News

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.


Cyprus: 7th Most Popular Place in Europe for Brits

Notably, the most popular hotspot is Paphos when is then followed by Famagusta, Limassol, Larnaca and Nicosia. The majority of inquiries were for houses/villas in Limassol at 55%, whereas others were interested in apartments in Nicosia leading with 72%. Limassol leads with the highest average listing price at EUR €329,431 whereas Famagusta has the lowest average asking price of EUR €127,855.


The Limassol & Paphos District Courts that ruled the trapped buyers’ law as unconstitutional will have enormous repercussions for individuals who have been tricked into buying property on land in Cyprus that developers had previously sold to the bank.


Luxembourg and Cyprus finally sign Double Taxation Treaty

Luxembourg’s Ministry of Finance announced last week that Luxembourg and Cyprus have signed a tax treaty together. The agreement was signed in Nicosia by the Finance Ministers of both countries: Mr Pierre Gramegna from Luxembourg and Mr Harris Georgiades of Cyprus.


Panama Papers: an opportunity for Cyprus

The Cyprus government made a great move last week by pro-actively responding to the Panama papers, which named Cyprus to be amongst the 21 EU, US and other jurisdictions as one of channels used by the wealthy to send their money.