banks

Government taking away passports from dozens of investors

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Government taking away passports from dozens of investors

Cypriot authorities are revoking the citizenship of 68 investors and 165 dependents next week due to criminal offenses pending against them. Among those affected are individuals from China, Russia, and India. The decision to strip citizenship was made based on information provided by Interpol regarding various criminal charges, such as fraud and bribery, that carry significant prison sentences. The individuals have the right to appeal the decision with the Independent Authority on Citizenship Debarment.

G7 will try to use frozen Russian assets to help Ukraine

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The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.

Complaints to financial ombudsman on the up

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Complaints to financial ombudsman on the up

Complaints to the financial ombudsman’s office rose by 20 per cent in 2023 to a total of 1,121.

Euros & Dollars: Bad Timing for Lithuania’s Tax Hikes

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Euros & Dollars: Bad Timing for Lithuania's Tax Hikes

The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.

Mass claim from 2013 haircut victims dismissed at World Bank

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Mass claim from 2013 haircut victims dismissed at World Bank

Fact: An ‘unprecedented mass claim’ of Laiki and Bank of Cyprus depositors and bondholders amounting to US0 million was dismissed at the International Arbitral Tribunal of the World Bank.

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.

Astrobank bucks trend with new branch , — will seek approval for dividend

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Astrobank bucks trend with new branch , — will seek approval for dividend

Astrobank is opening a new branch in the Dali area in Nicosia, which is considered an underserved location with no existing banking facilities. The bank will seek regulatory approval from the Central Bank of Cyprus to distribute dividends and aims to reduce non-performing loans to single digits by July. Astrobank has a capital adequacy ratio of 23.7% and has already met the Minimum Requirements for Own Funds and Eligible Liabilities. The bank is optimistic about the future and is open to acquisitions and evaluating new opportunities in the banking sector.

Tony Watson blew the whistle on Lendlease’s questionable tax practices. Now he has to sell his family home

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Tony Watson blew the whistle on Lendlease's questionable tax practices. Now he has to sell his family home

Lendlease is facing a big battle with major investors, with a showdown expected later this month.

Finance Ministry proposes corporate, excise tax hikes to fund Lithuania’s defence

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Finance Ministry proposes corporate, excise tax hikes to fund Lithuania’s defence

The Lithuanian Finance Ministry proposed raising additional funds for defense by increasing the corporate tax rate, hiking excise duty on fuel, and introducing a tax on some insurance contracts.

Sunshine and strain , – a market divided

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Sunshine and strain , – a market divided

– The Cyprus real estate sector is experiencing growth and prosperity, with a booming economy and construction flourishing in coastal hotspots like Limassol.
– Locals are facing financial strain due to rising interest rates, inflated property prices, and loan restructuring, while foreign investors are attracted to Cyprus for its incentives.
– Foreign investment has fueled the coastal boom but creates vulnerability due to reliance on external capital.
– Cyprus has a history of overlooking problems and needs a proactive approach from the government to ensure long-term stability.
– One in four persons living in Cyprus was born overseas, contributing to the economy and cultural landscape.
– Challenges in the housing market include increased competition for jobs, rising prices, and pressure on public services.
– Integration policies and inclusive economic planning are essential to ensure fair distribution of benefits and foster shared prosperity for all residents.