EY Cyprus is pleased to announce a new interactive seminar on the VAT aspects of Immovable Property, titled “VAT on Property Awareness Drilling: Buildings – Land Sale/Lease & Management (including online property promotion)”.

An application has been been submitted for three high-rise buildings – of nine, eight and six floors – in Peyia, next to the Coral Beach Hotel, and for an additional floor to the existing hotel, according to press reports.

Tourist arrivals in October 2019 rose an annual 0.7% to total 436,509 — a new record for the month — the Cyprus Statistical Service said recently citing the results of the Passengers Survey.

DBRS Morningstar has confirmed Cyprus’ Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low) and changed the trend to ‘positive’ from ‘stable’ as the outlook for the downward trajectory in the public debt ratio has improved, driven by sustained robust economic growth, large primary surpluses and early debt repayments.

We are pleased to announce that Mondaq has awarded Elias Neocleous & Co LLC its “Contributor most read in Cyprus” award for October.

The cabinet gave the green light recently for a new study which will determine if a marina in Paphos will be combined with a cruise ship infrastructure.

In October 2019 Cyprus had Europe’s lowest annual rate of inflation at -0.5% compared to 0.7% average in the euro area and 1.1% in the EU.

Cyprus has approved an attractive €7,000 incentive package to encourage motorists to scrap their old petrol cars for a new environmentally-friendly electric one.

EuroAsia Interconnector, the 1,000MW electricity link connecting the grids of Israel, Cyprus and Greece, has secured the necessary planning permission to start construction of the first converter station that will be built in Kofinou.

On 13 November 1979 an Austrian Airlines aircraft landed in Larnaca for the first time. 40 years later the flight connection is not only still in place but also very successful.