Recently, parents have become more sophisticated in investing their wealth to safeguard for their children’s future. More often, parents are willing and determined to start saving money for their children as soon as their baby is born (sometimes, even before the baby’s “arrival”). Typically, a parent’s primary concern is being able to pay their child’s educational costs and/or ensuring a better start for their children when they grow up and begin to purchase property or even launch their own business.

When property interests are given away during life or at death, taxes are imposed on their transfer, as per Cyprus's tax law. Such taxes are known as estate and gift taxes.

Tourism stakeholders anticipate a more difficult year because of challenges facing the three main markets — the UK, Russia and Germany - according to press reports.

Cyprus-based Eurobank posted improved net profits in 2018 of €42.5 million from €41.1 million the year before.

Limassol has been placed in the top 100 cities worldwide in Mercer’s quality of living rankings for 2019.

Limassol has been placed in the top 100 cities worldwide in Mercer’s quality of living rankings for 2019.

According to the new statistical data, the trade deficit dropped to €4.9bn in 2018, down from €5.3bn in 2017.

The new industrial port at Vassilikos, due for completion by 2023, will cost around €250 million, it was announced recently.

Talks aimed at recalibrating the revenue-sharing agreement for the Aphrodite gas reservoir appear to be going well, reports said recently.

The island’s trade deficit was €4.9bn in 2018, down from €5.3bn the previous year, according to the statistical service.