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Cyprus extends deadline for expats to seek residency if hard Brexit

The British High Commission has welcomed Nicosia’s decision to extend the deadline for UK nationals living in Cyprus to apply for residency in the advent of a no-deal Brexit. Nicosia decided that in the case of a no-deal Brexit, UK nationals and their family members resident in Cyprus before 31 October 2019, retain the right to continue to submit applications and obtain ...

Local Friday, 20 September, 2019

Cyprus enjoys summer high for tourist arrivals

An influx of British, Russian and Israeli tourists ensured Cyprus achieved its best ever figures for arrivals in August with a record 553,600 visitors, official data indicated on Tuesday. The Mediterranean island has beaten all previous August records this year with tourist arrivals reaching 553,626 from 534,847 in 2018, a 3.6 per cent annual increase, the state statistical se...

Local Wednesday, 18 September, 2019

Cyprus businesses bracing for a no-deal Brexit

Cyprus businesses are preparing for a hard Brexit in light of developments in the UK, with London adamant on leading Britain through the European Union exit door by 31 October with or without a deal. Particularly concerned about the effects on tourism, business associations, experts and hotels are preparing to face any scenarios that may play out after October. Sounding the a...

Local Monday, 16 September, 2019

Cyprus to abolish ship registration fees to boost registry

Cyprus plans to abolish initial ship registration fees in a bid to boost the Cypriot registry’s competitiveness and attract more vessels, Deputy Minister for Shipping Natasa Pilides said. Pilides briefed the parliamentary committee on Transport about new draft regulations approved by the cabinet for the registry’s new pricing policy which provides for rounding off ...

Local Saturday, 14 September, 2019

Land Registry can't explain why a plot worth EUR 70 mln is now EUR 5 mln

The Land Registry admitted it may have been mistaken in their appraisal of a state plot opposite the former Nicosia Hilton Hotel in the heart of the capital, estimating the property at just €5 mln down from €70 mln. The House Watchdog Committee heard Andreas Socratous, the director of the land registry department, acknowledge that there may h...

Local Friday, 13 September, 2019

Government employed personnel remains stable at 51,486

The number of government employees remained relatively unchanged at 51,486 in August 2019, compared with 51,475 in the same month last year, despite an increase in temporary staff. Official figures showed that permanent staff decreased by 444 or 1.5%, from 28,682 to 28,238 persons, while temporary staff increased by 5% reaching 14,800 persons compared with 14,091 persons in Au...

Local Thursday, 12 September, 2019

Value of building permits rises 115% in H1 to EUR 1.7 bln

The value of Cyprus building permits issued in the first half of 2019 reached €1.7 bln, more than double the amount for the same period last year. During the six-month period January-June 2019, 3,393 building permits were issued compared to 3,110 in the same period of 2018. These permits provide for the construction of 4,200 housing units, way above last year’s 2,8...

Local Wednesday, 11 September, 2019

Government will only support distressed borrowers through ESTIA

Cyprus has warned it will not support borrowers who can pay off their loans by including them in the state-funded ESTIA scheme set up to bailout homeowners with toxic mortgages. Finance Minister Harris Georgiades told the House Finance Committee that the European Commission has not given the go ahead to give handouts to borrowers who are consistent in their repayments. "We mu...

Local Tuesday, 10 September, 2019

Government will only support distressed borrowers through ESTIA

Local Tuesday, 10 September, 2019

Deflationary pressure as prices continue to dip in August

Cyprus annual inflation rate remained in negative territory for a third consecutive month in August at -0.7% as food and energy prices dipped. In August, the Consumer Price Index increased by 0.30 units and reached 100.32 from 100.02 units in July 2019. Compared to August 2018, the CPI decreased by 0.7%. The decline was mainly driven by price reductions in the food and non-al...

Local Monday, 09 September, 2019

Pound roars back to life as Johnson loses control of Brexit

International credit rating agency DBRS says Cyprus is among a group of European countries in which the outstanding mortgage debt as a percentage of GDP has shrunk between 2008 and 2019. Given how the Pound remains extremely sensitive to political and Brexit developments, more action will be on the cards Thursday afternoon as Johnson will “speak directly to the public, s...

International Friday, 06 September, 2019

Registered unemployed decrease by 16.7% in August

The number of registered unemployed in Cyprus during August decreased 16.7% on an annual basis to under 20,000, official figures showed on Wednesday. Unemployed persons registered at the District Labour Offices on the last day of August reached 19,883, it was 23,866 a year ago. Based on seasonally adjusted data that show the trend of unemployment, the number of registered une...

Local Thursday, 05 September, 2019