Construction activity declined in October with approved building permits dropping 15.5% to 583 from 690 in the previous month of 2020, although Nicosia and Famagusta districts made gains.

The Cabinet decided on Wednesday to start social dialogue for the implementation of the national minimum wage in Cyprus when full employment is reached, namely when unemployment is around 5%.

Finance Minister Constantinos Petrides on Wednesday unveiled the government’s plans to absorb €968 million in EU structural funds in the period of 2021-2027 with emphasis on the green economy, tackling social disparities and job creation.

The cabinet on Wednesday rubberstamped rent relief measures for businesses stricken by the Covid crisis, which include a 70% temporary discount for two months if the landlords are private citizens and full payment suspension if the property belongs to the state.

Finance Minister Constantinos Petrides said Cyprus wants to achieve an absorption of 100% of the maximum of €968 million it could receive from the European structural and investment funds, but this requires that Cyprus invests in projects amounting to €1.8 billion.

COVID-19 came as a shock to everyone and resulted in 2020 being a very tough year for many of us at both a personal and professional level. With a lock-down beginning in 2021 it has meant many people have felt unable to plan for the next year making some feel anxious, scared and insecure but these are all-natural feelings given the current circumstances.

UGlobal Immigration Magazine is proud to recognise the global invest migration industry’s most influential and powerful leaders with the distinguished top 50 awards in four categories: Global Migration Agency CEOs, Global Migration Attorneys, Investment Migration Developers and Global Immigration Companies.

EY Cyprus, staying true to its commitment to building a better working world, always looks to reinforce its teams with the brightest talents. In this context, we are proud to announce that, as of 11th of January 2021, Eleni Sofocleous has joined EY’s Tax practice. 

The European Commission on Tuesday announced that it had approved, under EU State aid rules, “an €86.6 million Cypriot scheme to support companies active in the tourism sector (including organisers of package travel, hotel businesses, and car rental companies) affected by the coronavirus outbreak.”

While oil and gas have made Norway rich, the country is keen to find alternatives to gradually replace its top industry and to play its role in greener energy and the growth it offers.