Why India's Richest Are Seeking Citizenship In Cyprus

India's wealthy have long coveted foreign passports. Some see it as a ticket to easier tax regimes and more business friendly climates. For others, it’s the desire for a more western lifestyle or the ability to study, work or travel abroad with ease. For rich Indians looking for citizenship or permanent residency in a European nation, the scenic island country of Cyprus i...

Tax shock for British residents in Cyprus

The revised UK and Cyprus Double Taxation Convention, which was signed on 22 March, could result in higher taxes for some retired British residents in Cyprus whose pensions are paid by the UK Government.  Earlier this month Cyprus and the United Kingdom signed a revised double taxation convention, based on the OECD Model Convention for the avoidance of double taxation on ...

Greece, Cyprus Top ‘Sunshine Saturday’ Choices for the Brits

Greece and Cyprus are at the top of British travelers’ bucket lists according to travel agents working full speed ahead for ‘Sunshine Saturday’, the first Saturday of January and the busiest day for holiday bookings in the UK. Sunshine Saturday is considered the busiest day of the year for travel operators as thousands of pe...

EIB to Grant Loans to Cyprus Cooperative Bank and Hellenic Bank

The European Investment Bank (EIB) will sign new loan agreements with the Cyprus Cooperative Bank and Hellenic Bank amounting to €25 million and €40 million respectively. The loan agreements, under state guarantees, aimed at financing small and medium-sized enterprises (SMEs) and mid-cap companies in Cyprus at attractive interest rates. According to a press release i...

EU Publishes First Blacklist of Tax Havens

The European Union has published its first blacklist of tax havens, naming 17 territories including Saint Lucia, Barbados and South Korea, the BBC reports. A "watchlist" of 47 countries promising to change their tax rules to meet EU standards has also been issued. The "grey list" includes several with UK links, including Hong Kong, Jersey, Bermuda and the Cayman Islands, as we...

Cyprus to Continue Efforts Even If No Gas Reserves Are Found

Cyprus will not close its hydrocarbons chapter in the event that no significant gas reserves are found in its Exclusive Economic Zone (EEZ) during the forthcoming drillings, Toula Onoufriou, Chairwoman of the Board of the Cyprus Hydrocarbons Company (CHC), has said. Speaking on Friday to journalists during the presentation of the work of the CHC, which is the National Oil and ...

Rise in property sales led by overseas buyers

October saw the number of property sales in Cyprus to overseas buyers rise by 65% according to official statistics from the Department of Lands & Surveys. Sales increased by 65% compared to October 2016 with sales rising in all districts. In percentage terms, Famagusta led the way with sales increasing by 130%, followed by Paphos, where they rose by 81%. Meanwhile sales in...

IMF Statement

In a Concluding Statement following its recent mission to Cyprus, the IMF has made a number of recommendations on real estate including reinstating the annual Immovable Property Tax (IPT), raising transfer fees and streamlining the procedures from issuing and transferring Title Deeds: Policy adjustments may be needed to avoid a potentially unsustainable increase in constructio...