Cyprus tourism sector faces compliance hurdles
Fact: The Deputy Ministry of Tourism in Cyprus recently revised the inventory of hotels and tourist accommodations, with the majority of them not meeting the necessary compliance criteria.
regulations
Frederick University to host affordable housing conference
Fact: Frederick University’s Department of Architecture, in collaboration with the Cyprus Architects Association, is organizing a conference on the role of architecture in achieving affordable housing in Cyprus.
Invest Cyprus and CYFA join forces to strengthen business landscape
Fact: The Cyprus Investment Promotion Agency (Invest Cyprus) and the Cyprus Fiduciary Association (CYFA) signed a memorandum of understanding (MoU) to enhance collaboration and promote Cyprus as an international center for fiduciary and administrative services.
Our View: Public servants, ’ sense of entitlement is uncanny
The public servants union Pasydy expressed displeasure over regulations that deprive its members and their families of the right to medical care at state hospitals not covered by Gesy.
MPs rush bill to extend hotel license grace period
– Currently over 90 per cent of hotel businesses are not able to secure the required certificates for a full operating license.
– Lingering concerns that the bill does not include adequate provisions relating to fire safety regulations.
Parliament to amend legislation on hotel operations
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Navigating post-Brexit challenges for British, other Third-Country nationals in Cyprus
Fact: The Cyprus Parliament is considering legislation to replace the stagnant Category F application process, aiming to lower the real estate investment threshold to €250,000 and reduce the income requirement to €40,000 for the applicant, with an additional €10,000 for each dependent.
Insurers Face Crisis with Hundreds of Billions of Won in Corporate Tax Increases
Fact: IFRS 17 stands for the International Financial Reporting Standard issued by the International Accounting Standards Board in May 2017.
Government bill aims to expand authority of private security guards
The government is proposing a major overhaul of the legislation governing security guards and private security companies to prevent individuals with private security licenses from working for criminal organizations. The new bill grants security guards powers similar to police officers, except for carrying firearms, and includes conducting searches, using detection dogs, and wearing uniforms. The bill redefines “security guard” and specifies the services they can provide. Companies can hold multiple licenses based on the services they offer, and the use of force is limited, with batons generally prohibited.
Italy updates IVF rules to allow access for widowed or separated women
Italy’s Health Ministry has updated its guidelines on medically assisted reproduction, allowing women who have separated from their male partner or become widowed to proceed with the implantation of an embryo if the partner had previously agreed to the procedure.