News

Cyprus celebrates 54 years of independence today

Today marks Cyprus’ 54th anniversary of independence from British colonial rule with a military parade in Nicosia. Since gaining independence from the UK in 1960, Cyprus went on to become a member of the EU in 2004, adopted the euro as its national currency in 2008 and was listed by the IMF as one of the 31 advanced economies in the world in 2011.


Changes to VAT laws may cause a loss for Cyprus

The House finance committee was discussing a bill on taxation of services, which Cyprus needs to enact to comply with the EU’s VAT Directive.


Civil Servants in Cyprus strike set to go ahead tomorrow

The Republic of Cyprus’ President Nicos Anastasiades made one last attempt last night to deter public sector employees to go on the arranged strike tomorrow by organising a meeting today with PASYDY boss Glafcos Hadjipetrou and representatives from the teachers unions.


Cyprus and Troika: how will the situation progress?

The government in Cyprus is reportedly doing its best to limit any consequence from the recent foreclosures situation as the Eurogroup has a meeting to discuss the island’s progress in implementing its adjustment programme.


FBME Bank: Partial unblocking of accounts

After the Financial Crimes Enforcement Network (FinCERN) accused FBME of facilitating financial transactions considered as money laundering, many accounts were stopped, effectively freezing account holders finances to launch an official investigation. Today account holders have received a partial unblocking…


Cyprus tax revenues down by 3% from 2013

From January to July this year, the tax revenues have dropped compared to this time last year. Whilst it is only by 3% (€973.2m in total for 2014, and €1.002b for 2013) there have been significant drops in income tax paid by both public and private sector employees alike. The state collected €71,851m…


Hellenic Bank is following Bank of Cyprus

Following Bank of Cyprus which introduced extra measures to support customers who are facing difficult times because of the recession, Hellenic Bank also offered its customers more favourable terms of the loan repayment. “Hellenic Bank addresses the issue of non-performing loans in a way that supports,…


Bank of Cyprus supports its customers who are facing difficult times

The recession in Cyprus had a bad impact on jobless people, low income families and small businesses. Bank of Cyprus (BoC) decided to help and introduced extra measures to support customers who are facing difficult times because of the recession. The Bank said that unemployed individuals with housing…


Russian embargo – a chance for Cyprus to find new markets?

The Russian embargo could be a good chance for Cyprus to find new importers. Cyprus Agriculture Minister Nicos Kouyialis suggested that some products affected by the Russian embargo on the EU would be sold to other markets. One of the potential markets is the United Arab Emirates. Traders from the United…