News

Bank of Cyprus: Project Helix & Non Performing Loans in 2019

Results for Bank of Cyprus’ 2018 annual profit-loss report was recently published, showing losses after tax of just over EUR €100 million, which, even though is a negative figure, experts have been quick to point out noteworthy improvements on the 2017 fiscal year losses of EUR €549 million.


EU parliament Votes to Repeal to EU Golden Visa Schemes

EU thinktank TAX 3 Committee have suggested a number of significant improvements to which the European Parliament have voted overwhelmingly in favour of. One of which being the most controversial legislation amendments in the financial sphere at the moment: the phasing out of EU Member States investment-based citizenship and residency schemes.


Key Changes to Company Secretary: Cyprus Companies Law 2018

There have been some recent amendments to the Cyprus Companies Law 2018 which introduced certain changes some of which come into force at of the date of publication of the amending law; whereas others come into force by the end of 2019 or upon announcement with more guidance from the Cyprus Registrar of Companies.


Cyprus Implements Strike-off Process for Dormant & Lost Contact Companies

The Cyprus tax department are urging service providers in Cyprus with client companies that are dormant or in contactable to use a new system which has been implemented to circumvent lengthy delays in approvals. The Registrar of Companies has announced that a large number of applications for the striking off of dormant companies are still outstanding.


Cyprus Registrar Releases Key Company Data for 2018

The Cyprus Registrar of Companies and the Official Receiver released new statistics for the financial year of 2018 on the island and the following results were recorded, looking likely that slow and steady growth throughout 2019 is estimated.


Cyprus Sets Sights on Entering New Markets After Early Loan Repayment

The Cyprus Finance Ministry have released government plans about the islands preparations to enter international markets with a new euro-denominated bond issue, following early repayment of their loans to Troika.


Cyprus Misses Deadline to Retain Halloumi Cheese Trademark

After several appeals back and forth, the Cyprus government have lost the trademark for halloumi cheese after it had earlier been revoked by the UK’s Intellectual Property Office.


Cyprus Climbs in 2018 Global Prosperity Index

Legatum Institute from the UK have released their 2018 global prosperity index and this year and ranked Cyprus in 28th place out of 150 other countries, climbing from 29th spot for last year in terms of overall prosperity, a general test for residents’ welfare and living standards.


Cobalt Air Unable to Recover Losses as Passengers are Stranded in Cyprus

The recently incorporated new national airline of Cyprus has failed to reach a deal with any European investors and has unfortunately had to ground all flights and has reportedly told all staff members to stay at home.