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Cyprus News

House Approves €2.6 billion State Guarantees to Hellenic Bank

The plenary of the House of Representatives, in an extraordinary meeting on July 8, voted for a decision which approves state guarantees amounting to €2.6 billion granted by the Minister of Finance to Hellenic Bank for the absorption of the Cyprus Co-operative Bank (CCB). The decision was voted with 32 votes in favour and 20…

Small Rise in Cyprus Property Sales

THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during June 2018 rose just 2 per cent compared to June 2017 according to official figures published by the Department of Lands and Surveys. This follows increases of 23% in May, 29% in April and 23% in March and…

Paphos Marina Contract Awarded

AFTER nearly three decades of bureaucratic delays and legal wrangles, the contract to build the Paphos marina has been awarded to Pafilia by the ‘new’ Marina Management Committee. According to the Greek language newspaper Phileleftheros, the committee had been examining the issue for the past two months before informing Pafilia of its decision yesterday. The…

Highrise Not Needed in Paphos

AFTER it was revealed this week that Paphos municipality has received ten applications for high-rise buildings, a 500-strong group Movement to Save Paphos says there is no need for such construction in the district and an expert body should be formed to offer proper advice before it is too late. According to Antonis Trakkides, a…

Foundation Stone Laid for Limassol Casino

The groundbreaking ceremony for the new casino resort took place on Friday in Limassol attended by President Nicos Anastasiades who described it an “historic day” and a “major milestone” for Cyprus. Anastasiades said City of Dreams Mediterranean constituted the biggest investment project undertaken in Cyprus and expressed his “sincerest appreciation” to Lawrence Ho, Chairman and…

Turtle Conservation Tours

Lara Bay Turtle Conservation Station Tours Known for its work with endangered green turtles (chelonia mydas), Lara Bay Turtle Conservation Station is about as far away from the brash resorts of Cyprus as you can get. A tiny, wooden shack overlooking a remote, protected beach serves as the conservation’s headquarters—the result of an effort that…

Cyprus Property Prices Continue to Rise

The RICS Cyprus Property Price Index for Q4 2017 reports price increases for another quarter with significant price rises for houses and apartments in Limassol and Larnaca and offices in Nicosia. The THIRTY-THIRD publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose…

Cyprus Property Sales Up by 29%

The number of property sales in Cyprus continued to rise in May with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with May 2017. THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during May 2018 rose 23…

Another High Rise Development in Limassol

THE SHACOLAS group is planning to demolish the Debenhams Olympia shopping centre in Limassol to make way for a new residential high rise building that would be the tallest in Cyprus. Shacolas’ Woolworth Properties has already applied for a town planning license for the 197-metre-high tower of luxury apartments through its subsidiary Limassol Beach &…

Anastasiades Attends British High Commission Event

The United Kingdom, as a Guarantor Power and a Permanent Member of the Security Council, has a vital role to assume when the Cyprus negotiations resume, President Nicos Anastasiades has said. Addressing on Thursday evening an event at the High Commission of the United Kingdom οn the occasion of the celebration for the Birthday of…

Cyprus’ Future is Linked with the Future of the EU

  Cyprus’ future is linked with the future of the European Union, and only within the EU can the country look forward to reunification, former President George Vassiliou has said. In an interview with the Cyprus News Agency 14 years since the island’s accession to the EU on May 1 2004, Vassilou said that Cyprus’…

‘Let’s Do It Cyprus’

‘Let’s do it Cyprus’ annual clean-up campaign kicked off islandwide on Sunday, having had more than 40,000 volunteers sign up for the event. The event is a one-day effort to clean the island of as much rubbish as possible which takes place every year in April. The aim was to surpass the number of 40,000…

Cyprus-Egypt Gas Deal Expected Soon

Cyprus and Egypt will soon be signing an agreement to connect the Aphrodite gas field to the North African country, reports said on Monday. The inter-state agreement is expected to be signed sometime over the coming few weeks, Egypt’s Petroleum Minister Tarek el-Molla told Egypt Today. The Cairo-based publication recalled that in November 2017 the…

Closing the Loophole for Rental Income

The practice of renting properties in Cyprus through Airbnb and other websites has come under the scrutiny of the tax authorities who are looking to address the problem of tax evasion on rental income received. APPROXIMATELY 20,000 properties in Cyprus are rented via Airbnb and other websites and although some owners are paying tax on…

Tax Shock for British Residents

EARLIER this month Cyprus and the United Kingdom signed a revised double taxation convention, based on the OECD Model Convention for the avoidance of double taxation on income and capital. (The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and…

Cyprus Medical Services

One thing that sometimes worries people when thinking about relocating to a foreign country is the availability and quality of the hospitals and medical treatment. However, there are a number of hospitals and clinics in most towns and cities on the Island of Cyprus. Healthcare is generally recognised as being very good at the general…

Limassol Marina – Boat Show 2018

Coming to Limassol in early May, the 2018 Limassol Marina Boat Show. For the fourth year running the Marina which has berths for yachts up to 110m is hosting a boat show which is expected to attract over 20,000 visitors and 100 exhibitors to the Marina over a 4 day period. The show opens at…

Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition. LAWMAKERS in Cyprus plan to draft a bill aiming to eliminate a distortion where certain buyers of real estate must pay Property Transfer…

Limassol in Top 100 Cities

Limassol is amongst the top 100 cities of the world according in the ‘Quality of Living Index’ produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities. ACCORDING to a survey conducted by Mercer, Limassol is one of the top 100 cities in the…

Ryanair Announces 12 New routes For Winter 2018

Ryanair announced 12 new routes from Paphos for winter 2018 on Tuesday, increasing its capacity by 74 per cent over last year. The new routes include Bournemouth and Liverpool and will contribute 940,000 passengers annually as Ryanair nearly doubles its operation in Paphos, Ryanair’s Chief Commercial Officer David O’Brien told a press conference. He told…

International Pharos Chamber Music Festival 2018

Acknowledged all over the world as Cyprus’ most important annual classical music event, the International Pharos Chamber Music Festival is also recognised as one of Europe’s preeminent music festivals, having gained an unequalled reputation for the quality of its concerts as well as its enchanting atmosphere and settings. Inaugurated 18 years ago, the Pharos Festival…

Cyprus’ Coptic Storm

For those of you living here or visiting at the moment, you will have noticed a thick blanket of dust hovering over Cyprus leaving you feeling a bit sluggish. This general mugginess comes and goes in Cyprus but fret not it is quite rare! This layer of dust coming from a sandstorm generally lands in…

Strong Growth in Property Sales

The strong growth in Cyprus property sales continued in February with the number of properties sold rising in all districts (with the exception of Larnaca) according to official figures. The Department of Lands and Surveys reports that the number of property sales contracts deposited at Land Registry offices across Cyprus in February 2018 rose 46…

Casino Resort – City of Dreams

Cyprus’ first integrated casino resort, City of Dreams Mediterranean, has launched its official website. Available in English and Greek, the website includes project details and information on the Integrated Casino Resorts Cyprus consortium. The website also features a media centre and a section dedicated to the island. Also available is Melco Resorts & Entertainment’s career…

Eden Seniors Resort

Located on Tersefanou Hill in Larnaca, the Eden Seniors Resort officially opened its doors on the 1st of March. Providing luxury accommodation and assisted living to retirees and the elderly. It is the first of its kind in Cyprus. Approximately 5km from Larnaca International Airport and within walking distance to local amenities, it also boasts…

Eden City Project Moving Forward

A PROPOSED €3.4 billion development project in Geroskipou in Paphos has finally been given a partial green light after protracted delays. Eden City, a project by Hungarian investor Atum Developments, is headed up by Sandor Kenyeres, and includes the construction of an artificial ‘luxury lifestyle’ island, a university, five-star hotel-resorts, multi-floor towers, medical centre, event…

Paralimni marina contracts signed

Contracts for the construction of the Paralimni marina have been signed; with an estimated capacity of 300 vessels and at a cost of €110 million, the marina is expected to be fully operational by mid-2021. ENERGY Minister Giorgos Lakkotrypis, investor PMV Maritime Holdings and the Paralimni municipality on Monday signed contracts for the building of…

Legal viewing for Cypriot consumers

Have you been watching illegal television channels? WHEN hundreds of television sets in Cyprus went blank, people first wondered what it was that went wrong. Perhaps they checked their innocuous device that so cheaply allowed them to view hundreds of channels they technically hadn’t paid for. Others had already seen the news on January 9…

Budget Homes in Cyprus

The time has come when you’ve finally decided to bite the bullet and buy your home…in Cyprus. Whether you are relocating for a lifestyle change or simply looking for a holiday home, buying your home away doesn’t have to be difficult, nor does it have to break the bank! You’ve been thinking about it for…

A New Year, A New You!

The start of the year is synonymous to New Year’s resolutions, setting of new goals, letting go of the old and bringing in the new, but how many of us really keep to our resolutions? Perhaps it would be better to start the year with a theme instead? For instance, ’Get Fitter’ not ’Lose 5…

Best Golf Course in Cyprus!

Exciting news for golf lovers! The €2.5m investment upgrade for the Golf Course is ahead of schedule and Aphrodite Hills has brought forward the opening date of the Golf Course to the 19th January 2018. Golf Packages, including rounds on the new Course are on sale and available from this date onwards. A complete modernisation…

Aphrodite Hills Christmas Market

In the run up to Christmas, the festive spirit is in the air, the mulled wine is lining our stomachs and the Christmas markets have begun! The annual weekend Christmas market at Aphrodite Hills Village square started off in glorious sunshine! 23C to be exact!  ARTS & CRAFTS If you were looking for Christmas gifts…

Home Prices Up Says Cyprus Central Bank

Home prices in Cyprus (houses and apartments) recorded a quarter-on-quarter increase of 0.5 per cent in the second quarter of 2017 according to the Cyprus Central Bank’s latest Residential Property Price Indices. Apartment prices Compared with the first quarter of 2016, apartment prices in Larnaca fell by 1.1% and by 1.0% in Paphos. However in…

Breast Cancer Awareness Event

On Saturday 18th November 2017, the Aphrodite Hills Retreat Spa are organising a Breast Cancer Awareness Day. By attending the event you will raise money for the non-profit organisation Europa Donna. A Gynaecological Health Day is also on offer at the Evangelismos Aphrodite Hills Hotel Medical Clinic.              

Immovable Property Tax Re-introduction?

  The International Monetary Fund (IMF) has released its ” Statement of the 2017 Article IV Mission “. All indications portray a positive outlook for Cyprus and with GDP growth at 3.6% compared to the same period last year the IMF has made several recommendations to ensure the growth is sustainable. One recommendation is the…

Paphos – Best City to Buy!

Paphos has been identified as the best city to buy a summer holiday home abroad by credit eligibility firm TotallyMoney. According to Mortgage Introducer website, TotallyMoney rated destinations based on average property price, temperature, the number of rainfall days, English proficiency, the daily number of flights, the average flight cost, the number of amenities (bars,…

Blevins Franks Seminar

  Pension news and opportunities The seminar will review pension legislation and the options available to you today, including increased transfer values and QROPS. Should you invest now? The seminar will look at the current investment climate and outlook, and discuss strategies for successful long-term investing. Elysium Hotel, PAPHOS Tuesday, 7th November 10.30 for 11am…

Aphrodite Hills Golf – PGA Status

Aphrodite Hills Golf, PGA National, Cyprus is elevating the standards of all golf lover’s vocation Aphrodite Hills Resort is delighted to announce that the 18-hole Championship Golf Course has attained the highest standard recognition in Golf, the PGA National, Cyprus. The course, designed to a world-class standard, is undergoing a €2.5m investment upgrade and complete…

Property Photography Guidelines

What sells a house or at least piques the interest of a buyer are your photographs. Sure, the specific features of the property, the location and the price are going to be the final selling points but what grabs a buyer’s attention are the images representing your property. This is key. Many times, a prospective…

Restaurants in Aphrodite Hills Village Square

  We are a bit spoiled for sumptuous restaurants here on Aphrodite Hills, with a fantastic choice of restaurants for almost every night of the week, you will never run out of options! Golf Clubhouse & Lounge Restaurant  Open to golfers and guests alike, the Clubhouse offers a sumptuous selection of local cuisine and wines, ranging…

24/7 Evangelismos Medical Cover

EVANGELISMOS HOSPITAL MEDICAL CENTRE APHRODITE HILLS HOTEL   The luxurious , five star Aphrodite Hills Hotel operated by Atlantica, uniquely and scenically located on a plateau overlooking the legendary birthplace of Aphrodite is the new home for the EVANGELISMOS HOSPITAL MEDICAL CENTRE.   Situated on level – 1, next to the gymnasium, the Evangelismos Medical…

PwC Tax Figures

Our accountants, PricewaterhouseCoopers Ltd, produce an annual publication which provides valuable information about the tax system in Cyprus, based on the current tax legislation and practice. It is a rich source of general guidance that will enable you to effectively proceed with your tax planning in a timely manner. Download the PDF here

Pafos 2017

The title of the European Capital of Culture in 2017 has led to a high quality programme which is now being implemented with great optimism, passion and vision. The launching of Pafos 2017 European Cpatital of Culture and more importantly the programme as a whole is considered more as a starting point and not as…

Market Review 2016 / 2017

‘Business not as usual’ Political events towards the end of 2016 have brought about unprecedented uncertainty as we approach the property selling season of 2017. 2016 Last year was positive for the Cyprus economy and the property market with a number of factors that enhanced Cyprus’ standing internationally and helped tourism and property sales. In…

Troodos in winter!

If you were looking for snow over the Christmas period, you didn’t need to look further than Troodos. The snowfall on the mountain these past few weeks, whilst it may have created havoc for unwary drivers, has provided enough snow to kick off a great skiing season. The Troodos Ski Resort on Mount Olympus offers…

Cyprus Property Taxes in 2017

There have been a number of changes to various property taxes in Cyprus in recent times and a summary of the impact of those changes for individuals with property on the island are summarised below. RECENT changes to property taxes in Cyprus will benefit both those who have purchased property and those planning to purchase….

New Casino in Limassol

Melco-Hard Rock Casino Bid Having beaten off 7 other contenders, it has recently been announced by the Commerce Ministry that the Melco-Hard Rock Resorts Cyprus consortium has been given the go-ahead to file for a permit to proceed with the construction of what will be one of the largest integrated casino resorts in Europe. The…

All Time High For Tourist Arrivals To Cyprus

Fantastic News For Property Investors – On the basis of the results of the Passengers Survey, arrivals of tourists reached 421.201 in September 2016 compared to 360.899 in September 2015, recording an increase of 16,7%. September 2016 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month. For the period…

Best ever August for tourism

Cyprus celebrates ‘best ever’ August for tourism Great news for property investors in Cyprus! CYPRUS recorded its highest ever number for August tourism arrivals this year when the figure jumped nearly 17 percent to reach more than 458,000 visitors during peak season. August 2016 marked a 16.9 percent increase in tourism arrivals compared to the…

Strong growth in Cyprus property sales

The number of properties sold in Cyprus during August rose significantly compared to August 2015 according to the latest official figures published by the Department of Lands and Surveys. PROPERTY sales in Cyprus increased by 50 per cent in August compared August last year according to the latest official figures published by the Department of…

Immovable Property Tax Changes

The Tax Department will start sending Immovable Property Tax demands that will include significant discounts agreed by parliament earlier this year. TAXPAYERS will receive in the next few days their bills for Immovable Property Tax (IPT) which will come with significant reductions, tax department senior official Klelia Papadopoulou said on Wednesday. Speaking to state broadcaster…

New airline for Cyprus

By the end of the year another air carrier, ORION Airways, is to set up operations on the island, it was announced on Tuesday. According to an announcement, Orion, “the new Cypriot airline, is preparing to open its horizons in response to high demand…”. The official launch of the company’s flights, initially to Greece and…

Record Breaking June for Tourists

This past June broke the record in terms of arrivals for Cyprus tourism, being the second best month of all time, and the best June of all time. According to data by the Cyprus Statistical Service, June 2016 arrivals increased by 22.6% compared to June 2015 arrivals, reaching 413,114. During June 2016, impressive increases were…

Cyprus ranked 5th safest worldwide

This is just great news! Cyprus has been ranked the 5th safest country in the world, and the 1st safest country amongst countries with a population of less than 5 million. The study – undertaken by Value Penguin, a company dedicated to research – analysed seven data categories in determining the ranking position of some…

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