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Cyprus and Iran signed on Tuesday 4 August an agreement on the avoidance of double taxation, paving the way for the expansion of business and investment opportunities between the two countries, three weeks after world powers reached a deal on Iran`s nuclear activity to gradually lift international sanctions. The Agreement on the Avoidance of Double Taxation and Fiscal Evasion with … Read more

As of Monday 6 April, Cyprus is lifting all capital restrictions that were imposed on the island two years ago. “The full lifting of capital controls marks the full restoration of confidence in our banking system and the stabilisation of the economy,” President Nicos Anastasiades said, announcing a series of measures that aimed to boost growth and create new jobs. … Read more

Cyprus and Bahrain signed a number of agreements on 9 March, during an official visit to the Kingdom by Cyprus President Nicos Anastasiades. These include an agreement on double taxation avoidance, which is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.

Central Bank of Cyprus Governor Chrystalla Georghadji has expressed optimism that 2015 will signal the start for economic recovery and a return to growth. She was addressing, on Monday 1 December, the Parliamentary Committee on Budgetary and Financial Affairs in the context of the 2015 state budget. Georghadji told MPs that her optimism is based on the fact that the … Read more

The Cyprus general government accounts achieved a surplus of €274.9 million for the period of January – October 2014. According to figures released by the Ministry of Finance on Monday 1 December, the overall surplus reached 1.58% of GDP compared with a deficit of 2.62% or €474.8 million in the corresponding period of 2013. The primary balance (excluding debt servicing … Read more

Cyprus and the USA signed on Tuesday 2 December an intergovernmental agreement for the implementation of the US Foreign Account Tax Compliance Act (FATCA), in what has been described as a step further in boosting their economic and political ties. The agreement was signed by Minister of Finance Harris Georgiades and US Ambassador to Cyprus John Koenig at the Finance … Read more

Cyprus looks ready to strike a lucrative energy deal with neighbouring Egypt to pump natural gas straight to the LNG plant at Damietta, close to Cairo. According to media reports, Nicosia and Cairo appear to be thrashing out a deal which would see natural gas flowing to Egypt through pipelines from the island’s Aphrodite Gas Field. The Aphrodite bloc is … Read more

Cyprus has signed a multilateral agreement on the reciprocal exchange of information relating to financial accounts for tax purposes. According to an official announcement, the agreement was reached during a meeting in Berlin of the Global Forum of the Organisation for Economic Co-operation and Development (OECD) on Transparency and Exchange of Information for Tax Purposes. The agreement was signed by … Read more

Three Cypriot banks completed with a capital surplus the European Central Bank’s comprehensive assessment, whereas one bank completed the exercise with a manageable shortfall. The ECB and EBA comprehensive assessment revealed capital shortfalls for Bank of Cyprus, the Cooperative Central Bank (CCB) and Hellenic Bank, whereas Russian subsidiary RCB registered capital surplus. The test was made on the basis of … Read more

The results of the Comprehensive Assessment for Cypriot banks by ECB and EBA, published on Sunday, confirm the final stabilization of and restoration of confidence in the financial system of Cyprus, as well as the positive outlook for the Cypriot economy, the Ministry of Finance says. According to an official announcement issued by the Ministry, the results of the Comprehensive … Read more