Cyprus Finance Minister Harris Georgiades is considering an increase of the corporate tax rate from 12.5% to 15% as part of a financial reform package.

Passenger traffic at Larnaca and Paphos airports in the seven-month period January-July 2019 rose 3.1% to 6.1 million from 5.9 million last year, according to Hermes Airports data.

EY is pleased to announce the successful completion of the transaction between Ireon Investments Ltd and Cyprus Popular Bank Public Co Ltd (“CPB”) for the sale of CPB’s three Greek subsidiaries, namely Investment Bank of Greece S.A., CPB Asset Management A.E.D.A.K. and Laiki Factors & Forfeiters S.A. The closing of the transaction took place on 31 July 2019, at EY Cyprus’ headquarters in Nicosia.

The record boom in Cyprus tourist arrivals of recent years has encouraged owners to expand their hotels, while attracting branded newcomers to invest millions in the island’s hotel industry.

A new Eurobarometer survey released recently shows Cyprus is the EU member state where the positive image of the EU has increased the most.

A strong 16% increase was recorded in credit card transactions in July 2019, reflecting consumer confidence while tax and other online payments to the state played a significant part in the upswing.

The number of registered Cyprus unemployed has reached its lowest point since 2011 following an annual 17% drop in July 2019, according to official data released recently.

Author: Mikaela Kantor, Senior Associate - Prountzos & Prountzos LLC

With Limassol’s seafront peppered with luxury towers and new developments, there is almost no room for new projects, so investors are heading outwards to the area between the new marina and the old port.

Cyprus tourism is gearing up for a full rebrand of its image to better reflect the various aspects of its offering to promote special interest tourism, such as wellness, conference and rural tourism, and to tap into new markets through better connectivity.