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

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...
International Monday, 15 January, 2018
EIB to Grant Loans to Cyprus Cooperative Bank and Hellenic Bank

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...
International Wednesday, 10 January, 2018
Cybarco to Launch Trilogy Limassol Seafront

Cybarco to Launch Trilogy Limassol Seafront

Limassol’s ever-changing story is preparing to reveal a ‘trilogy’ on the seafront’s most premium location. Now in its pre-launch phase, Trilogy Limassol Seafront is an exciting new chapter for established developer Cybarco, with a success story spanning over 70 years. A statement of high living in the heart of the city’s affluent waterfront, it bui...
Real Estate Wednesday, 27 December, 2017
EU Publishes First Blacklist of Tax Havens

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...
International Monday, 18 December, 2017
Cyprus to Continue Efforts Even If No Gas Reserves Are Found

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 ...
International Thursday, 07 December, 2017
Rise in property sales led by overseas buyers

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...
International Wednesday, 29 November, 2017
Hellenic bank violated consumer rights

Hellenic bank violated consumer rights

THE CYPRUS Consumer Protection Service (CCPS) has ruled that Hellenic Bank, Cyprus’ third largest lender, violated consumer rights with abusive clauses included in mortgage contracts. The bank violated consumer rights with six practices which included “vague contractual terms”. These allowed the lender to unilaterally change charges, including interest rates ...
Business Monday, 20 November, 2017
Total, Eni to start drilling by early 2018

Total, Eni to start drilling by early 2018

French oil and gas group Total and Italy’s Eni plan to start drilling in a joint exploration block off the coast of Cyprus by the end of this year or early 2018, President Nicos Anastasiades told French daily Le Figaro on Monday. Anastasiades, who is in Paris for an official visit, met Total’s Chief Executive Patrick Pouyanne on Sunday ahead of his meeting with Fre...
Business Tuesday, 14 November, 2017
Parliament approves VAT on building land

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union. Parliament on Friday (3/11/2017) approved a bill imposing 19 per cent VAT on the sale of building land, fulfilling an EU condition some 10 years after the original deadline.The bill passed with the ...
Real Estate Tuesday, 07 November, 2017
Paphos residents fear landslide

Paphos residents fear landslide

Residents and businesses in the Mousallas area of Paphos are concerned that their properties could be damaged by a landslide as huge rocks are moving down the hillside above them. Paphos authorities are taking urgent action following complaints from residents and businesses in the Mousallas area of Paphos that they fear land movement and piles of rocks tumbling down the h...
Local Wednesday, 01 November, 2017
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