Legal obstacles on the process of the Cyprus passports revocation
The process of revoking Cyprus passports from 26 rich foreign investors and family members from outside the EU appears to be more difficult than anticipated. The decision was taken by the Council of Ministers back in November, however, no proceedings have been initiated yet because the process is legally stuck. Specifically, articles of the Republic’s […]
Insurance companies face rising costs from road accidents
Insurance companies have to bear the costs of the ever rising number of car and motorcycle accidents in Cyprus – a phenomenon which is taking on alarming dimensions. Association of Insurance Companies data shows that car insurance represents 36% of total non-life insurance premiums. In 2018, gross motor insurance premiums amounted to €188 million compared […]
Non-EU nationals dominate property sales in January
For yet another month, foreign property buyers in Cyprus from outside the EU outnumbered those originating from the bloc, according to Land Registry data for January 2020. Specifically, the first month of the new year recorded a total of 325 sales documents submitted by foreigners to the Land Registry. Most were by third country national, […]
Cyprus won’t attract black-listed jurisdictions companies
Cyprus is trying hard to attract foreign companies since the services sector is one of the economy’s main pillars, Phileleftheros reports. The recent announcement by the EU that Panama, Seychelles, Cayman Islands and Palau have been placed on its black list of tax havens could pave the way for Cyprus to benefit as companies active […]
VAT reduction in Cyprus
The further drop in the reduced VAT rate from 9% to 7% for a period of three and a half months, provided that the relevant legislation is approved by the House of Representatives by the end of March, aims to stimulate restaurant and hotel stay consumption, Phileleftheros reports. Finance Minister Constantinos Petrides has clarified that […]
Banks try to find ways to help coronavirus-hit clients
Bank administrations are increasingly concerned about the coronavirus’ economic repercussions and primarily whether borrowers will be able to continue paying their loans in a timely fashion. Customers, mainly business people from the tourism industry, have already started calling their bankers asking to be briefed on the day after and what support they can expect. Business […]
Post coronavirus era : House prices set to fall, rents prices to rise
The coronavirus has produced many negative effects on the Cyprus economy and by projection to the real estate market. The precautionary measures taken by the government to reduce the effects of the virus also hope to protect the economy as well, which has only started to revive. The foundation of the Cyprus economy is tourism, […]
Περί ενοικιάσεων και μειώσεων-Μύθοι και αλήθειες
Μεγάλη συζήτηση γίνεται τις τελευταίες μέρες αναφορικά με την πιθανή μείωση των ενοικίων και προς τον σκοπό αυτό θα επιδιώξουμε να παραθέσουμε όλα τα δεδομένα, έτσι ώστε να αποτρέψουμε την παραπληροφόρηση αλλά και τους διάφορους καλοθελητές οι οποίοι δεν λένε όλη την αλήθεια στους ενδιαφερόμενους. Η Βουλή των Αντιπρόσωπων ψήφισε τον “περί Φορολογίας του Εισοδήματος(Τροποποιητικό)Νόμο” […]
New regulations to tighten up Cyprus Investment Programme
New regulations to the citizenship by investment programme, have been approved by the cabinet which it says ties the scheme to anti-money laundering legislation. The Interior Minister said the regulations would be sent urgently to the House.It is strongly believed that the linking of the scheme to anti-money laundering laws, was an important provision which […]
Επιστρέφουν στην προ-κορονωϊού εποχή οι πωλήσεις ακινήτων
Σε επίπεδα Φεβρουαρίου επέστρεψαν οι πωλήσεις ακινήτων παγκύπρια τον Ιούνιο, μετά από τους περιορισμούς που επέβαλε η πανδημία του κορωνοϊού. Σύμφωνα με στοιχεία του Κτηματολογίου, κατά τον Ιούνιο καταχωρήθηκαν 1296 υποθέσεις, σχεδόν διπλάσιες από αυτές του Μαΐου (626) και πιο πάνω από τον Φεβρουάριο (1216). Συνολικά, από τις αρχές του 2020 έχουν καταχωρηθεί 4859 υποθέσεις […]