With the aim of ensuring a stronger investor protection framework and the smooth operation of the market, the Cyprus Securities and Exchange Commission (CySEC) is enhancing its supervisory capabilities through the use of new technologies and other tools. This was the focal point of CySEC Chairman Dr. George Theocharides’ speech delivered during a press conference on Tuesday, 1 February 2022, focusing on CySEC’s goals for 2022 and the sector’s trends and developments in 2021.

The protocol amending the double tax convention between the Republic of Cyprus and the Swiss Confederation which was signed on 20 July 2020 in Nicosia, Cyprus came into effect on 3 November 2021 (please see Circular 3/2022). The protocol relates to the avoidance of double taxation in respect of taxes on income and on capital.

A woman has to work until February 6 to reach the same wage as a man received in the preceding year, Labour Minister Zeta Emilianidou said on Sunday.

‘We hope to reach 75% of general population Covid-19 vaccination coverage’, permanent secretary for the ministry of health Christina Yiannaki said, as Cyprus has vaccinated 84.4% of adults and 9.5% of children 5-11.

Hermes Airports, the consortium that manages and controls the two international airports of the Republic of Cyprus, announced on Monday it has signed the Toulouse Declaration, which, it said, was reinforcing its commitment to a net-zero future.

January 2022 recorded a spike in Cyprus inflation, rising to 5.4%. At the same time, the Consumer Price Index (CPI) decreased by 0.53 units falling to 104.57, compared to 105.10 in December 2021, according to the Statistical Service of the Republic of Cyprus.

Total new bank loans in Cyprus increased by 22.2% in 2021 compared to the previous year, coming close to the levels of pre-coronavirus 2019, with deposits also taking off.

The real estate market is back on track following the pandemic and demise of the Citizenship for investment scheme, as property sales in January exceeded those in the same month in pre-COVID 2019.

In Cyprus’ Health Profile for 2021, it is noted that Cyprus spends less on health than most EU countries. In 2019, 1881 euros per capita went towards health, which is about half the average of €3521 for the EU as a whole. Despite gradual increases over the past decade, this amount translates to 7 % of GDP, a significantly lower share compared to the total EU average of 9.9 %. In addition, only 8 % of the government budget was spent on health, compared with a 14 % EU average.

Some €2.2 million will be spent on upgrading track and field facilities, while special emphasis will be given to bringing football stadiums into line with the requirements of the licensing authority, government spokesman Marios Pelekanos announced on Friday.