Cyprus’ Economic Sentiment Indicator declined by 2.9 points in October 2019 from the September due to confidence deterioration in most sectors, the University of Cyprus Economic Research Centre (ERC) said.

Total deposits in Cyprus banks recorded a net increase of €304.1m in September 2019 compared with a net decrease of €61.4m in August.

The government will soon be applying enhanced due diligence checks on foreign nationals who apply for Cypriot passports via the citizenship-by-investment scheme, while at the same time it will comb through past naturalisations to ensure they comply with up-to-date eligibility requirements.

Energy Minister Yiorgos Lakkotrypis said recently that Turkey’s claims on Cyprus’ exclusive economic zone (EEZ) do not benefit Turkish Cypriots or Greek Cypriots.

The Cyprus Stock Exchange wants to shed its negative image by improving its game to support the economy ‘the way it should be doing’ with privatisation and creating new markets.

The government’s proposal to re-establish a long-defunct car and passenger ferry service to Greece from Cyprus by the first quarter of 2020 will be based on a different approach this time, according to Shipping Deputy Minister Natasa Pilides.

Eight companies, including six from Cyprus and two that include overseas firms have submitted bids as part of the government competition for the island’s new public transport system, it was announced recently.

The government hopes a new bill will cut the red tape and encourage more investment, which is oftentimes hampered by the lengthy procedures in the state sector, government spokesman Prodromos Prodromou said recently.

Slovenian Foreign Minister Miro Cerar recently visited Cyprus aiming to enhance economic cooperation between Cyprus and Slovenia.

EY is organizing a seminar on Mergers, Acquisitions and Redomiciliations Unlocked from a Corporate Tax, Legal and VAT angle. The Seminar to be held on October 30th in Limassol and October 31st in Nicosia, is being organized jointly by EY’s Legal, International Tax and VAT teams. It aims to provide an evaluation of the tax and legal changes, while outlining major consideration points for the executives and stakeholders involved in mergers, acquisitions and redomiciliations.