Publications

  • Share

Our detailed publications which cover all industries and topics will empower you to make more informed decisions about the changing market environment.

 

2019

PAS Brochure Cover 2019

Immigration Compliance Services

In an ever-changing global environment, immigration changes are becoming increasingly complex. Companies are exploring opportunities, where migration rules and requirements are often unclear or prone to unannounced and unexpected change.

 

2019 Tax Facts front page

Tax Facts 2019

A comprehensive easy-to-use guide to help you stay informed on tax issues and legislation changes.

English        Greek         Russian

 

2018

EY - Publications

Cyprus Tax Facts 2018

Information regarding the Cypriot tax system for the tax year 2018 which is based on the Cypriot legislation and tax practices. This publication includes a brief review of the effective tax laws in which all recent key changes to the tax code are incorporated. It includes information concerning natural and legal persons for the full range of tax laws, including income tax and VAT. It further includes an updated list of double taxation agreements.

2017

EY - Publications
EY - Publications

Cyprus Tax Facts 2017

Information regarding the Cypriot tax system for the tax year 2017 which is based on the Cypriot legislation and tax practices. This publication includes a brief review of the effective tax laws in which all recent key changes to the tax code are incorporated. It includes information concerning natural and legal persons for the full range of tax laws, including income tax and VAT. It further includes an updated list of double taxation agreements.

Cyprus Tax Facts

  • Information regarding the Cypriot tax system for the tax year 2017 which is based on the Cypriot legislation and tax practices. This publication includes a brief review of the effective tax laws in which all recent key changes to the tax code are incorporated. It includes information concerning natural and legal persons for the full range of tax laws, including income tax and VAT. It further includes an updated list of double taxation agreements.
    English - Russian - Greek

Brochure: Dealing with Tax Audits - June 2017

  • Difficult market conditions are forcing businesses to adapt to the new economic realities. The state needs to boost its tax revenues. Tax law keeps changing in response to the economic challenges of the time. As a result, the tax authorities have to modify their approaches to the tax administration to adapt to new circumstances. This brochure discusses EY's broad range of services aimed at both the prevention and the successful resolution of tax controversies.
    English

Cyprus Innovation and Entrepreneurship Dynamics #2 January 2017

  • Innovation, a key factor to the European competitiveness in the global economy, has garnered particular attention from policy makers and entrepreneurs in Cyprus over the last decade. The promotion of innovative Companies and entrepreneurship is amongst the top policy priorities of the European Union as it is thought to be one of the main drivers of competitiveness and job creation. The 7th edition of the Regional Innovation Scoreboard (RIS) includes Cyprus at the country level and ranks it as a moderate innovator, a ranking that is well below the EU average.
    English

2016

Cyprus Tax Facts

  • Information regarding the Cypriot tax system for the tax year 2016 which is based on the Cypriot legislation and tax practices. This publication includes a brief review of the effective tax laws in which all recent key changes to the tax code are incorporated. It includes information concerning natural and legal persons for the full range of tax laws, including income tax and VAT. It further includes an updated list of double taxation agreements.
    English - Russian - Greek

Education Sector Dynamics Issue #2 September 2016

  • The educational system in Cyprus is centralised and fully regulated by the Ministry of Education and Culture (MoEC). Education accounts for a significant proportion of the Cypriot public expenditure, with personnel costs being by far the most important budget item. The Cypriot authorities have continued to implement the actions included in the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU), agreed with the Troika1. Specifically, a reform plan has been finalised providing a mechanism safeguarding the fiscal sustainability of the education wage bill and a significant modernisation of the appraisal and promotions systems. With respect to educational benefits, the Cypriot authorities have shared their plans to consolidate the three existing benefits into one scheme and to modify eligibility criteria, without at this stage aiming at fiscal savings.
    English

 

Energy Sector Dynamics Issue #2 February 2016

  • Over the past 12 months the developing energy profile of Cyprus has continued to attract the interest of several large companies in the sector, perhaps also partly due to the large natural gas finds discovered in the region. The recent discovery of the “Zohr” natural gas field in Egypt’s EEZ has certainly given further impetus to the Cyprus EEZ. The Ministry of Energy, Commerce, Industry and Tourism has already asked its advisors for a reassessment of the potential of Cyprus’ EEZ. The French company Total extended its exploration license for Block 11 for an additional two years, following the gas discovery in the Egyptian EEZ, which lies just 6 km from Block 11.
    English

 

Health Sector Dynamics Issue #1 January 2016

  • Cyprus’s health system is under restructuring. Today, the island’s healthcare system comprises of public and private sectors of approximately similar size that operate independently. As part of the MoU signed with the Troika, the government is committed to adopt structural changes in an effort to strengthen sustainability of the funding structure and the efficiency of the public healthcare system. Towards that end, a National Health System should be fully in place by 2017. Based on the most recent available data, the total expenditure on health in Cyprus amounted to 7.4% of GDP in 2013 (€1,341m), with only 46.3% of that spent by the government (€621m). As a fraction of GDP, the total government expenditure for health services in Cyprus was 3.4% of GDP for 2013, which is amongst the lowest ratios in the EU-28.
    English

 

2015

Banking Sector Dynamics Issue #3 December 2015

  • The very high levels of non-performing loans (NPLs) remain the main challenge of the sector, with disappointingly little progress achieved since the end of 2014. After months of delay in their approval by the legislature, enhanced tools enabling the restructuring of loans are now in place, including, inter alia, the adoption of the foreclosure and insolvency framework. Most recently, the Parliament has passed a bill governing the sale of loans, a prerequisite for the release of the last bailout tranche to Cyprus.
    English

 

Cyprus Innovation and Entrepreneurship Dynamics September 2015

  • Innovation, a key factor to the European competitiveness in the global economy, has garnered particular attention from policy makers and entrepreneurs in Cyprus over the last decade. Cyprus innovation performance followed an upward trend of 6.6% from 2009 to 2011, while this trend reversed from 2012 onwards (Innovation Union Scoreboard 2015 (EU, 2015)). In 2014, Cyprus was amongst the two member states that presented declining innovation performance and also changed group membership from innovation followers to moderate innovators, a ranking that sets Cyprus well below the EU average.
    English

Real Estate Dynamics Issue #2 August 2015

  • After fourteen consecutive quarters of economic recession, GDP grew by 0.2% Year on Year (YoY) in 1Q2015. In the real estate sector, in 1H2015, both the total deeds and transfers of sale registered at the Department of Lands and Surveys increased by 7% and 2.9% YoY respectively. Still, the contribution of the construction and real estate sectors to the GDP continued to decrease in the first quarter of the year, albeit at slower rates. At the same time, investment in the construction sector remained weak while average real estate prices decreased over the past year for all types of properties.
    English

Cyprus Education Sector Dynamics Issue #1 July 2015

  • Cyprus’s educational system ranks 3rd in the European Union in terms of public expenditure, standing at 7.9% of GDP, however, the country ranks among the lowest in the EU in the fields of Science and Mathematics. The Memorandum of Understanding agreed upon with Troika calls for an overhaul of the entire public education system beginning with an independent audit and followed by recommendations to the public administration in areas such as compensation, employment benefits and overall organization to improve both the efficiency and effectiveness of the Cyprus education sector.
    English

Cyprus Eurozone Forecast June 2015

  • The ending of capital controls and the approval of key insolvency laws should clear the way for a resumption of funding under Cyprus’ €10b international bailout agreed in March 2013. This will bolster prospects for a return to growth. Despite short-term headwinds from the recession in Russia and fresh uncertainty about a possible Greek Eurozone exit, Cyprus’ GDP grew 1.6% on the quarter and 0.2% on the year in Q1 this year. As a result, after three years of decline, GDP is now forecast to grow 0.3% in 2015.
    English

 

Banking Sector Dynamics Issue #2 April 2015

  • Cyprus’s banking sector has confronted many obstacles in the past two years as a result of the Eurogroup decisions of March 2013; however confidence has begun to grow with the successful recapitalization of BOC and Hellenic Bank -due to private investment- and Coops. Furthermore, all restrictions on transactions were recently abolished. It is expected that the lifting of capital control measures will increase liquidity, economic activity, competitiveness and creditworthiness of the local banking sector.
    English

 

Cyprus Eurozone Forecast March 2015

  • The recovery expected in the Cypriot economy is now likely to be deferred until 2016 due to the mounting external headwinds, in particular the impact of the deep recession expected in Russia. We have lowered our forecast of GDP growth in 2015 and now see a contraction of 0.4%,compared with the expansion of 0.3% seen in our December report, after a 2.4% fall in 2014. Looking further ahead, growth isexpected to reach 1.1% in 2016 and then 2.5% in 2019.
    English

 

Cyprus Tax Facts

  • Information regarding the Cypriot tax system for the tax year 2015 which is based on the Cypriot legislation and tax practices. This publication includes a brief review of the effective tax laws in which all recent key changes to the tax code are incorporated. It includes information concerning natural and legal persons for the full range of tax laws, including income tax and VAT. It further includes an updated list of double taxation agreements.
    English - Greek - Russian

Energy Sector Dynamics Issue #1 February 2015

  • The confirmed reserves of natural gas in Block 12 within the Exclusive Economic Zone of Cyprus, coupled with other discoveries in the region, create significant opportunities for the energy sector in Cyprus. The benefits of this new industry for Cyprus will find their way into all socio-economic sectors resulting in additional sources of revenue for the government, new capital injections and of course thousands of new jobs. Under the right policies and an effective management of the opportunity, Cyprus could become a regional Energy Hub.
    English

2014

Cyprus Eurozone Forecast December 2014

  • Cyprus is forecasted to return to growth by 2015, however the path looms with obstacles such as decreased consumption, rising unemployment and geopolitical instability that will have a direct effect on Cyprus.
    English

 

Eurozone Forecast December 2014

  • The EY Eurozone Forecast is a quarterly overview of developments across the Eurozone and the 19 individual member states. The forecast uses the ECB model and governmental statistics to offer insight into the issues that affect the region's governments and businesses.
    English

 

Banking Dynamics December 2014

  • The near term outlook of the banks operating in Cyprus is improving but it remains challenging. Its keycharacteristics are as follows: Deleveraging, inadequate liquidity, decrease in borrowers’ repaymentability, tightened lending criteria and rising Non-Performing Loans (NPLs)...
    English

 

Tourism Dynamics October 2014

  • The 2014 forecasts for the tourism sector are positive, with the Cyprus Tourism Organisation, (CTO),projecting another increase in arrivals from Russia. Also, the World Tourism and Travel Council, (WTTC),issued a positive outlook for the Cyprus tourism industry for 2014...
    English

 

Cyprus: Economy Dynamics September 2014

  • The Cypriot economy continues to contract and faces significant headwinds in 2014, both fiscally andin key sectors of the economy, such as banking and real estate development. Its overall performancehowever, is above the expectations...
    English