News

2022

  • Cabinet approves 2 new energy-saving grant schemes - Two new grant schemes were on Wednesday announced by the energy ministry totalling € 49 million, for the energy upgrade of small and medium enterprises (SMEs), non-profit organisations (NGOs), local government authorities and broader public sector bodies. The main goal is to ... more

  • Energy Minister Announces Grant Schemes Worth €158 - Grant schemes, worth €158 million, will be made available in 2022, Minister of Energy, Trade and Industry Natasa Pilides announced during an online workshop, on Wednesday, 16 February. Pilides stressed that the Ministry is continuing for the second year its ambiti... more

  • Approval of €657 million for EuroAsia Interconnect - The €657 million funding from the EU on the EuroAsia Interconnector paves the way for implementation of the electricity connection between Cyprus, Greece and Israel and ends Cyprus’ energy isolation, Minister of Energy, Commerce and Industry Natasa Pilides said on Thursday,... more

  • Cyprus Economy in 2021 - Financial Statistics - The Cypriot economy in 2021 recovered the output lost during the 2020 Covid crisis and will continue to grow at an average rate of 3.7% in the years 2022–2024, the Central Bank of Cyprus expects. In its economic bulletin, it also stresses that risks to the baseline scenari... more

2021

  • Exxon, Qatar Petroleum awarded Block5 gas rights - The Council of Ministers approved on Thursday the licensing of block 5 of the Cyprus EEZ to the of ExxonMobil Exploration and Production Cyprus Limited and  Qatar Petroleum International Upstream LLC consortium. In statements after the Cabinet meeting, Energy, Commerce and... more

  • Cyprus Tax News - Cyprus Action Plan for attracting companies to operate or expand their activities in Cyprus. On 15 October 2021 the Cyprus government presented its Action Plan for attracting companies to operate or expand their activities in Cyprus, in an attempt to make the island a Susta... more

  • Action Plan for attracting companies to Cyprus - The incentives given include housing and employment, taxation, simplification and digitization of procedures, as well as promoting the country as an attractive investment destination.The Plan enters into force on January 1, 2022. Emphasis is given in areas related to, Technol... more

  • Fostering Effective Creativity & Innovation - Since joining the European Union in 2004, Cyprus has successfully raised its profile in Research, Science and Innovation. Now this ambitious island has set its sights on becoming a regional hub for innovative entrepreneurship. By supporting the commercialisation of research ... more

  • Changing the Face of Cyprus - Natasa Pilides, Minister of Energy, Commerce & Industry, discusses the green ideas that will receive the lion’s share of public funding in Cyprus’ effort to help head off a catastrophic rise in global temperatures, details the efforts being made to remove the bottlenecks i... more

  • Changing the Face of Cyprus - Natasa Pilides, Minister of Energy, Commerce & Industry, discusses the green ideas that will receive the lion’s share of public funding in Cyprus’ effort to help head off a catastrophic rise in global temperatures, details the efforts being made to remove the bottlenecks i... more