Morningstar DBRS recently upgraded Cyprus’ long-term credit rating to positive, citing budget surpluses of 2.7% of GDP in 2022 and 3.1% in 2023, following pandemic deficits. In accordance with the
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Cyprus has outperformed its EU peers in managing public debt, achieving a significant reduction in its gross government debt-to-GDP ratio. By the end of the second quarter of 2024, Cyprus’
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On February 7, 2024, following the meeting of the Council of Ministers of Cyprus, the Minister of Finance Mr. Makis Keravnos announced that the Council of Ministers approved the revision
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In February 2021, the House of Representatives of Cyprus passed a law (Law 12(I)/2021) levying a 0.4% tax on all sales of immovable property whereby the proceeds would go towards
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On September 29, 2023, Cyprus Minister of Finance Mr Makis Keravnos announced the tax reform project of Cyprus, the “Integrated Tax Transformation Project”. In his speech, the Minister emphasized that
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As of 25 July 2023, Cyprus is fully integrated into Schengen Information System (SIS) which is used for border management and internal security in Europe. SIS supports the exchange of
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The House of Representatives of Cyprus is set to vote today, 02 June 2023 on a bill for amendments to the reduced VAT regime on the purchase and construction of
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In connection to our article “Cyprus Changing its Regime on Reduced VAT for First Homes: an Update” published on 28 March 2023, regarding the reduced VAT regime legislation changes, the
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In its report published on 29 March 2023, the rating agency Moody’s maintained a stable outlook on Cyprus’ Banking System. According to the report, Cyprus’ bank creditworthiness will remain stable
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We would like to remind interested parties that the deadline for the Annual Levy for 2022 for Cypriot companies was extended to 31 December 2022 without the imposition of a
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