For many years, Cyprus was trying to convince one of the big international banks to start operations in Cyprus.

Melco Resorts & Entertainment has agreed to acquire parent company Melco International Development’s entire 75% stake in ICR Cyprus – the operating entity of under construction integrated resort casino City of Dreams Mediterranean.

Cyprus’ ‘recovery phase’ has passed and the economy is settling into its ‘growth phase’, Hellenic Bank’s Economic Research Department said recently.

Cyprus start-ups and other enterprises will have the opportunity to raise funding from three ground-breaking programs, aimed at boosting innovative entrepreneurship and promoting products or services.

Restaurant and hotel prices in Cyprus are 7.8% lower than the European Union average but food prices are 8.4% higher according to Eurostat’s updated data visualisation which allows consumers to easily compare data on consumer price levels in the EU 28.

Cyprus’ real estate sector is continuing to thrive, building on the upward trend of previous years, as sales transactions in 2018 reached a nine-year peak, making experts feel hopeful the market is robust.

Fitch Ratings said that it had downgraded Bank of Cyprus `long-term senior unsecured debt rating to 'CCC' from 'B-' and Recovery Rating to 'RR6' from 'RR4'.

The German tourism market is expected to decline by 20% in 2019, deputy minister of tourism Savvas Perdios said recently.

On 24 May 2019, Cyprus ratified the double taxation treaty it had signed with Kazakhstan earlier this year which is expected to enter into force on the 1st of January following the year that all steps are taken by the two countries to give effect to the treaty.

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