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The Cypriot economy expanded 3.4 per cent in the first quarter of the year, compared to the respective three-month period of 2016, and a seasonally adjusted 3.3 per cent, the statistical service said citing a flash estimate. Compared to October to December, the Cypriot economy grew 0.6 per cent in the first quarter, Cystat said in a statement on its … Read more

A sοlid growth rate of 2.5% and 2.3% of GDP in 2017 and 2018, a budgetary surplus of 0.2% and 0.7%, and a fall in unemployment to 11.7% and 10.6% respectively are included in Cyprus` spring economic forecasts, which the Commission has made public in Brussels. The Commission also estimates that it is highly probable that the situation will overcome … Read more

Cyprus and Luxembourg have signed a double tax avoidance and prevention of tax evasion treaty, based on the model convention of the Organisation for Economic Cooperation and Development, the finance ministry said. Finance minister Harris Georgiades and his Luxembourgian peer Pierre Gramegna signed the agreement, which aims at helping the two EU members strengthen bilateral ties, the ministry said in … Read more

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, 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

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 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 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

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 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