The Cyprus government is expanding its mortgagetorent scheme to help struggling homeowners facing pressure from credit companies and banks. This initiative aims to reduce nonperforming loans and is open for applications from December 2023 to August 2024.
Labour Minister Yiannis Panayiotou’s allegiance is under scrutiny as his policies heavily favor unions over businesses, raising concerns about the economic impact. With a focus on worker benefits and union demands, the Minister’s approach fails to address the pressing issue of labour shortages affecting sectors like hospitality, sparking debate on the balance needed for a thriving economy.
The Larnaca Port Expansion project in Cyprus faces delays, pushing back construction to a start date of June 2024, sparking concerns about economic impact and stakeholder uncertainty. Meanwhile, Chevron advances plans for the development of the Aphrodite gas field, contributing to Cyprus’s energy landscape transformation and regional energy influence.
In a groundbreaking decision set to take effect in 2024, the Department of Registrar of Companies will eliminate standard annual fees for all registered companies, as outlined in the Companies (Amendment) Law 2024. This move aims to boost economic growth and streamline corporate financial processes, marking a significant shift in financial obligations for businesses nationwide.
Eurobank Cyprus achieved a record aftertax profit of €199.4 million in 2023, a remarkable 111% increase from the previous year, thanks to strategic decisions improving capital adequacy and operational efficiency. This success underscores the bank’s financial health and contribution to the broader Cypriot economy.
Cyprus is making strides in its economic growth, with recent developments like strengthening ties with Greece and abolishing a corporate tax levy. The Central Bank of Cyprus projects a steady GDP growth, while the Cyprus Stock Exchange shows gains, reflecting a promising economic landscape.
In 2024, OPAP Cyprus is deeply committed to social responsibility, backing the “Arodafnousa” Palliative Care Centre in partnership with the Cyprus AntiCancer Society and introducing a bus service for cancer patients in Paphos and Limassol. The Pancyprian Federation of Independent Trade Unions prioritizes worker wellbeing through educational seminars, while the Cyprus Productivity Center (KEPA) expands training programs to nonurban areas to enhance skill development across the island.
This week in Cyprus, the Bank of Cyprus reported a profit after tax of €487 million, showcasing financial stability. Meanwhile, the Poseidonia Hotel in Limassol is spearheading a sustainable transition, and the Cyprus Energy Regulatory Authority called for renewable energy reforms to drive transformation.
The Cyprus Chamber of Commerce has endorsed targeted economic support measures including electricity subsidies, fuel tax cuts, and cash assistance for families and displaced individuals to alleviate financial strain from high energy costs and inflation. These measures aim to support businesses, families, and vulnerable groups, contributing to sustainable economic growth and resilience in Cyprus.
Cyprus and Austria are strengthening their economic ties through collaborative efforts such as business forums and networking events. The focus is on enhancing commercial relations, exploring investment opportunities in sectors like real estate, green energy, and ICT, and leveraging financial benefits from their double taxation treaty.
