New foreign company legislation is set to come into effect in Cyprus on 1st January 2015 which will affect many offshore company structures established in Cyprus. The legislation, known as the Deoffshorisation Law, was approved by Russia’s State Duma on 18th November 2014 in an effort to establish a mechanism for the taxation of incomes of controlled foreign companies (CFC).

FXPRIMUS, the Mauritius-based FX/CFD broker, announced recently that its European entity, FX Primus Europe (CY) Ltd. has been granted a CySEC Investment Firm (CIF) License from the Cyprus Securities & Exchange Commission.

The Cyprus Tourism Organisation (CTO) is continuing and intensifying efforts to project and improve the country’s tourism industry.

A vessel looking for liquid and natural gas (LNG) is expected to begin drilling in the Amathusa well of Cyprus Exclusive Economic Zone (EEZ) on January 6, 2014 despite continuous provocations from Turkey.

The government recently announced a €10 million grant scheme earmarked for businesses investing in research and innovation.

Vasiliko Terminal Services (VTS) announced recently the launch of its operations at the jetty of VTT Vasiliko (VTTV) oil storage terminal, in the south-eastern coast of Cyprus.

The Cypriot government is monitoring the issue that has arisen with energy companies Noble and Delek in Israel, a government source told the press recently.

Non-performing loans in Cyprus’s banking system continued to rise in October 2014 to €28.2 billion or almost 49% of total loans, the Central Bank of Cyprus said recently.

Economic sentiment improved in Cyprus in December 2014 on a better economic outlook in the retail and services sector, a survey co-funded by the European Union said recently.

Minister of Communications and Works Marios Demetriades said that low cost airline Ryanair and Greece’s Aegean Airlines applied for a local airline licence.