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Association of Large Investment Projects president Andreas Demetriades this week said that there are still issues related to Cyprus’ permanent residence programme and asked for the Interior Ministry to “immediately find solutions”.

Demetriades, who is also the vice president of the Cyprus Chamber of Commerce and Industry (Keve), said that based on the provisions of the programme, third country nationals who make investments worth €300,000 are entitled to a residence permit within a period of two months.

However, Demetriades said that “when someone goes out of their way to arrange a meeting to submit that application, it takes four to five months to set up an appointment with the relevant officer to submit their application”.

“This is a problem which is added to the other existing issues faced by the country’s economy and this matter must urgently be resolved by the Interior Ministry,” he concluded.


The Paphos tourism board (Etap) this week said that it is preparing digital content to promote scuba diving across a number of locations in the Paphos district.

The content will be produced through the use of a special submarine drone which has the ability to take panoramic underwater footage.

underwater diving scuba paphos

“Specialised equipment, including an underwater drone with a 360-degree marine camera, has been deployed, while the material produced includes conventional photos, 360-degree videos, virtual tours, as well as a three-dimensional presentation of a wreck, among other things,” the board said in a statement.

“With the completion of the project, the creation of specialised, effective promotional material will become available, which will then be a tool for promoting this experiential form of tourism both in Cyprus and abroad,” the statement added.

Finally, the board said that the entire effort is being supported by the Deputy Ministry of Tourism, while the project is expected to be completed in 2022.


Pascal Schools on Thursday announced that they have joined Globeducate, one of the world´s leading K12 education providers, who are comprised of more than 55 bilingual and international schools, as well as online programmes, across 10 countries, with more than 31,000 students.

Schools in Globeducate specialise in a variety of highly respected international curricula including the English National Curriculum (EYFS to A Level), International Baccalaureate (PYP to IBDP), and the national curricula of Canada, France, India, Italy, Malaysia, Portugal and Spain.

Pascal explained that being a member of Globeducate will actively contribute to the growth of the organisation, modernising its structure and practices, bringing in new expertise and knowledge, and helping to upgrade its services.

Moreover, Pascal Schools will have the opportunity to take part in a wide range of activities worldwide, online or in person, such as the Globeducate Model United Nations, Academic Olympics, Arts Competition, Olympic Games and Student Leadership Summits.

At the same time, PASCAL teachers will be able to join international education communities, which focus on a number of sectors, including outdoor learning, reading and STEAM education, as well as sustainability.

Pascal Education (Cyprus) Ltd president Pantelis Andreou expressed his enthusiasm about becoming a member of Globeducate.

“This development broadens the scope and horizons of Pascal Schools, while it creates new prospects for our staff and students,” Andreou said.

“Our top priority is to keep adding value to the Education sector and local society,” he pointed out,” he added.

It should be noted that Pascal Education (Cyprus) Ltd is still the owner of Pascal Schools in Cyprus, while both the organisation’s Board (Andreou family) and management will remain unchanged.


The Cyprus Stock Exchange (CSE) ended Thursday, August 11 with losses.

The general Cyprus Stock Market Index was at 68.87 points at 13:16 during the day, reflecting a fall of 0.12 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.29 points, which represents a decrease of 0.1 per cent.

The total value of transactions came up to €31,927.

In terms of the sub-indexes, the main index fell by 0.41 per cent, while the alternative index rose by 0.75 per cent. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.85 per cent), Hellenic Bank (+0.46 per cent), Logicom (no change), Petrolina (-0.91 per cent) and Vassiliko Cement Works (+4.62 per cent).

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