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Under the new laws the island’s corporate tax rate would rise to 12.5% from 10%, while also increasing

tax rates on the interest earned on bank deposits from 15% to 30% and the special tax for credit institution

transactions raised from 0.11% to 0.15%.

Parliament also approved a bill to freeze all promotions in the public sector in 2013.

Additional measures will also be presented to Parliament for approval before the end of the month.

With the latest vote, Cyprus’s parliament has now passed some 23 pieces of legislation that aim to fix public

finances and that are part of the overall bailout agreement.

We will keep you updated for any further developments.

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modifications to the temporary restrictive measures on transactions.

Amendments are highlighted for your convenience.

Eight Decree Document

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The Cyprus overseas property market is reported to be getting a boost from the Far East as

interest from Chinese buyers looking to purchase top and luxury properties.

where sales have risen by 25 per cent in recent months, industry professionals say.

The once booming  property market, once dominated by British buyers, collapsed in 2009 as a result of both the worldwide recession and the title deeds scandal in which buyers who had paid in full for their properties were left years later without possession of ownership documents.

The collapse has had a serious knock on effect on the local economy which had long relied on tourism and property sales as an economic mainstay.

Their perseverance appears to have paid off.

“We have various offices in China and we regularly attend various property exhibitions. All of our sales in recent months have been to Chinese clients,” said Sophia Charalambous of Korantina Homes.

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