The Cyprus Government aiming to give motive and to produce investments introduced a new framework with tax incentives for investments in small and medium sized innovative business. Under the new Article 9A of the Income Tax Law 2002 introduced by the Income Tax (Amendment)(No.2) Law 2016(135(i)/2016 qualified independent investors that make a risk-finance investment in an "innovative small and medium sized enterprise" are allowed to deduct the cost of the investment from their taxable income in the year the investment is made.
A new marina is to be built at Famagusta in the north of the island, it was reported on Tuesday.
According to Turkish Cypriot media reports, authorities announced plans to construct a new marina aimed at attracting more visitors.
The European Investment Bank (EIB) has agreed the first infrastructure project in Cyprus under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the European Commission said in a press release on February 2.
The EIB will provide Eur 35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately-owned storage facility.
The Juncker Plan-backed project will focus on enhancing energy efficiency and it will improve Cyprus's energy security by increasing the amount of reserve oil stocks held in the country.
Posted on: 2/2/2018 4:21:36 AM
Noble Energy, Inc. has announced that it has signed a definitive agreement to divest a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum Ltd. for cash proceeds of approximately $560 million and 38.5 million shares of Tamar Petroleum. Based upon today's closing price of Tamar Petroleum, total consideration of this transaction is approximately $800 million. This follows an initial divestment of 3.5 percent of the Tamar field in mid-2016. Combined proceeds from both transactions total nearly $1.25 billion, including almost $1 billion in cash.
As reported in Gold News.
160Tbps super-fast fibre-optic subsea data cable to handle up to 60% of the world's internet traffic at peak time
Global telecommunications will undergo a drastic and revolutionary change with the introduction of the Quantum Cable, the super-fast subsea cable of up to 160Tbps in the Mediterranean, following a Memorandum of Understanding and Heads of Agreement signed in Nicosia between the owner, Quantum Cable, and a leading U.S.-based global industry supplier, major S&P company and supported by government officials from Cyprus and Greece.
The Cyprus International Tax Conference is presented for the first time to address recent trends and developments in taxation across Europe and the globe. Distinguished speakers from the local market and abroad will share their knowledge and view on recent tax developments and various topics of concern to international tax professionals.
Alongside the conference, attendees will be offered the chance to network with like-minded peers and professionals from the financial and professional services sectors in Cyprus.
More information available from here
The new casino is expected to begin its operation in 2021 and bring approximately 838 million dollars into the economy of Cyprus starting in 2022. This large amount of money is a very significant four percent of the economy of the island. It is predicted that this new casino in Cyprus will be bringing all sorts of jobs to Cyprus, including 2,500 jobs for permanent staff and 4,000 construction jobs.
Additionally, it is expected to promote tourism significantly, with an expected 300,000 people coming to visit Cyprus from all over the continent and the rest of the world. This casino will likely get a hefty tax break from the government because of what it is contributing to the economy of the nation and how it is helping the government of Cyprus in that way. The building and opening of this casino is seen as an event that will be mutually beneficial to both the owners of the business and the government of Cyprus, as is the case in most of the situations where the government provides these types of new businesses with financial help as they are starting up.
Bank of Cyprus, the largest financial institution on the island, is today making its own contribution to the shift towards an API Economy by embracing the concept of Open Banking.
The Bank is making available to interested parties functionality of its core banking systems in the form of Application Programming Interfaces (APIs), in a secure manner, in line with the PSD2 Directive and in accordance with industry best practices and standards.
Through these tools and technologies, the Bank extends its banking ecosystem enabling third party solution providers to integrate apps and services and to focus on what matters the most - creativity and innovation in defining the new digital banking experiences of the future, for the benefit of the Bank's customers and the economy.
As a starting point, developers and other interested parties are invited to visit the SandBox Developers portal (sandbox.bankofcyprus.com
) where they can sign up and freely test the functionality of the Bank of Cyprus API offerings.
The government is pushing for a comprehensive policy framework to promote the audiovisual industry, which is expected to bring development, economic and cultural benefits such as the promotion of Cyprus as a shooting spot and its promotion as a tourist destination, the influx of capital, jobs, increased involvement of local production companies and other audiovisual-related companies, the acquisition of expertise and know-how that will lead to upgrade the services of Cypriot film producers and technicians through the experience gained from cooperation with foreign producers.
Vodafone has won the tender for the acquistion of a 100% stake in Cyta Hellas, the Greek telco owned by the Cyprus Telecommunications Authority.
A contract for the transaction could be signed as soon as Sunday, January 28, the date of the presidential elections in Cyprus, Broadband TV News reports.
It adds that sources indicate Vodafone bid €117 million for the telco, beating the offer of around €100 million submitted by Wind Hellas. China's PCCW, another interested party, did not submit a bid in the end.
The Cyprus Telecommunications Authority will exit the Greek market with losses, having invested over €200 million in Cyta Hellas over the last 10 years.
Meanwhile, Vodafone will strengthen its position in the fixed-line sector in Greece, increasing its subscriber total from under 750,000 to close to one million.
Societe Generale Bank - Cyprus Ltd has been utilising Point Nine's proprietary post trade processing platform Circle to revamp its trading operations and has been successfully meeting the standards of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements which went live on January 3, 2018.
With the MiFIR regulations requiring more agile and robust data control processes, Point Nine's Circle platform offers Societe Generale Bank - Cyprus Ltd a seamless and effective solution for processing, analysing and reporting trading data.
Saving businesses time and money, Circle's MiFIR transaction reporting engine includes features such as Cross Asset Class coverage, Data mapping, Data enrichment, a Full Audit Trail and Daily Reports, which ensure clients have access to timely and accurate data for regulators.
Furthermore, Point Nine's Circle processes data from various sources, covers all asset classes, translates and submits the reports to regulatory bodies in the format required and also handles acknowledgment messages.
Limassol Municipality is looking to re-energise the interest of cruise organisers on the basis of the city's strategic planning to become a top cruise destination, a goal pursued also by DP World Limassol, the company that operates the multi-purpose terminal at the city's port.
Mayor of Limassol Nicos Nicolaides and representatives of the Cyprus Shipping Chamber held a meeting on Wednesday focusing on a series of related issues.
"Cruises are a key component of our city's tourism, but also of the revitalization of the city centre" Limassol Mayor told the Cyprus News Agency.
Nicolaides said that two trips to Marseilles and Haifa, scheduled to take place in March and April, respectively, are part of the effort to establish cooperation.
"It is extremely important to render Limassol a top cruise destination" the Mayor noted, adding that to achieve that the Municipality needs to develop its infrastructure.
What about a Cyprus Passport? Visa-free access to 159 countries; dual citizenship allowed.
Alexandrou Corporate Services provides a vast spectrum of services including formalization of Citizenship for non-European citizens.
Contracts for Larnaca port and marina project are expected to be signed in 2018, Minister of Transport, Communications and Works Marios Demetriades said.
The Minister visited Monday the port of Larnaca to inspect the work and consultations with potential investors. In statements to the Press, he said that contacts with the investors will be held over the next few days.
"We hope that the process will move as fast as possible to implement this great project that will change the lives of Larnaca citizens," he noted.
He also said that he was confident the project would proceed because of the quality of the potential investors and added that they are discussing with three foreign consortia. Two of the consortia have already arrived in Cyprus for consultations with the ministry and site inspection.
Ministry of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd signed on January 15 the contracts for the development of Paralimni marina, at the south-eastern part of the island.
Addressing the signing ceremony, Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism said "the construction of the marina will further enrich our tourist product, attracting more tourists in Cyprus."
Greece and Cyprus are set to sign next week three Memoranda of Understanding (MoU) on maritime, cultural and environmental affairs, on the sidelines of next week's Trilateral Summit between Cyprus, Greece and Jordan.
The Summit will take place on Tuesday 16 January and the Cyprus News Agency reports that the Prime Minister of Greece will be accompanied by four Ministers, Alternate Minister of Foreign Affairs Georgios Katrougalos, Minister of Shipping & Maritime Affairs Panagiotis Kouroumblis, Minister of Environment and Energy Giorgos Stathakis and Minister of Culture Lydia Koniordou.
The Greek delegation is expected to arrive on Tuesday morning at Larnaca airport, ahead of the delegation from Jordan, which will be headed by King Abdullah II.
As reported in Gold News.
The cabinet has approved a bill aiming at introducing social enterprise in Cyprus, which has €3.1m in funding from the European Social Fund, Interior Minister Constantinos Petrides announced on Thursday.
In a press conference, the minister said the idea of social enterprise is a new way of business aimed at offering goods and services to the market in a bid to serve social or environmental goals.
According to Petrides, this will create new jobs, reduce social exclusion of vulnerable groups, introduce high-quality services with a social angle and lay the groundwork for social innovation.
The Cyprus-Russian Business Association authorized EY Cyprus to conduct the first survey, Russia Doing Business in Cyprus 2017 - Measuring Quality and Efficiency.
2018 will be a challenging year for the financial industry due to the upcoming changes in the regulatory framework for Cyprus Investment Firms (CIFs), according to the Chairwoman of the Cyprus Securities and Exchange Commission Mrs. Demetra Kalogerou.
Analysing the new requirements of MiFID II and MiFIR during the Cyprus International Investment Firms Association (ACIIF) Annual General Meeting at the Carob Mill in Limassol on December 5, Mrs. Kalogerou emphasised the new requirements on product governance, inducements and transaction reporting. Additionally, she referred to the PRIIPs Regulation which will also enter into force in January 2018.
By 2021, Cyprus' first integrated casino resort will open its doors to the public, in an investment totaling €550m, it was revealed on Tuesday.
Presenting the finalised plan to a packed conference hall at the presidential palace, representatives from the Melco-CNS consortium showcased the multi-million project, dubbed City of Dreams - Mediterranean, set to attract 300,000 tourists per year and creating around 11,000 jobs.
Set to be built in Zakaki, west of Limassol, the resort will include a gaming area with 136 tables and 1,200 gaming machines and 9,600 square metres of MICE facilities (meetings, incentives, conferencing, exhibitions).
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