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	<title>Government of Cyprus &#8211; MICHALIS C. ZAMBARTAS, Advocates, Legal &amp; Tax Advisors</title>
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	<title>Government of Cyprus &#8211; MICHALIS C. ZAMBARTAS, Advocates, Legal &amp; Tax Advisors</title>
	<link>https://zambartaslegal.com</link>
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	<item>
		<title>Cyprus Approves New €100 Million Support Package to Ease Impact of Iran War</title>
		<link>https://zambartaslegal.com/cyprus-approves-new-e100-million-support-package-to-ease-impact-of-iran-war/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Mon, 30 Mar 2026 09:53:31 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[VAT]]></category>
		<category><![CDATA[war]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3118</guid>

					<description><![CDATA[On 25 March 2026, the Council of Ministers of Cyprus approved a new €100 million package to protect households, businesses, and key sectors from the economic fallout of the war <br /><a href="https://zambartaslegal.com/cyprus-approves-new-e100-million-support-package-to-ease-impact-of-iran-war/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Cyprus House of Parliament Approves the Creation of National Sanctions Unit</title>
		<link>https://zambartaslegal.com/cyprus-house-of-parliament-approves-the-creation-of-national-sanctions-unit/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Thu, 31 Jul 2025 08:33:10 +0000</pubDate>
				<category><![CDATA[Compliance]]></category>
		<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[sanctions]]></category>
		<category><![CDATA[sanctions unit]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3086</guid>

					<description><![CDATA[Recently, the Cyprus House of Parliament has passed legislation approving the creation of a financial sanctions unit within the Ministry of Finance. The unit will coordinate the enforcement of sanctions <br /><a href="https://zambartaslegal.com/cyprus-house-of-parliament-approves-the-creation-of-national-sanctions-unit/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Third Upgrade in a Row within a Month! Cyprus Economy Secures Third Confidence Boost with Standard &#038; Poor’s Rating Upgrade</title>
		<link>https://zambartaslegal.com/third-upgrade-in-a-row-within-a-month-cyprus-economy-secures-third-confidence-boost-with-standard-poors-rating-upgrade/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Wed, 18 Dec 2024 10:17:32 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Statistics]]></category>
		<category><![CDATA[A-]]></category>
		<category><![CDATA[credit rating]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[S&P Global]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3021</guid>

					<description><![CDATA[Cyprus is celebrating the earning of its third credit rating upgrade within a month. Standard &#38; Poor’s (S&#38;P) has upgraded Cyprus’s long-term credit rating to A-, reflecting stable prospects and balanced <br /><a href="https://zambartaslegal.com/third-upgrade-in-a-row-within-a-month-cyprus-economy-secures-third-confidence-boost-with-standard-poors-rating-upgrade/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Cyprus Achieves &#8220;A-&#8221; Credit Rating Upgrade from Fitch</title>
		<link>https://zambartaslegal.com/cyprus-achieves-a-credit-rating-upgrade-from-fitch/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Wed, 11 Dec 2024 07:26:44 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Statistics]]></category>
		<category><![CDATA[A -]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[Eurozone]]></category>
		<category><![CDATA[fitch]]></category>
		<category><![CDATA[GDP]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3017</guid>

					<description><![CDATA[Credit rating agency Fitch has upgraded Cyprus&#8217; credit rating from BBB+ to A-, marking the second upgrade in three weeks. Fitch attributed this positive change to Cyprus&#8217; rapid reduction in <br /><a href="https://zambartaslegal.com/cyprus-achieves-a-credit-rating-upgrade-from-fitch/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Double Upgrade of Cyprus’s Credit Rating by Moody’s</title>
		<link>https://zambartaslegal.com/double-upgrade-of-cypruss-credit-rating-by-moodys/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Tue, 26 Nov 2024 09:16:46 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[A3]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[economic growth]]></category>
		<category><![CDATA[Foreign Direct Investment]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Moody’s]]></category>
		<category><![CDATA[rating]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3009</guid>

					<description><![CDATA[On 22 November 2024, the international rating agency Moody’s upgraded the credit rating of Cyprus by a double notch. Cyprus&#8217;s senior unsecured and long-term issuer ratings were raised by Moody&#8217;s <br /><a href="https://zambartaslegal.com/double-upgrade-of-cypruss-credit-rating-by-moodys/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Cyprus House of Representatives Reduces Penalties for Late Submission of Ultimate Beneficial Owner Declaration</title>
		<link>https://zambartaslegal.com/cyprus-house-of-parliament-reduces-penalties-for-late-submission-of-ultimate-beneficial-owner-declaration/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Fri, 22 Nov 2024 09:26:10 +0000</pubDate>
				<category><![CDATA[Compliance]]></category>
		<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[fines]]></category>
		<category><![CDATA[law]]></category>
		<category><![CDATA[Penalty]]></category>
		<category><![CDATA[registrar]]></category>
		<category><![CDATA[Ultimate Beneficial Owner]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=3002</guid>

					<description><![CDATA[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. <br /><a href="https://zambartaslegal.com/cyprus-house-of-parliament-reduces-penalties-for-late-submission-of-ultimate-beneficial-owner-declaration/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Morningstar DBRS and Scope Ratings in Favour of Cyprus</title>
		<link>https://zambartaslegal.com/morningstar-dbrs-and-scope-ratings-in-favour-of-cyprus/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Tue, 29 Oct 2024 10:38:21 +0000</pubDate>
				<category><![CDATA[Government]]></category>
		<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[foreign companies]]></category>
		<category><![CDATA[Morningstar DBRS]]></category>
		<category><![CDATA[positive]]></category>
		<category><![CDATA[relocation]]></category>
		<category><![CDATA[resilience]]></category>
		<category><![CDATA[revenue growth]]></category>
		<category><![CDATA[Scope Ratings]]></category>
		<category><![CDATA[technology companies]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=2981</guid>

					<description><![CDATA[Morningstar DBRS recently upgraded Cyprus&#8217; 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 <br /><a href="https://zambartaslegal.com/morningstar-dbrs-and-scope-ratings-in-favour-of-cyprus/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Cyprus Achieves Major Cuts in Debt-to-GDP Ratio, Standing Out Among EU Nations</title>
		<link>https://zambartaslegal.com/cyprus-achieves-major-cuts-in-debt-to-gdp-ratio-standing-out-among-eu-nations/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Tue, 29 Oct 2024 09:07:55 +0000</pubDate>
				<category><![CDATA[Government]]></category>
		<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[debt management]]></category>
		<category><![CDATA[Debt-to-GDP Ratio]]></category>
		<category><![CDATA[economic recovery]]></category>
		<category><![CDATA[fiscal policies]]></category>
		<category><![CDATA[public debt]]></category>
		<category><![CDATA[reduction]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=2979</guid>

					<description><![CDATA[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&#8217; <br /><a href="https://zambartaslegal.com/cyprus-achieves-major-cuts-in-debt-to-gdp-ratio-standing-out-among-eu-nations/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Revision of the Strategic Plan Aimed at Attracting Foreign Businesses to Cyprus</title>
		<link>https://zambartaslegal.com/revision-of-the-strategic-plan-aimed-at-attracting-foreign-businesses-to-cyprus/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Wed, 28 Feb 2024 11:01:48 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[blue card]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[foreign business]]></category>
		<category><![CDATA[foreign workers]]></category>
		<category><![CDATA[incentives]]></category>
		<category><![CDATA[national development agency]]></category>
		<category><![CDATA[permits]]></category>
		<category><![CDATA[residency permit]]></category>
		<category><![CDATA[strategy]]></category>
		<category><![CDATA[third-country nationals]]></category>
		<category><![CDATA[visitors]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=2882</guid>

					<description><![CDATA[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 <br /><a href="https://zambartaslegal.com/revision-of-the-strategic-plan-aimed-at-attracting-foreign-businesses-to-cyprus/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
			</item>
		<item>
		<title>Imposition of 0.4% Tax Levy on Sale of Immovable Property to Support Greek-Cypriot Refugees</title>
		<link>https://zambartaslegal.com/imposition-of-0-4-tax-levy-on-sale-of-immovable-property-to-support-greek-cypriot-refugees/</link>
		
		<dc:creator><![CDATA[Michalis C. Zambartas]]></dc:creator>
		<pubDate>Sat, 20 Jan 2024 09:44:00 +0000</pubDate>
				<category><![CDATA[Government of Cyprus]]></category>
		<category><![CDATA[Real Estate Law]]></category>
		<category><![CDATA[0.4% Tax Levy]]></category>
		<category><![CDATA[agency]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[equitable distribution of burdens]]></category>
		<category><![CDATA[Greek-Cypriot Refugees]]></category>
		<category><![CDATA[immovable property]]></category>
		<category><![CDATA[support]]></category>
		<guid isPermaLink="false">https://zambartaslegal.com/?p=2869</guid>

					<description><![CDATA[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 <br /><a href="https://zambartaslegal.com/imposition-of-0-4-tax-levy-on-sale-of-immovable-property-to-support-greek-cypriot-refugees/" class="more-link btn btn-primary">Read More</a>]]></description>
		
		
		
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