Cyprus has received a clean bill of health from the European Court of Auditors, with the institution's 2024 annual report recording zero audit findings for the country. Finance Minister Makis Keravnos announced this significant achievement following a meeting with Cypriot Member of the Court of Auditors of the EU, Lefteris Christoforou. Leading the Way in EU Fund Utilisation The Minister highlighted...
Despite a robust performance—with property sales increasing 13% in the first nine months of 2025—Cyprus's real estate leaders are warning that the market must undergo a fundamental transformation to maintain its competitive edge. In the November issue of GOLD magazine, Yiannis Misirlis, Chairman of the Cyprus Property Developers Association, and Andreas Demetriades, President of the Association of...
Cyprus issued the second-highest number of first residence permits to non-EU minors in 2024, relative to its population size, according to the latest figures released by Eurostat. This high rate places Cyprus far above the majority of the bloc, highlighting its significant role in hosting non-EU children. Cyprus Leads EU in Relative Terms The European Union collectively granted a total of 540,445 first...
Cyprus recorded a slight uptick in annual inflation in October 2025, reaching 0.2% compared to the same month the previous year. This minimal increase, measured by the Harmonised Index of Consumer Prices (HICP), signals stable consumer prices overall. The index also saw a marginal 0.1% rise compared to September 2025, according to the Statistical Service of Cyprus. Annual Price Drivers (October 2024 to...
Cyprus is fighting back against its reputation for having the EU’s slowest construction permit process. Following a meeting between the Cyprus Federation of Building Contractors Associations (OSEOK) and the Presidents of the District Local Government Organisations (DLGO), local authorities confirmed they are finally processing more development applications than they receive, signaling a key turning point...
The Cyprus property market sustained its stable growth trajectory in the third quarter of 2025, driven primarily by the residential sector and strong performance in Limassol. According to the latest RICS Cyprus Property Index with KPMG in Cyprus, apartments and houses continue to be the most resilient assets, while the retail sector remains the weakest link. District Performance: Limassol is the Top...
The dynamism of the Cypriot economy has been officially confirmed by robust third-quarter growth figures, providing a strong signal of stability amidst global turmoil. Finance Minister Makis Keravnos expressed satisfaction with the preliminary estimate from the Statistical Service, which reported a substantial 3.6% growth rate in the third quarter of 2025 compared to the same period in 2024. The economy...
In a decisive move to restore confidence and legal clarity to the property market, the House of Representatives has unanimously approved a landmark amendment law designed to resolve thousands of long-standing cases involving ‘trapped’ property buyers. This legislation introduces a constitutionally sound mechanism for purchasers to finally obtain their title deeds, even when faced with developer debt or...
Cyprus is experiencing an increased convergence of average interest rates for both deposits and loans with the corresponding averages across the Eurozone. The Central Bank of Cyprus (CBC) announced this development in a recent press release, noting the trend reflects a maturing in the domestic financial environment. Deposit Rates Show Significant Difference Despite the overall convergence trend, Cypriot...
British nationals residing in Cyprus are facing a renewed and complex challenge in estate planning due to significant changes in UK Inheritance Tax (IHT) law, effective from April 2025. While Cyprus maintains its attractive zero inheritance tax environment, UK long-term residency rules could now subject the worldwide assets of many expats to a 40% IHT rate. The UK's New Residence-Based Tax Test The...
