News & Events

The Cyprus UK Business Association would like to inform its members that is closely monitoring the developments in relation to the referendum on the Brexit and will be providing further updates to its members as more information is made available. In the meantime please see below a link to the statement of the Prime Minister and also a statement by the Bank of England.

On 28 April 2015 the Public Debt Management Office of Cyprus announced the issue of EUR1 billion seven-year government bonds at a coupon rate of 3.875%. The average yield of yesterday’s bond issue stood at 4%.

There were offers of about €1,9 billion of which €1 billion were accepted. This is the first bond issue addressed to foreign investors since June 2014, and an encouraging sign regarding the recovery of the Cypriot economy.

Το ΚΕΒΕ έχει μελετήσει διεξοδικά το θέμα σχετικά με την ενδεχόμενη αποχώρηση της Βρετανίας από την Ε. Ένωση και το συμπέρασμα είναι πως ένα τέτοιο ενδεχόμενο σίγουρα δεν θα είναι προς το συμφέρον της Κύπρου.

Βέβαια θα πρέπει να λεχθεί εξ’ αρχής ότι το μόνο βέβαιο στο ενδεχόμενο ενός Brexit, είναι η αβεβαιότητα. Αβεβαιότητα τόσο για το ΗΒ και την Ευρωπαϊκή Ένωση περιλαμβανομένης βεβαίως και της Κύπρου.

The British High Commissioner Ric Todd has hosted a lunch at the Residence in honour of George Kourris, Past President of the CY-UK Business Association.

In statements, the HC thanked Mr Kourris for his significant contribution to the CY-UK Business Association.

Download Financial Regulation & Advisory may Newsletter Issue 19/2015

Cyprus is an island with less than 1 million inhabitants located at the northernmost tip of the African plate, which in the Middle East area contains 65% of the world oil deposits. Following speculation over many years that there may be vast amounts of natural gas in Cypriot territorial waters and the June 2010 discovery of 453bn cubic metres of useable gas in the Leviathan gas fields in Israel, the Cypriot drilling finally begun in 2012 by the US-based energy company Nobel Energy in the zone known as Block 12 (Aphrodite field), an 800,000-acre (1,250-square-mile) area in the Cyprus Exclusive Economic Zone (EEZ) southeast of the island and only 34km from the Leviathan gas fields.

Touching upon issues which relate to and are useful to organisations, irrespective of size or industry. Helping to confront the challenges faced in these fast-moving times we conduct our businesses.

As per the latest forecast by the European statistical service (Eurostat), the economy of Cyprus is expected to show positive growth in 2016. Given the effects of the recent bail-in of March 2013, the Cypriot economy is forecasted

to recover at a remarkable pace.

The new double taxation agreement between Cyprus and Bahrain was signed in Manama on 9.3.2015.

The agreement shall enter into the force on 1/1/2016.

The significant provisions of the agreement mostly based on the OECD Model agreement are:

The Cyprus taxes covered (article 2) are the income tax, the corporate income tax, the special contribution for the defence of the Republic and the capital gains tax.