MPs on Monday began discussing two government bills involving tax incentives aimed at luring high earners who are foreign nationals, so that they make Cyprus their personal domicile and headquarter their companies here.

The current account balance of Cyprus in the second quarter of 2020 recorded an improvement. At the same time, the international investment position (IIP) recorded a slight deterioration at the end of the second quarter of 2020.

Neo Plaza, the island’s first designer outlet and entertainment village to open next year will be larger than originally planned, as demand from commercial stores pushed developers to expand the complex.

The Cyprus deputy tourism ministry announced on Monday a subsidy scheme to encourage projects that will upgrade Cyprus beaches, in the framework of the implementation of the 2030 national strategy for tourism and efforts to upgrade the island’s tourism product.

The prospect of a no-deal Brexit has seen an increase in financial services companies looking to Cyprus as a ‘low cost’ European base to retain EU passporting rights, an online conference heard. A survey conducted among 150 electronic money and payment institutions, funds managers, and law and accounting firms at the conference highlighted new industry concerns over Brexit, with 76.9% of participants claiming the future of the UK financial services sector depended on the outcome of the Brexit negotiations. Just 2.6% said Brexit would have no impact.

Education Minister Prodromos Prodromou on Friday announced on Friday an energy upgrade for 25 schools as a first step to convert the buildings to minimal energy consumption.

Cyprus’ Transport Ministry is directing its energy to restore the island’s air connectivity as annual passenger traffic drops by 80% due to the coronavirus containment measures.

Euro area annual inflation is expected to be -0.3% in September 2020, down from -0.2% in August according to a flash estimate from Eurostat, the statistical office of the European Union.

Fitch Ratings has affirmed Cyprus' Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook.

We are delighted to announce that ‘World Tax 2021’, the International Tax Review’s comprehensive guide to the world’s leading tax advisory firms has once more rated our Tax Advisory Team as ‘Tier 1’.  The team’s work in areas of tax controversy has been specifically praised.  Additionally, at the individual level, Managing Partner, Elias Neocleous, has been recognised as a ‘Tax Leader’ in Cyprus.