Over 270 people, mostly foreign investors eyeing a Cypriot passport, benefited from the reduced rate of 5% VAT for first-time home buyers instead of paying the standard 19% rate, with state coffers denied €16.2 mln in taxes. The revelation was made by Finance Minister Constantinos Petrides, who said the state intends to collect due taxes.
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Larnaca and Paphos Airports hope visitors enjoy a festive atmosphere as they celebrate Christmas with handmade ornaments inspired by Cypriot folk art and tradition. More than 25 craftswomen from the Cyprus Handicrafts Centre embroidered ‘Lefkaritiko’ motifs, created ornaments made by needle, weaved Christmas-like straw ornaments, and hand-painted figures for the Christmas trees. Each tree area
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French navy aircraft carrier Charles de Gaulle is back in Cyprus to participate in air defence exercises. Defence Minister Charalambos Petrides confirmed that air defence exercises are taking place off Cyprus, where the Republic’s armed forces participate. He said the French aircraft carrier Charles de Gaulle is in the area within the context of military
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The ANIMA Investment Network board unanimously decided to create the Euromed Tech Hub in Cyprus. It is viewed as a “significant success” for Cyprus, as the Euromed Tech Hub will function as a regional centre for research and cooperation on issues of business innovation and the transfer of technological knowledge for the participants from the
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A British pensioner accused of the premeditated murder of his terminally ill wife must wait another week before knowing his fate after changing his plea to manslaughter. Briton David Hunter, a former miner, faced a 25-year sentence if found guilty of plotting to kill his wife, but a deal was reached to have him plead
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Nine academics from the University of Cyprus Faculty of Engineering have been included in the prestigious Stanford list of the world’s top 100,000 scientists. UCY said inclusion on the Stanford University list is an “important and outstanding honour” for the participating researchers and the scientific institution they represent. The University of Cyprus academic staff on the list
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Hellenic Bank’s voluntary early retirement plan to streamline operations will decrease capital and weigh on its profitability this year but reduce its workforce by 17% and lower operating costs, a credit-positive move, said Moody’s. The plan will cost the bank around €70 million, which it will book in its fourth-quarter results. This compares with pre-provision
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Finance Minister Constantinos Petrides made a bold declaration this week, telling investors that Cyprus can be a financial hub in the eastern Mediterranean and very soon become a ‘triple A’ economy. But before we get there, he also told MPs that the new administration next February should prioritise reducing public debt in the long term.
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UK and other non-EU pensioners eyeing a retirement home in Cyprus are being pushed to rethink their plans as authorities raise the bar for residence permits, temporary or otherwise. The changes come amid a surge of demand from retirees from the UK, Israel, and Germany, with real estate agents worried the government’s plans will prematurely
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Despite its small size, Cyprus’s ambition of becoming a fintech hub has been boosted by the decision of Binance, the world’s largest cryptocurrency trading platform, to establish a presence on the island. The announcement was made by Binance’s CEO Changpeng Zhao in an interview with Kathimerini Cyprus, placing the island on the map as a
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