Around 37,000 Russian tourists are expected in Cyprus over the coming months following the decision by Russian budget airline Transaero to carry out daily flights to Paphos.

Cyprus’ fiscal deficit for the second quarter (Q2) of 2013 declined to €225.6 million compared with €409.4 million in Q2 2012.

The Cyprus government aims to reduce state spending by 10% in 2014, and reduce public deficit without imposing new taxes, says Finance Minister Harris Georgiades.

The Cypriot Government introduced on 24 May 2013 amended criteria and conditions for Cyprus Permanent Residency permits and Cyprus Citizenship to foreign investors in an effort to promote foreign investments to Cyprus.

Revenue from Value Added Tax in July reached €151.4 million, marking an increase of 1.4% compared with €149.2 million in the corresponding month of 2012.

The cabinet has decided to push development through long-term lease agreements to enable private investors to take on the management of government property.

The Cyprus cabinet has approved bills to strengthen the island’s anti-money laundering (AML) framework further and increase financial transparency.

The church is prepared to sell off prime real estate to raise the necessary cash to maintain its majority stake in Hellenic Bank, says Archbishop Chrysostomos II.

Vassilikos power station is back to full operation with all units repaired and provisions made for future use of natural gas.

The cabinet has decided to exempt immovable property worth up to €5,000 at 1980s values from the new taxation.