Cyprus has proven this week that its strategic location makes it an invaluable partner and friend in the region, even if it likes to cut financial corners. During the week, Britain evacuated over 900 of its citizens from Sudan through Cyprus in a frantic rush to get people out. Nicosia agreed to a UK request
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Capital Intelligence Ratings has affirmed the Republic of Cyprus’ long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) at ‘BBB-’ and ‘A3’, respectively, saying that the outlook on the ratings remains ‘stable’. The ratings reflect the demonstrated resilience of the economy and improving fiscal fundamentals, with the budget position returning to
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Despite high inflation, Cyprus’ property market has maintained solid growth during 2022, thanks to demographic changes through high-tech companies and Ukrainian refugees fleeing Russia’s invasion, say real estate analysts. In comments to the Financial Mirror, PwC Partner Cyprus, Constantinos Savvides said the market’s growth last year was down to an influx of foreign high-tech employees
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The fire at the Russian Cultural Centre in Nicosia, which destroyed part of the new cladding of the building under repair, was an unfortunate incident and a case of human incompetence, as evidence apparently points to a construction work accident. However, diplomats jumped the gun and were eager to cry wolf, spreading fear that it
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When deciding where and when to build the new Ayia Napa-Paralimni golf course, the primary concern should be the Public Interest for the benefit of the area and economy, while the classification of an area as Natura does not prohibit development. I reiterate the European Court of Justice ruling in Hungary on a lawsuit against
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In 2022, EU countries granted protection status to 384,245 asylum seekers, up by 40% compared with 2021 (275,040), but in Cyprus, only 580 cases were granted (from 2,305), according to Eurostat. Of the 580 that received protection status in Cyprus last year, 570 were approved through first-instance decisions (compared to 2,290 in 2021), and 10
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The Independent Anti-Corruption Authority has hired a team of internationally accredited legal experts to investigate claims involving high-ranking officials in the cash-for-passports scandal. The previous administration set up the anti-corruption watchdog under President Nicos Anastasiades to investigate “as a priority” claims that he and cabinet members were involved in the golden passport debacle. It was
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Revenue from Cyprus’ ship management industry continued its upward trend in the second half of 2022, reaching €648 mln, up by 25.6% year on year. Throughout 2022, revenue from ship management amounted to €1.22 bln. According to the ship management survey compiled by the Central Bank of Cyprus, the industry’s revenue in H2 2022 marked an
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The Met Office has issued a yellow warning for heavy rain as a low-pressure system moves across the island, upsetting plans for the weekend. A warning for severe thunderstorms came into effect from 11 am on Friday until 7 o’clock in the evening. Yellow warnings are issued for conditions that do not pose an immediate
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Annual Q1 Cyprus property prices increased by 12.3% for apartments, 3.1% for houses, 2.4% for offices, 8% for holiday flats and 3.1% for holiday homes, but decreased by 0.1% for retail and 1.8% for warehouses. This is according to Q1 2023 Ask Wire Index for property sale and rental values. Overall, quarterly sale values increased
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