Cyprus’ accession to the Schengen Zone is of “key importance,” the association of large investment projects said, arguing that it could strengthen the country’s image as a safe and stable investment hub, improve the business climate and attract international companies to set up headquarters on the island.

Joining Schengen would act as a “powerful lever for development,” the association said in a statement.

It described the step as both a milestone in European integration and a move that would “strengthen the international business community’s confidence in it, making it a safe and stable destination for investment.”

The association noted that membership would abolish internal border controls with other EU states, making it easier for people and goods to move across borders.

That, it said, would affect daily life for citizens, professionals and businesses while at the same time boosting competitiveness in the single European market.

A Europe-wide survey has ranked Cyprus fifth for expat entrepreneurs, citing its strong startup density and solid survival rates, though limited venture capital remains a challenge.

According to research by William Russell, Cyprus recorded 12.79 new businesses per 1,000 working people, one of the highest figures in Europe.

Moreover, more than 87 per cent of startups survive their first year, showing a supportive environment for new ventures.

However, funding remains the main drawback. Venture capital investment stood at just £375,000 (around US$500,000), among the lowest levels on the continent.

Even so, the island appeals to entrepreneurs seeking a Mediterranean base within the EU, supported by a favourable tax regime and a growing digital nomad community.

Overall, Cyprus achieved an Expat Entrepreneur Score of 6.77/10, with ten Cyprus-linked business owners on the Forbes Rich List.

Bank of Cyprus (BoC) has become the first lender on the island to allow customers to apply for a mortgage loan entirely online, with responses provided within 24 hours.

The new service, available through Internet Banking or the BoC Mobile App, enables customers to complete the process from the comfort of their home without visiting a branch.

According to the announcement, applicants can upload the necessary documents electronically, choose between fixed or variable interest rates, and select from the bank’s housing plans.

They also receive alternative solutions tailored to their financial data and immediate information on the progress of their application.

Europe’s shipping industry will face its first financial bill under the European Union’s Emissions Trading System (EU ETS) on September 30, marking a watershed moment in efforts to curb greenhouse gas emissions from maritime transport.

According to Drewry, the London-based maritime consultancy, around 13,000 ships submitted verified emissions data for 2024 through the EU’s Monitoring, Reporting and Verification (MRV) platform.

The records show that vessels emitted 90 million tonnes of CO2 last year, up 14 per cent on 2023, largely due to rerouting around the Cape of Good Hope after attacks in the Red Sea forced operators to avoid the Suez Canal.

Under the phased scheme, ship operators calling at EU ports are required to surrender allowances covering 40 per cent of those emissions this year.

With EU Allowances (EUAs) trading at about €70, Drewry estimates the bill will reach roughly $2.9 billion this autumn.