General Government Records Fiscal Deficit €187.9 Mn In The First Quarter Of 2021

General Government recorded a fiscal deficit of €187.9 mln for the period of January-March 2021, as compared to a surplus of €226.9 mln that was recorded during the period of January-March 2020, according to preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT).During the first quarter an increase in expenditur...

EU Plan for Overseas Tourists

EU Countries will be able to accept tourist from countries that are not members of EU if they are vaccinated with one of the four approved jabs (AstraZeneca, Pfizer, Moderna, J&J). Children’s will be allowed to travel with their parents with a negative test....

Ryanair New Summer Schedule regarding Cyprus

Ryanair announced 34 routes in total with 5 new entries (Bari, Bologna, Corfy, Rhodes, Venice and Venice Treviso).   Prices start just under €20 per seat. Maria Kouroupi, Hermes Airports Senior Manager Aviation Development & Communication, was pleased by the new entrance and the fact that Ryanair will keep its base in Paphos International Airport. ...

Cyprus first in Europe for testing and fifth for vaccines.

Cyprus with just under 36,000 test per 100,000 population remains in the first position among Europe and fifth with almost 15 vaccinations per 100 people. Total number of vaccinations were 131,623 of which approximately 28% have done both doses. ...

Post-Brexit Trade: UK Delays EU Import Checks

Concerns are growing that imports will be delayed by several months according to UK government, since more time is needed for good entering from the EU. The initial plan was to begin checks next month however this has now been postpone to October. EU had immediately imposed tarrifs to UK goods from January. ...

Cyprus open up from 1st of May for British Travellers

Cyprus announced that it will allow entry to British tourist that have been vaccinated without any as of 1st of May. Tourist that have had both doses of the vaccine 7 days before travelling will not have to enter into mandatory quarantine time and present any negative COVID-19 test.  ...

CySEC Launches New Brexit Information Hub

CySec created a new website with information regarding compliance after Brexit for both individuals and corporates. The website is accessible here. The new Hub can provide information’s regarding the regulated sector, official announcements and Circulars addressed to regulated firms....

Ηarmonised inflation dropped by an annual -0.8% in January 2021

The CyStat announced that the Consumer Price Index dropped by 0.8% in January 2021. According to CyStat sectors like Property had a drop of up to 5.3%. The largest drop from January 2020 to January 2021 was recorded in Energy sector with a drop of 10.7%. ...

Government extends interest rate subsidy scheme

The Government decided to postpone the deadline for the interest rate subsidy scheme it introduced back on the beginning of the pandemic in March 2020. The subsidy is of interest is up to 1.5% for the first four years of the loan for a first residence up to €400,000. For companies and self-employed people the subsidy will be up to 2% for the first two years, and drop to ...

New property sales tax to support refugees

The parliament approved this week a new levy of 0.4% will be imposed on all property sales in order to support Greek-Cypriot refugees. According to the new law, the tax will be on any sale/transfer of real estate, the levy will be payable by the seller and the funds will be distributed to the support the refuges through various Governmental Schemes....