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11 Jun 2016
Top News of the week

Никос Анастасиадис и Мустафа Акинчи

The negotiations on the reunification of the island will resume.

The negotiations are expected to resume. The President of Cyprus and leader of Turkish-Cypriots have agreed to meet twice a week from now on. From 17th of July and onwards the two leaders will meet every Tuesday and Friday to discuss the controversial issues, in order to resolve the issue of reunification by the end of the year. They have announced the relevant intention during the recent meeting which took place on Wednesdat and was the first one after the diplomatic scandal in Turkey, where President Anastasiades had to end his official visit prematurely. Mr. Anastasiades has mentioned that event and has stressed the importance to build their further relationship based on mutual respect. Mustafa Akinchi has stated that he sees the future of Cyprus as a federation.

The Immovable Property Tax will be reduced

Two important news from the sector of real estate came out during the week. Firstly, the Council of Ministers have announced the reduction of the IPT as part of the taxation reform- it will be reduced from 0,1% down to 0,05%. This will however result in reduced revenue for the government of 60 million Euros, however the government reassured that they are ready for this. Moreover, the discounts will remain for the punctual property owners- if the IPT sis paid on time, a discount of 20% will apply.

Second important announcement was that the volume of sales in the real estate market has significantly increased. There were 500 property deals registered both for residential and for commercial property, which is 17% than during the same period last year.

Additional documents are required to utilize 500 Euro notes

It becomes increasingly difficult to utilize the 500 Euro notes on the island, because the proof of their source is required. The banks in Cyprus were forced to adapt their rules in order to comply with the European AML programme. However, this initiative is widely criticized- the clients are complaining that the banks are requiring additional supporting documentation. The Central Bank of Cyprus has urged the public to remain cooperative in the light of the new legislation. The changes were caused by the recent decision of the European Union to remove the 500 Euro note from circulation in order to help AML incentives and due to notoriety among the counterfeiters.

Two days of FUN during the Russian-Cyprus Festival in Limassol!

One of the most discussed cultural events of the year is the Russian-Cyprus Festival which took place in Limassol last weekend for the 11th time. Thousands of guests had a 2-day opportunity to enjoy the concerts and exhibitions, to participate in various contests and win valuable prizes. The Festival was opened by the President of Cyprus- Mr. Nicos Anastasiades. In his speech he extensively discussed the existing friendship between Cyprus and Russia and highlighting the special ties between the two countries. The stage was then yielded to the artists- on the first day of the festival the main star was the Russian singer Danko and on the second day the highlight was the performance by the Cypriot band Minus One. Among endless attractions were beautiful fireworks, high-heels race, pram parade and many more. The detailed report from the event is published on the page of the “Russian Radio” on Facebook and on our website.