Property

Research, innovation and RES

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Research, innovation and RES

The text discusses the importance of having funding mechanisms and exit strategies for investment in the research and innovation sector. It mentions that this sector is often associated with efforts to change economic models and is a priority for governments and political forces. It emphasizes the need for an integrated framework that allows for the development of the sector and the collaboration of various actors. The text also highlights that research and innovation contribute to the competitiveness of economies, generate significant income, and improve citizens' quality of life. It mentions the importance of creating a culture that supports research and innovation and cites Israel as an example of a country that has succeeded in establishing itself as a research center. The text also mentions the need for proper planning, incentives for companies and individuals, investor protection, commercial exploitation of products and services, and the existence of infrastructure. It discusses the role of funding mechanisms and financial markets, as well as the availability of funding from European structural funds. It mentions the tax incentives provided by Cyprus for organizations involved in research and innovation, as well as the specific tax benefits for high-ranking executives and researchers who choose to settle in Cyprus. The text also emphasizes the importance of connecting research activities with commercial exploitation and suggests analyzing the decisions and actions of other countries, especially those geographically close, to identify opportunities for improvement. It mentions the connection between research and technology, particularly in software programs, and suggests exploring research programs in various sectors such as botany, agriculture, aquaculture, forestry, energy, and petrochemical industry.

The payment of a 4% fee on the sale of real estate or the transfer of company shares is extended until the end of June

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The payment of a 4% fee on the sale of real estate or the transfer of company shares is extended until the end of June

The Department of Taxation has extended the deadline for payment of the 0.4% tax on the sale of immovable property or transfer of company shares to the Central Agency for Equal Distribution of Burdens (KAEB) until the end of June. The department also urges those who have transferred property or shares for debt restructuring purposes to file a relevant objection in order to avoid paying the tax. The new legislation exempts the payment of the tax in cases of property or share transfers for debt restructuring from February 22, 2021. The deadline for filing objections related to the tax payment to KAEB has also been extended until June 30, 2024. The deadline for payment of the tax has also been extended until June 30, 2024, without any financial penalties or interest.

Turkish Cypriot property being , ‘misused in Polis’

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Turkish Cypriot property being , ‘misused in Polis’

Lawmakers in Cyprus have been informed of illegal practices involving the cultivation of Turkish Cypriot land in the Polis area. Around 16,000 decares of land near the village of Polis are being cultivated without proper leases. Individuals involved in these practices are illegally subletting the land and receiving subsidies from the Agricultural Payments Organisation (Koap), which pays €25 per decare. An official from Koap confirmed the existence of such fraudulent activities. The House refugees committee has requested investigations by the Turkish Cypriot Properties Management Service and Koap to determine if the individuals receiving subsidies are the actual farmers working the land. Some legal leaseholders are also subletting their land through unofficial agreements, collecting subsidies while the actual farmers use the land without paying rent. Lawmakers have suggested that these lands should be utilized by refugees and displaced persons. Concerns were also raised about the lack of mention of refugees in the President’s recent policy speech.

AG denies corruption charges

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AG denies corruption charges

Attorney General George Savvides denied corruption charges after being accused by lawyer Efstathios Efstathiou of protecting Russian oligarch Oleg Boyko. Efstathiou claimed that 3.4 million worth of shares were stolen from his client, Ilya Alekseevitch Surkov, and illegally transferred to Boyko through Cyprus-registered companies. Boyko allegedly used false representations to transfer shares from Orlando Heights Ltd in Greencat Services Ltd to his company Finstroy Ltd, resulting in him holding 80% of the assets Orlando Heights had in Moscow’s Altufievo Mall. Criminal charges against Boyko were dropped due to insufficient witness material for prosecution in Cyprus. Efstathiou filed three complaints to the anti-corruption authority, which found no evidence of corruption. Boyko was subject to a Red Notice international arrest warrant but avoided questioning for four years until the warrant was scrapped. A private lawsuit filed by Efstathiou was also suspended by the AG. Surkov, who has a Greek passport and was wanted in Russia for alleged fraud, was granted political asylum in the UK. Boyko had been sanctioned by Canada and Australia but had the Canadian sanctions lifted following a lawsuit. The US Senate Intelligence Committee reported Boyko had ties to the Russian state and criminality.

IMF says global ‘soft landing’ in sight, lifts 2024 growth outlook

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The International Monetary Fund (IMF) has upgraded its forecast for global economic growth, citing faster-than-expected easing of inflation. The IMF’s chief economist, Pierre-Olivier Gourinchas, stated that a “soft landing” was in sight, but overall growth and global trade still remained lower than the historical average. The IMF forecast global growth of 3.1% in 2024, up from its previous forecast of 2.9%, and expected global trade to expand by 3.3% in 2024. However, risks such as geopolitical tensions in the Middle East and attacks in the Red Sea could disrupt commodity prices and supply chains. The IMF also warned that delays in fiscal consolidation and the potential violation of global trade rules by certain countries could impact economic activity.

Top 50 property deals net , €286 mln

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Top 50 property deals net , €286 mln

Last year, the top 50 real estate transactions in Cyprus generated a total of €285.8 million. The ten most expensive property deals amounted to €120.4 million, with the highest-priced deal being a plot of land in Limassol Municipality valued at €22.1 million. Limassol dominated the list of the ten most expensive transactions, accounting for nine deals worth €111.2 million. The remaining deal on the list was a field near Paralimni in the Famagusta district sold for €9.1 million. Limassol district accounted for 42% of the total value of all deals, followed by Famagusta with 16.2%. Larnaca and Paphos districts had values of €42.6 million and €41.1 million, respectively, while Nicosia district recorded a value of €35.5 million. The CEO of Ask Wire, Pavlos Loizou, noted the prominence of field plots in high-value transactions, suggesting their future development potential within the next two to five years.

Limassol Del Mar is , “most Instagrammable building”

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Limassol Del Mar is , “most Instagrammable building”

The landmark Limassol Del Mar building in Cyprus has gained popularity on Instagram, with over a thousand posts about it. The building has a unique curvilinear design and offers residents views of the Mediterranean Sea from every angle. It is known for its luxurious amenities and commitment to five-star living. The building features a range of two to six-bedroom residences and penthouses with terraces and top-of-the-range finishes. It also includes an owner’s club, concierge services, spa areas, pools, gyms, tennis courts, and underground parking.

Solar panels and cheaper electricity

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Solar panels and cheaper electricity

The cost of electricity in Cyprus is increasing, leading the government to introduce incentives for investments in solar energy. Solar energy can significantly reduce household electricity costs. However, there are limitations to installing solar panels, such as lack of space or shading from trees. In Greece, investment companies develop solar parks and sell shares to homeowners, offsetting their electricity consumption. Similar approaches could be considered in Cyprus to install solar panels in apartment blocks and other buildings. Public pressure is influencing government decisions on this issue. The reduction in electricity costs benefits tenants and businesses, making them more competitive. Properties in mountain areas may face challenges due to shading and higher installation and maintenance costs. Seeking advice from specialized contractors or mechanical-electrical engineers can help estimate the capital investment and potential cost savings.

Republican presidential candidate Nikki Haley targeted in swatting incident

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Republican presidential candidate Nikki Haley targeted in swatting incident

Authorities responded to a fake emergency at the South Carolina home of Republican presidential candidate Nikki Haley last month. A man claimed to have shot a woman and threatened to harm himself at her home, but it was determined to be a hoax. This incident is part of a wave of violent threats, bomb scares, and other acts of intimidation against government officials, members of the judiciary, and election administrators since the 2020 election. Swatting cases have increased in the past two months, targeting both allies and rivals of former President Donald Trump. The targets include figures who have publicly opposed Trump, as well as Trump supporters. Swatting is seen as a form of intimidation or harassment that is increasingly being used to target political figures.