Cyprus Business Now: relief package, tourism, BoC, property, energy, Cablenet
Firstly, the reduced five-per-cent rate of value added tax on electricity will be extended until May next year, having initially been expected to expire in May this year, while the fuel consumption tax will be reduced by 8.33 cents per litre between April and June.
The rate of VAT on meat, poultry and fish will be zeroed between April and September, while “green taxes” on fuel, which had been set to raise the retail price of fuel by nine cents per litre, will not be implemented.
The government will also offer to cover 30 per cent of the wages of all workers in the hotel sector during the month of April, and will draw up a “special plan for more support for airlines to secure the seamless connectivity of the country with important destinations for the attraction of tourists”.
In its announcement, which followed recent public debate over potential changes to market design, the association reaffirmed that the competitive electricity market model applied across the European Union constitutes “the most efficient, transparent and effective model of market operation”.
It added that this framework ensures the optimal use of available resources and supports the formation of affordable electricity prices.
The analysis, based on contracts of sale submitted to the department of lands and surveys for newly built residential properties sold off-plan or under construction, showed that apartments remained the dominant choice for buyers across the island.
Indeed, the €150,000 to €300,000 category proved the most popular in the apartment segment, accounting for 3,396 transactions, or 53.2 per cent of the total.
This was followed by the €0 to €150,000 range, which recorded 1,353 sales, representing 21.2 per cent.
The company had issued €300 million in Fixed Rate Reset Tier 2 Capital Notes on April 23, 2021, under the identifier ISIN XS2333239692, with an original maturity date set for October 23, 2031.
The notes included an issuer call option exercisable between April 23, 2026 and October 23, 2026, subject to the necessary regulatory approvals.
In September 2025, the company launched a tender offer to noteholders, inviting them to sell their holdings back to the bank at a price of 102.3 per cent of the principal amount.
The company described 2025 as a pivotal year, marked not only by financial performance but by deliberate and ambitious investment aimed at reshaping its role in the market.
It said the year represented a fundamental reset of its offerings, with a transformed product portfolio, accelerated network expansion and long-term strategic commitment to delivering improved customer experiences across Cyprus.
“Cablenet remains a strategic asset for the GO Group and an important contributor to Cyprus’ digital future,” said chairman Nikhil Patil.
“The progress achieved in 2025 reinforces our confidence in the company’s growth trajectory, and we remain committed to investing in the infrastructure, capabilities and people that will build sustainable value for years to come,” he added.
At the centre of this transformation was a redefined product ecosystem built on simplicity, transparency and customer service, reflecting a shift towards more flexible and accessible offerings.
The proposed legislation, which is expected to be examined by the new composition of the House, aims to ensure that recreational diving services are offered safely and in line with international standards, while also creating procedures to investigate accidents and assign responsibility where needed.
Under the bill, all recreational diving service providers would be required to obtain an operating licence from the director-general.
This would apply to diving centres, diving schools, independent scuba diving instructors, as well as licensed sea transporters carrying divers on registered and approved vessels.
Regarding the former update, the federation held a certificate award ceremony in Nicosia earlier this week, centred around the circular economy certification scheme.
The scheme is being implemented under a broader initiative promoting sustainable practices in Cypriot hotels.
The event, held on Tuesday, marked the culmination of a four-year systematic effort aimed at supporting the green transition of Cyprus’ tourism product through the integration of circular economy principles, according to an announcement by the federation.
According to announcement released on Thursday, the meetings followed his participation in the Women Who Built Europe Summit in Brussels, where he engaged with European leadership and institutions on advancing innovation and policy integration.
During his visit, Skourides met with European Commissioner for Fisheries and Oceans Costas Kadis, focusing on the role of artificial intelligence in supporting ocean-related policy and implementation.
Discussions placed particular emphasis on the European Ocean Pact and the Ocean Eye initiative, as well as the broader development of Europe’s blue economy.
The exhibition, held from March 13 to 16 at Onassis Ready, by Onassis Foundation, drew importers, journalists, wine professionals and wine enthusiasts, offering Cyprus a broader platform to promote both its established labels and lesser-known indigenous varieties.
The Cypriot delegation was organised by the Cyprus Trade Centre in Athens, in cooperation with the Ministry of Energy, while the ministry said the national presence was stronger and more upgraded this year, attracting solid interest from both trade visitors and the public.
The Cypriot pavilion also became a focal point for business meetings and tastings, while ambassadors and members of the diplomatic corps visited following an initiative by the Embassy of the Republic of Cyprus in Athens.
The above insight was part of Deloitte’s annual Global Human Capital Trends report, released on Thursday.
More broadly, the report highlighted how organisations can gain a competitive edge by building the human advantage in a new era of work.
The findings of the report were circulated locally by Deloitte Cyprus, drawing attention to how businesses on the island can adapt to rapid workplace transformation driven by artificial intelligence.
Additionally, the report found that organisations face growing pressure to become more agile, redesign work models, strengthen trust, and align workplace culture with AI integration.
Speaking to Cyprus News Agency (CNA), Mitas said the district wants by 2030 to climb higher on the international tourism map and position itself as one of the eastern Mediterranean’s leading “smart”, green and cultural destinations.
That ambition, he added, builds on a strategy followed over the past 15 years to turn Paphos into a higher-quality destination offering a broader range of experiences, while at the same time protecting the environment and the area’s cultural heritage.
Among the main priorities for the coming years, as Mitas mentioned, are higher spending per visitor, stronger traffic to the countryside and local communities, and a gradual effort to curb urban sprawl.
According to the announcement, the new offering transforms smartphones into secure card terminals, allowing merchants to accept contactless card payments on the move using NFC-enabled Android devices.
The SoftPOS solution is designed primarily for micro and SME businesses, enabling them to accept payments quickly and efficiently anywhere, including at events, temporary retail locations, or while operating delivery services.
“Payments should adapt to the way merchants operate, not the other way around,” said payabl. Group CEO Ugne Buraciene.
The indicator, which adjusts for differences in price levels across member states, is used to compare the real purchasing power of citizens.
Eurostat reported that the EU average stood at €41,600 in purchasing power parity terms in 2025.
At the top of the ranking, Luxembourg recorded GDP per capita at 239 per cent of the EU average, just ahead of Ireland at 237 per cent.
The published Supply, Use and Input-Output tables function as a comprehensive economic account of the country, tracking how products are produced, imported, and ultimately consumed by households and businesses.
The service also stated that data covering the period from 2018 to 2021 has undergone revisions to improve accuracy and consistency.
Analysis of the figures shows that business services dominate the economy, accounting for 48.4 per cent of total supply, including sectors such as professional consulting, real estate, and technical services.