VAT break for young couples buying land for first home

VAT break for young couples buying land for first home

Young couples buying land for their first home in Cyprus may only pay 5 per cent VAT on its purchase price rather than 19 per cent under a draft bill submitted to parliament by the government. THE GOVERNMENT has submitted a draft bill to parliament indirectly exempting from payment of 19 per cent VAT young couples who buy land for the purpose of building a primary residence. ...
Local Tuesday, 24 April, 2018
ENERGY SAVING GRANT SCHEME

ENERGY SAVING GRANT SCHEME

There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the “I Save I Upgrade” grant scheme, which is co-funded by the European Union and the Cyprus Government.ON MARCH 19th  2018 the Ministry of Energy opened the second call for proposals for the grant scheme “I Save I Upgrade” for existin...
Local Monday, 16 April, 2018
Government tries to allay fears of co-op customers

Government tries to allay fears of co-op customers

By Elias Hazou The government on Monday said it was moving to shore up confidence in the Cyprus Cooperative Bank (CCB) as depositors pulled more money out of the lender. Neither the government nor the state-owned bank would be drawn on what these moves might be, though the goal was clear: to buttress the bank’s deposit base so that potential private investors would not ...
Business Tuesday, 03 April, 2018
Poseidonos Avenue (Paphos) and Others

Poseidonos Avenue (Paphos) and Others

Paphos is one of the main tourist centres in Cyprus with an operational season almost 12 months and with its existing beds increasing only next year by another 2.000 beds. The centre of the tourist/visitor area is Kato Paphos and especially the seaside road Posseidon avenue. There is not a single visitor who will not walk along the avenue with the top attraction mainly the spa...
Local Tuesday, 20 March, 2018
Strong growth in property sales (Update)

Strong growth in property sales (Update)

The strong growth in Cyprus property sales continued in February with the number of properties sold rising in all districts (with the exception of Larnaca) according to official figures.    THE DEPARTMENT of Lands and Surveys reports that the number of property sales contracts deposited at Land Registry offices across Cyprus in February 2018 rose 46 per cent compare...
Local Thursday, 08 March, 2018
Cyprus Records Lowest Annual Inflation Rate in the EU

Cyprus Records Lowest Annual Inflation Rate in the EU

Cyprus registered the lowest annual inflation rate in the EU in January 2018 (-1.5%), followed by Ireland (0.3%) and Greece (0.2%), according to Eurostat, the statistical office of the European Union. Meanwhile, Euro area annual inflation rate was 1.3% in January 2018, down from 1.4% in December 2017. In January 2017, the rate was 1.8%. European Union annual inflation was 1.6...
Business Tuesday, 27 February, 2018
Property Prices Increase Significantly In Q3 2017

Property Prices Increase Significantly In Q3 2017

An increase of 7.4% in apartment prices and 4.2% in house prices on an annual basis was recorded by RICS’ Cyprus Property Price Index.Across Cyprus, on an annual basis (compared to Q3 2016), the price of flats increased by 7.4%, houses by 4.2%, offices by 8.8%, warehouses by 4.4% and retail by 4.5%.The Property Price Index has recorded increases on an annual basis in all ...
Real Estate Friday, 23 February, 2018
Paphos, The Champion In Sales To Overseas Property Buyers In 2017

Paphos, The Champion In Sales To Overseas Property Buyers In 2017

Paphos had the lead in purchase contracts to foreign buyers in 2017 by 36% in comparison to Limassol which follows by 33,5%. Larnaca is third with 16% and lastly Famagusta with 7,5 % and Nicosia with just 7%. Property Sales in Cyprus rose 24% during 2017 (the highest number since 2008) according to official statistics published by the Department of Land and Surveys. This follo...
Real Estate Wednesday, 14 February, 2018
Eden City Moving Forward

Eden City Moving Forward

A propsed 3.4 billion development project in Geroskipou in Paphos has finally been given a partial green light after protracted delays. Eden City, a project by Hungarian investor Atum Developments, is headed up by Sandor Kenyeres, and includes the construction of an artificial ‘luxury lifestyle’ island, a university, five-star hotel-resorts, multi-floor towers...
Real Estate Thursday, 01 February, 2018
Tourist Arrivals Increase by 12.5% in December 2017

Tourist Arrivals Increase by 12.5% in December 2017

On the basis of the results of the Passengers Survey, arrivals of tourists reached 98,924 in December 2017 compared to 87.927 in December 2016, recording an increase of 12.5%. December 2017 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month. For the period of January – December 2017 arrivals of tourists totaled 3,652,073 compared...
Local Tuesday, 30 January, 2018
Cyprus and Saudi Arabia signed a Double Tax Treaty

Cyprus and Saudi Arabia signed a Double Tax Treaty

The double tax treaty for the avoidance of double taxation between Cyprus and Saudi Arabia was signed on 3 January 2018. The treaty is expected to  be  ratified  and  come  into  force  as  from  1 January 2019. The new treaty is based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention framewor...
Business Monday, 22 January, 2018
Paphos First in Sales to Overseas Property Buyers In 2017

Paphos First in Sales to Overseas Property Buyers In 2017

Paphos had the lead in purchase contacts to foreign buyers in 2017 by 36% in comparison to Limassol which follows by 33.5 %. Larnaca is third with 16 % and lastly Famagusta with 7.5 % and Nicosia with just 7%. Property Sales in Cyprus rose 24 % during 2017 (the highest number since 2008) according to official statistics published by the department of Land and Surveys. Thi...
Local Saturday, 20 January, 2018