Tax reforms and the introduction of a new concept of domicile are set to enhance Cyprus’ offering and attract more high-net-worth individuals and top-level professionals such as fund managers and investment analysts to relocate to Cyprus, says Kikis Treppides.

Interest ratesin the Cyprus banking system rose in August 2015 despite the decline in deposit rates.

Interest has recovered in the monthly issue of 6-year retail bonds, the government’s alternative financing method after the economy crashed two years ago, with €28.4 mln sold in the October 2015 series.

As President Nicos Anastasiades addressed the UN General Assembly in New York on the Cyprus issue, the focus of numerous top-level meetings the president and his delegation were holding on the sidelines were energy-related.

US Secretary of State John Kerry sent a message ahead of the island’s Independence Day on October 1, saying Cyprus was a valued friend and partner of the United States.

The government has set an energy-savings target of 14.5% for the year 2020, a senior Energy Ministry official told MPs recently.

The government has welcomed the upgrade of Cyprus' long-term sovereign credit ratings to 'BB-' from 'B+' by the Standard and Poor's credit rating agency.

Tourism stakeholders recently lauded the role of the sector in helping Cyprus emerge from the financial crisis in 2013 but said more could be done.

Hellenic Bank and the European Bank of Reconstruction and Development will sign a cooperation agreement shortly, which will seal the decision of the London-based lender to contribute €20m in fresh capital to the Cypriot bank, a source said.

Finance Minister Harris Georgiades said that he expects a drop in non-performing loans in the banking system will result in economic growth and a 'balanced' mix of instruments in the banks’ tool-box.