Cyprus has signed the OECD multilateral treaty on double taxation, known as Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS).

Investors from Russia and the Arab countries are emerging as land developers in the Cypriot real estate sector, Chairman of the Cyprus Real Estate Agents Association Marinos Kynegirou has told the press.

The area and value of projects that secured a building permit in the first quarter rose to 298,121 square metres and €315.8m respectively, in both cases 29% higher compared to the respective period of 2016, the statistical service said.

The number of company registrations rose 6.4% year-on-year in May 2017, to 1,141, after falling 2% in April, the Department of the Registrar of Companies and Official Receiver said.

ExxonMobil’s vision for Cyprus is to see the country becoming a regional energy hub as the company hopes to find sufficient deposits of natural gas, President of ExxonMobil Exploration Company Stephen Greenlee said recently.

The IMF Executive Board has praised the noteworthy financial achievements of Cyprus since the country’s exit from the bailout programme.

Cyprus’ Transport Minister Marios Dimitriades called on his EU counterparts to strengthen the competitiveness of the European shipping industry, enshrined in principles ensuring a level playing field in the ongoing talks for greenhouse gas reduction within the International Maritime Organization.

Seasonally adjusted GDP rose in Cyprus by 0.6% in Q1 of 2017 compared to Q4 2016 and by 3.3% since Q4 2016, according to Eurostat.

The value of transactions with plastic money rose 21% in May 2017 compared to the respective month of 2016 to over €201.1m, JCC Payment Systems Ltd said.

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