Revenues from Cyprus’ ship management industry reached €896 million in 2016, the Central Bank of Cyprus (CBC) has announced. According to the ship management survey, revenues for the second half of 2016 amounted to €458 million, marking a slight increase compared with €438 million in the first half of 2016. Compared with 2015, revenue declined...Read More

Foreign investors heaped praise on Cyprus during a special session focused on the country at the European Bank of Reconstruction and Development (EBRD) annual meeting on Thursday 11 May. “I was always impressed by the quality of the local professional services. Top quality accountants, top quality lawyers top quality IT specialists…we see them here in...Read More

Cyprus and India have concluded an Agreement on the Avoidance of Double Taxation. Following the entering into force of the signed agreement, the Indian Authorities will provide certainty and stability to prospective investors by retrospectively rescinding the classification of Cyprus in the ‘Notified Jurisdictional Area’ as from 1st of November 2013. The text agreed between...Read More

The Cyprus Cabinet has moved to amend five provisions for granting citizenship to foreign investors in light of a recent European Commission report. Finance Minister, Harris Georgiades, stated that the new amendments to the provisions would encourage investment for the benefit of the Cyprus economy. Some of the most important amendments are: Provisions for large...Read More

Cyprus and Egypt signed an agreement today creating the legal framework for energy companies to go ahead with their own commercial talks on the transport of natural gas from Cyprus to Egypt via an undersea pipeline. The agreement was signed in Nicosia by Cypriot Energy Minister Yiorgos Lakkotrypis and Egyptian Petroleum and Mineral Resources Minister...Read More

Cyprus and India have signed a convention on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, the Finance Ministry has announced. Once the agreement enters into force, the Indian Authorities will proceed with retrospectively rescinding the classification of Cyprus in the `Notified Jurisdictional Area` as of...Read More

The treaty was signed in Brussels by the Minister of Finance Harris Georgiades on behalf of the Republic of Cyprus, and the Minister of Economics Dana Reizniece-Ozola on behalf of the Republic of Latvia. The treaty, an official statement said, “will contribute to the further development of the trade and economic relations between the Republic...Read More

The European Commission has decided to abrogate the excessive deficit procedure for Cyprus, one year ahead of the actual deadline. Specifically the Commission recommends to the Council to close the Excessive Deficit Procedure (EDP) for Cyprus, Ireland and Slovenia as these countries have brought their deficits below the 3% of GDP Treaty reference value in...Read More

The European Commission is examining the impact of possible Cypriot gas reserves in the offshore area between Cyprus and Israel, in order to diversify the energy mix used by the EU and break off the island`s energy isolation, Commission spokesman Jakub Adamowicz has told the Cyprus News Agency. Speaking at the daily press briefing in...Read More

Three contracts on the privatisation of Limassol port services were signed on Monday 25 April at the Presidential Palace, by which the container terminal is now under the management of the Eurogate/Interorient/East Med Holdings joint venture, while DP World/GP Vasilopoulos will manage marine services and the multi-purpose terminal. The government will take in €10 million...Read More