Bank of Cyprus has issued a groundbreaking €300 million green bond to fund environmental projects like energy efficiency and renewable energy. This move reflects a global shift towards sustainable finance, strengthening both Cyprus’s economy and the bank’s financial stability.
Cyprus’ proposed tax reforms aim to recalibrate personal income tax to tax family income, introduce a flat 20% personal income tax rate, and implement a uniform corporate tax rate of 20% for all business owners. The reforms also include fair taxes on immovable property, adjustments in VAT rates, and an environmentally conscious shift in road tax policy and the introduction of carbon emission taxes, all geared towards fostering sustainable finance and economic equity, as evaluated by noted entrepreneur Orestis Aristides.
Recent developments in ESG integration in Cyprus involve the creation of an ESG compliance assessment tool by Artemis Credit Bureau, Cyprus Banks Association, and ICAP CRIF. This initiative aims to establish an ESG ecosystem, combat greenwashing, and promote genuine sustainability efforts in the nation’s financial sector, propelling sustainable finance forward.
