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Cyprus to abolish guarantees for foreign workers

Cyprus is pushing for the abolition of a mandatory cash guarantee for foreign workers paid by their employers who are usually on low incomes and in need of care. Interior Minister Constantinos Petrides said that a bill has been sent to the Legal Service providing for the complete abolition of bank guarantees that an employer of a third-country national was obliged to deposit. ...

Business Wednesday, 25 September, 2019

Cyprus Airways signs deal to expand Greek connectivity

Cyprus Airways has officially signed an interline agreement with the Greek-based carrier, Sky Express to connect with 29 destinations across Greece. The agreement, effective from September, will offer more travel opportunities to Cyprus Airways passengers as they can continue their journey from Athens or Thessaloniki to other destinations in Greece or the Greek islands. Passe...

Business Tuesday, 24 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 ...

Business Saturday, 14 September, 2019

Larnaca wants fuel storage terminals moved in 15 days

LARNACA municipality has sent a letter to several government ministers asking them to resolve issues regarding the relocation of the petroleum and LPG facilities from its coast to Vasilikos within 15 days. On Thursday, the municipality announced that a meeting of the inter-ministerial committee on the relocation of the installations was held on Monday at the office of the mini...

Business Friday, 26 July, 2019

GDP Growth Of 3.4% In 2019 And 2020

University of Cyprus’ Economics Research Centre has predicted that real GDP growth will slow from 3.9% in 2018 to 3.4% in 2019, a rate which will also remain in 2020, the Cyprus News Agency reports. In its Economic Outlook, published on Friday, the Economics Research Centre notes that the growth momentum of the Cypriot economy is expected to moderate in 2019 and 2020. &...

Business Thursday, 25 July, 2019

EY: Many Challenges for Telecommunications in the 5G Era

With digital services now the leading priority for the telecommunications C-suite, it is little surprise that ineffective digital growth tops a new EY ranking, Top 10 risks for telecommunications operators. This ranking highlights the security requirements due to increased data protection regulation and the widening talent-skills gap as growing risks that demand a shift in...

Business Wednesday, 29 May, 2019

Gregoriades: The Investment Funds Sector is the Most Promising Sector of the Cypriot Economy

  The Cypriot investment funds sector has gained a significant position on the international investment map. The Cyprus Investment Funds Association (CIFA), has been accepted as a full member of the International Investment Funds Association (IIFA), while it has been a full member of the European Fund and Asset Management Association (EFAMA), since 2016. CIFA’s app...

Business Thursday, 16 May, 2019

Limassol Marina Receives the Highest Industry Award for Excellence

Limassol Marina, the first full-service superyacht marina in Cyprus, has received the prestigious “5 Gold Anchor Platinum Award”, the highest distinction for exceptional marinas across the world, providing outstanding customer services and facilities. The official announcement was made at the opening ceremony of Limassol Boat Show 2019 in the presence of government ...

Business Tuesday, 14 May, 2019

Bank of Cyprus: Provides access to eight other banks to its customers

The ability of the customer to monitor the accounts he maintains with other banks through Internet & Mobile Banking, offers Bank of Cyprus, as part of the Digital Transformation Program. In today's announcement, Bank of Cyprus reports that 1bank provides, via Internet & Mobile Banking, the ability of the customer to monitor its accounts with other banks, adding tha...

Business Monday, 13 May, 2019

Rush for Cypriot passports before rules tighten

Foreigners are rushing to acquire Cypriot passports via the citizenship-by-investment scheme before the rules are tightened on 15th May according to a report in the Greek daily Phileleftheros. FOREIGN nationals are reportedly scrambling to acquire Cypriot passports via the citizenship-by-investment scheme, ahead of tighter criteria kicking in on May 15. According to daily Phi...

Business Thursday, 02 May, 2019

ExxonMobil announces 5-8t cubic feet of gas off Cyprus

Cyprus and ExxonMobil on Thursday announced a gas find estimated between 5-8 trillion cubic feet (tcf) in an offshore field inside the island’s exclusive economic zone. The discovery was made in the Glafcos (Glaucus) 1 well in Block 10 of the EEZ. “Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource ...

Business Friday, 01 March, 2019

Changes to Citizenship scheme approved

Changes to Cyprus’ controversial citizenship-by-investment scheme, which has granted 1,864 citizenships and generated €6.6 billion of foreign investment, have been approved by the Cabinet.  Cyprus on Wednesday (13/02/2019) approved a series of changes to its much-criticised Citizenship-by-Investment scheme, so it becomes “more targeted and trustworthy&rdq...

Business Tuesday, 19 February, 2019