EY Cyprus is pleased to share the latest Cyprus Tax Facts guide – in English – which provides a straight-forward, holistic summary of the Cyprus tax system, based on current legislation and tax practices, in relation to the fiscal year 2022.

Cyprus’ efforts to keep its air connectivity alive through the pandemic have worked after the island registered the third lowest decrease in passenger flights in the European Union in December.

Cyprus has made some progress in the fight against money laundering and terrorist financing by partially complying with recommendations set out by the Financial Action Task Force (FATF), according to a report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL.

The Central Bank of Cyprus (CBC) announced on Wednesday that the country’s Foreign Direct Investment stock remained positive in 2020, despite registering a decrease over the FDI stock in 2019.

Cyprus will tap the international markets on Thursday by issuing a €1 billion ten-year European Medium-Term Note (EMTN) to cover fiscal needs arising from the pandemic.

As the Investment Funds Industry in Cyprus continues to prolifically expand and record growth, the responsibility for high standards of ethical professionalism becomes more pertinent than ever before. Investment professionals across all levels within the Funds Industry must demonstrate high ethical behaviour as to mitigate risks of not acting in the best interest of their clients.

Property sales in the Larnaca district nearly reached €3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown.

The total stock of Portfolio Investments (PI) assets dropped to €22.8 billion in 2020 marking an annual reduction of 7% compared with €24.5 billion the year before, reflecting the decrease recorded in equity and investment fund shares and to a lesser extent in short-term debt securities investments made by residents abroad, the Central Bank of Cyprus has said.

The transition of Cyprus to the digital age requires high levels of cyber security, President Nicos Anastasiades said on Wednesday.

The credit profiles of Cyprus’ two largest banks are improving due to significant progress with plans to offload non-performing exposures (NPEs), Fitch Ratings said.