government

Foreign demand drives office rates

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Foreign demand drives office rates

Office rental rates in Cyprus have reached the highest levels in five years, with prices increasing by about 8.5% year-on-year in the first quarter of 2024. Limassol and Larnaca are leading the way in office rental price increases, with Nicosia showing a steady recovery. Prices for office sales have remained at 2023 levels, with increases recorded in Larnaca and Famagusta district. The demand for modern, Grade A offices is expected to continue throughout 2024, driven by both the private and public sectors.

Investing in the Digital Yuan: Strategies for wealth accumulation

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Investing in the Digital Yuan: Strategies for wealth accumulation

Fact: The Digital Yuan, also known as e-CNY or Digital Currency Electronic Payment (DCEP), is the virtual version of China’s official currency, the Renminbi (RMB), developed and issued by the People’s Bank of China (PBOC).

A lever to capture corporate tax scofflaws

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A lever to capture corporate tax scofflaws

Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.

Meet UAE Corporate Tax registration deadline to avoid fines: FTA

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Meet UAE Corporate Tax registration deadline to avoid fines: FTA

Fact: Businesses already registered for VAT or Excise Tax can use the existing account for a straightforward registration process for Corporate Tax.

Meet UAE Corporate Tax registration deadline to avoid fines: FTA

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Meet UAE Corporate Tax registration deadline to avoid fines: FTA

Fact: Businesses already registered for VAT or Excise Tax can use the existing account for a straightforward registration process for Corporate Tax.

Delicate handling must come to an end

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Delicate handling must come to an end

The construction of the liquefied natural gas terminal at Vassiliko in Cyprus has been plagued with delays and cost increases, with the project not even halfway completed. The project was awarded to a consortium of Chinese, Greek, and Norwegian interests, with the hope of reducing electricity costs for citizens. However, additional costs have been incurred, such as €25 million due to steel price increases during the pandemic. The Audit Office report highlighted serious political responsibilities for the management of the project by the government. The consortium has filed a case demanding an additional €200 million due to delays. The situation is similar with the Larnaca Port and Marina project, where the company has been collecting revenues without starting the agreed-upon works. Overall, these projects have put the Cypriot citizens at risk of bearing additional costs without seeing the completion of the projects.

Government wins landmark international arbitration case against Laiki, Bank of Cyprus depositors

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Government wins landmark international arbitration case against Laiki, Bank of Cyprus depositors

The World Bank’s ICSID tribunal rejected a 0 million claim by depositors and bondholders of Laiki Bank and the Bank of Cyprus, finding the bail-in measures implemented during the financial crisis to be a legitimate exercise of Cyprus’ regulatory power.

North clamps down on foreigners buying property

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North clamps down on foreigners buying property

The fact described in the text is that the north’s ‘parliament’ passed a law clamping down on foreigners buying property, limiting them to one house or apartment on less than 2,500 square meters of land.

Our View: university clinics do not need the consent of a self-serving union,  

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Our View: university clinics do not need the consent of a self-serving union,  

Attempts have been made by the state to set up university clinics at Nicosia general hospital to be used by the medical school of the University of Cyprus, but have been blocked by the government doctors’ union, Pasyki, who do not want outsiders taking charge of hospital clinics.

Troodos residents , ‘should not be second-class citizens’

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Troodos residents , ‘should not be second-class citizens’

The fact described in the text is that the Troodos region in Cyprus only has one hospital, making it the only choice for residents in the area.