Cyprus is celebrating the earning of its third credit rating upgrade within a month. Standard & Poor’s (S&P) has upgraded Cyprus’s long-term credit rating to A-, reflecting stable prospects and balanced
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Credit rating agency Fitch has upgraded Cyprus’ credit rating from BBB+ to A-, marking the second upgrade in three weeks. Fitch attributed this positive change to Cyprus’ rapid reduction in
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On 22 November 2024, the international rating agency Moody’s upgraded the credit rating of Cyprus by a double notch. Cyprus’s senior unsecured and long-term issuer ratings were raised by Moody’s
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On 21 November 2024, the House of Parliament passed a law amendment significantly reducing the fines for corporate entities that fail to declare their ultimate beneficial owners (UBOs) on time.
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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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