The University of Cyprus said it expects the economy to expand 3.1 per cent this year

The University of Cyprus said it expects the economy to expand 3.1 per cent this year, boosted by an unusually strong economic performance in the first quarter, and consumer prices to rise 1.7 per cent. “In the first quarter of 2017, real GDP (gross domestic product) is projected to rise (an annual) 3.5 per cent and in the second quarter, … Read more


Italy’s Eni expects that Cyprus will play a key role in the development of the region’s gas resources

Italy’s Eni, the energy giant which made the largest gas discovery in the Eastern Mediterranean off the coast of Egypt in 2015, expects that Cyprus will play a key role in the development of the region’s gas resources, an official said. “We consider this country as a potential pivot for gas development,” Lapo Pistelli, international affairs director at ENI said … Read more


Cyprus’ ship management revenues reach €896 million in 2016

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 by 3.24% or by €30 … Read more


Foreign investors ‘impressed’ with Cyprus

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 abundance,” said Columbia Shipmanagement President … Read more


Cyprus-India sign double taxation agreement

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 the negotiating teams will contribute … Read more


Citizenship criteria amended for foreign investors

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 joint investments of €12.5 million … Read more

Cyprus Egytp Gas

Cyprus, Egypt sign deal paving way for gas pipeline

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 Tarek El Molla. In statements … Read more


Cyprus and India sign convention on avoidance of double taxation

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 1 November 2013, the Ministry … Read more


Cyprus and Latvia have signed a treaty for the avoidance of double taxation on income.

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 of Cyprus and the Republic … Read more

EU flags in front of European Commission

EU decides to abrogate deficit procedure for Cyprus

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 2015 and the correction is … Read more