After announcing major tax reforms in order to attract foreign investors to Cyprus, the Government has approved a set of five tax packages. The new Cypriot tax reforms are dedicated to foreign citizens and contain provisions about the simplification of property taxes and encourage local authorities to provide more tax breaks for foreign investors. The International Monetary Fund (IMF) also considers the measures sustainable and supports the Cypriot Government with their implementation.
The Cypriot private RCB Bank plans to support investments on the island by providing more corporate loans. The bank wants to expand its presence in the country by setting up local offices thus ensuring easier access to Cypriot companies interested in obtaining loans. RCB is currently one of the largest private banking institutions in Cyprus.