Peninsula has yielded important insights, particularly concerning biodiversity, water and sediment quality, and underwater noise pollution. The study found that while tourism activities haven't had a significant impact on the biodiversity of the Blue Lagoon, the noise pollution from vessels—during their arrival, mooring,...
In July, the Cyprus Revenue Authority conducted thorough audits on properties that were purchased or constructed with the benefit of a reduced VAT rate. These inspections primarily focused on housing units in the Free Famagusta area, with around one thousand properties being examined. During these on-the-spot audits, the department identified over 50 significant violations related to property tax...
On a scorching July afternoon, about five weeks into my stay in Nicosia, I decided to explore some of Cyprus' most famous archaeological sites: the Tomb of the Kings and the Kato Paphos Archaeological Park. I expected to be awed by these historical wonders, but instead, I found myself struggling to grasp even the basics of what I was seeing. There’s no denying the immense historical value of these...
