European Central Bank executive council member Benoit Coeure said recently that while Cyprus’ systemic banks were able to become part of the ECB’s single supervisory mechanism, the level of non-performing loans (NPL) together with the level of leveraging of its banks remained a concern.

President Nicos Anastasiades said recently that the road to full recovery and the restoration of trust in the economy would be long and arduous but that the page had been turned.

Ryanair has said it is one step closer to taking over Cyprus Airways (CY) after getting through to the second round of bidding for the ailing flag carrier at the weekend, the Irish Times reports.

The Finance Minister said recently the downturn on the island appeared to have bottomed out, after the economy showed an improvement over the past four quarters.

The Agriculture Ministry plans to disburse up to €4.2 million in European Union funds towards development and promotion of the domestic wine industry over the next two years, with zivania playing a leading role, Minister Nicos Kouyialis said recently.

Cyprus is expected to record a growth rate of 1.6% in 2016 according to the European Commission's Autumn Economic forecast.

Noble Energy is leaning toward regional pipelines as its favoured option for monetising its Cypriot natural gas finds, with onshore liquefied natural gas (LNG) now relegated to bottom of the list.

Cyprus banks came out with positive results from stress tests carried out by the European banking regulator, marking a final stabilisation of the banking system.

Cyprus is reinventing its tourism sector by offering a wider range of year-round activities and showing a more sustainable approach to tourism.

This short note is dedicated to the test of residency in Cyprus for the purposes of taxation.