Finance Minister Harris Georgiades said recently that the practice by which non-EU nationals and shell companies could deposit large sums of money into Cypriot banks without having a physical presence on the island had come to an end.

The leading luxury developer and the backbone of the reputable Lanitis Group, Cybarco is continuing to set new standards for property development in Cyprus while working apace to deliver the next phases of its distinctive projects: Akamas Bay Villas, Limassol Marina and Trilogy Limassol Seafront.

British High Commissioner in Cyprus, Stephen Lillie, said that under UK`s withdrawal agreement with the EU, the rights of Britons in Cyprus and all over the EU, as well as the rights of Cypriots in Britain are protected, and after Brexit they will continue to live and work and access public services, health services, just like they do now.

Greece-based company Diversa announced recently that it is considering acquiring Cobalt Air, press reports indicate.

The GDP growth rate in real terms during the third quarter of 2018 is positive and is estimated at 3.6% over the corresponding quarter of 2017, the Statistical Service of Cyprus reported recently.

The Stena Icemax drillship leased by ExxonMobil, is expected to begin drilling in Cyprus’ offshore block 10 by the end of the week commencing 12th November 2018, it was reported recently.

“Unlike Greece, Cyprus came out of the memorandum very early, by implementing effective reforms.” This message was sent out in Nicosia by former Eurogroup Chairman, Jeroen Dijsselbloem.

The Stena Icemax drillship has arrived on location in Cyprus’ offshore block 10 and is preparing to bore down into the seabed, Energy Minister Giorgos Lakkotrypis said recently.

By the end of 2018, the Cyprus economy will have grown by 16% of GDP, which more than covers lost ground, and if all goes well, growth is expected to remain above 3% annually for the next three years, Finance Minister Harris Georgiades said recently.

The Central Bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the specific definitions of shell companies will help eliminate suspicious transactions and further strengthen banks’ anti-money-laundering (AML) practices, Moody’s rating agency said recently in its Credit Outlook.