Cyprus
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date |
Type of measure |
Beneficiaries' sector specification |
Description of measure |
03/04/2020 |
Tax reliefs |
Non-financial corporations |
The European Commission has decided on 3 April 2020 to grant relief from import duties and VAT exemption on importation of goods needed to combat the effects of the COVID-19 pandemic outbreak. The relief applies to imports made from 30 January 2020 to 31 July 2020. |
16/03/2020 |
Direct grants |
Non-financial corporations |
Special Plan for Full or Partial Suspension of business. A Suspension Plan will apply to all businesses, where it has been decided to suspend their business operations as well as those that have decided to continue operations, suffering a decrease in their turnover over 25%, through the granting of a special unemployment benefit for the duration of the period whereby the company is under suspension. |
16/03/2020 |
Direct grants |
Households |
Suspension of business operations support plan for the self-employed. A Suspension Plan will apply to self-employed individuals, through the granting of a special unemployment allowance (Certain categories are excluded e.g supermarkets, doctors, pharmacies etc.). |
16/03/2020 |
Direct grants |
Households |
Absense from work: Granting of a special “sickness benefit” of an average of €800 per month to workers who are dealing special health issues and to cases of compulsory absence from work. |
16/03/2020 |
Direct grants |
Households |
Provision of special unemployment allowance. |
16/04/2020 |
Tax deferrals |
Non-financial corporations |
The Deputy Ministry of Shipping, in an effort to support shipping companies and owners of Cyprus ships and to enable them to address the difficulties encountered due to COVID-19, has decided to extend the date of payment of the Cyprus Registry Maintenance Annual Fee and the tonnage tax of Cyprus ships. • The deadline for payment of the Tonnage Tax and the Cyprus Registry Maintenance Annual Fee for the tax year 2020, which was normally due by 31st March 2020, has been extended to 31st May 2020. |
22/05/2020 |
Tax reliefs |
Households |
The bill provides incentives for rent reduction by granting tax credit equal to 50% of the reduction in rent, in the case where the landlord provides a rent reduction for a period of up to three months in 2020. |
27/03/2020 |
Public moratoria |
Households |
Amendment of the Social Contribution Law on overdue contributions. |
27/03/2020 |
Tax deferrals |
All sectors |
Temporary suspension of VAT payments between for tax periods ending February, March and April, 2020 |
27/03/2020 |
Tax reliefs |
All non-financial sector |
Non-payment of the increased contribution/levy to the General Healthcare System GHS) for three months. Contributions relating to the GHS were planned to increase from 1 March 2020. In accordance with the amendment of the GHS Law, the increased contribution will not be paid for three months, from 1 April 2020 until 30 June 2020. |
22/05/2020 |
Public guarantees |
Non-financial corporations |
The bill is concerned with the support of firms and businessmen in the crucial for Cyprus tourism section and also with the reliability of Cyprus abroad as a tourist destination. By this regulation travel organizers, hotel enterprises, cruise companies as well as car rental enterprises without a driver, obtain the legal right of being issued with vouchers in case of reservation cancellations due to the pandemic. It also includes provisions for the issuing of state guarantees to the benefit of the companies in case of insolvency, thus ensuring that the foreign visitor or Cypriot traveller or tourist agent will not suffer any damage in case the Cypriot firm with which they have made a reservation is insolvent. The amount of guarantees that the government may offer stands at €86.6m. |
27/03/2020 |
Other measures of fiscal nature |
Other |
Provision for support for the health sector with EUR 100 million to combat the pandemic where necessary, including: — Support regarding equipment and material infrastructure |
27/03/2020 |
Other measures of fiscal nature |
Other |
Support for the recovery of tourism. Additional appropriations of EUR 11 million for the implementation of actions to support tourism in Cyprus between June and September 2020, in cooperation with airlines and travel operators, as well as actions to boost tourist attraction during the period from October 2020 to March 2021. |
30/03/2020 |
Public moratoria |
All non-financial sector |
Suspension of all loan payments and interest on performing loans for individuals, the self-employed and businesses for a period of 9 months, until 31.12.2020. |
28/05/2020 |
Public guarantees |
Non-financial corporations |
Participation of the Republic of Cyprus in the Pan-European Guarantee Fund, with a contribution amounting to €32.5m in the form of guarantees. The Fund has been designed to provide direct guarantees of up to 80% to Financial Institutions for the financing of Small and Medium Companies. It also includes the possibility of providing counter-indemnities to national guarantee schemes. |
28/05/2020 |
Public guarantees |
Non-financial corporations |
Scheme for Providing Government Guarantees to the European Investment Bank for granting loans to Cypriot small and medium companies and enterprises of medium capitalization. This has to do with the utilization of an existing scheme which functions since 2014 by a financial agreement between the Republic of Cyprus and the EIB with the purpose of strengthening the Cyprus economy and financing SMCs. |
28/05/2020 |
Public loans |
Non-financial corporations |
Liquidity amounting to €800m for funding of SMEs through the Cyprus Entrepreneurship Fund (CEF) (managed by the European Investment Fund of the EIB with no government involvement in the lending process). Co-financing and risk sharing (50%-50%) between the Government and the Banking Institutions that participate in the Scheme. Therefore, the Government will receive a loan of €400m in order to finance 50% of liquidity. |
28/05/2020 |
Direct grants |
Non-financial corporations |
Government Interest Subsidy Scheme for new business loans, to cover liquidity needs for working capital and investment for business enterprises and the self-employed. The measure is in line with the guidelines included in the “Announcement of the European Commission for the taking of state aid measures with the aim of supporting the economy during the spread of the COVID-19 disease” and specifically with the temporary state aid measures in the form of immediate grants (measure 3.1 of the said framework). |
28/05/2020 |
Direct grants |
Households |
Interest Subsidy Scheme for new housing loans, for the purpose of owner occupancy. |
28/05/2020 |
Tax reliefs |
Non-financial corporations |
Tourism sector: Reduction of the VAT rates from 9% to 5% for the period 1/7/2020 until 10/01/2021 in the sectors of tourist accommodation and catering. |
28/05/2020 |
Direct grants |
Non-financial corporations |
One-off subsidy scheme for very small and small enterprises and self-employed, to cover rents or other liabilities and running expenses. |
23/06/2020 |
Direct grants |
All non-financial sector |
Special scheme for businesses recording a drop of 40% in their turnover, providing coverage of a specific amount of salaries (calculated according to the number of employees). |
23/06/2020 |
Direct grants |
Households |
One-off subsidy scheme of €360 for unemployed, who have exhausted their right to receive an unemployment benefit in any of the months between January 2020 and June 2020. The scheme will see beneficiaries receiving a one-off subsidy of EUR 360. |
06/05/2020 |
Direct grants |
Other |
One-off subsidy scheme of €900 for beneficiaries from arts and culture sector |
18/11/2020 |
Direct grants |
All non-financial sector |
Special scheme for Hotel Units and Tourist Accommodations. A closed hotel can receive subsidies (special unemployment allowance) for up to 97% of its staff if it has suspended its operations completely. The scheme applies for the month of November 2020. |
18/11/2020 |
Direct grants |
All non-financial sector |
Special scheme of Related and Affected companies for economic activities related to the tourism industry, or other economic activities which are directly affected by the industry and that are under full obligatory suspension. The scheme applies until 30 November 2020. The coverage rate of companies that will not operate is 97%. The percentage of employee support for companies that will be reactivated is 65% for companies with more than 3 people and at 100% for companies that employ up to 3 people. Support for the travel agencies that will remain open will cover 80% of their employees. The following companies can apply for the Scheme: (a) Those companies that will not be active during the period 1 November until 30 November 2020, (b) Those companies that will be active during the period in question if they have or anticipate a turnover reduction of more than 40% for that period compared to the corresponding period of the previous year . |
18/11/2020 |
Direct grants |
All non-financial sector |
Special scheme for the businesses with complete suspension or for businesses which experience a reduction in their turnover higher than 80%. Τhe coverage rate of employees in companies with more than 9 employees is 97%. The employees will receive a subsidy (special unemployment allowance). The scheme applies for the month of November 2020. |
18/11/2020 |
Direct grants |
All non-financial sector |
Special scheme for businesses of certain economic activities, providing a special unemployment allowance. Eligible business are those which had a drop in turnover of over 40% between 1 November and 30 November 2020 due to the pandemic, compared to the corresponding period of the previous year. Certain companies falling under certain NACE codes are excluded and these are set out in a Annex to the official decision (such as supermarkets, pharmacies, bakeries etc). |
18/11/2020 |
Direct grants |
Households |
One-off subsidy scheme of €500 for unemployed for a period of one month, who have exhausted their right to receive an unemployment benefit in any of the months between January 2020 and June 2020. The scheme will see beneficiaries receiving a one-off subsidy of EUR 500. The scheme applies for the month of November 2020. |
18/11/2020 |
Direct grants |
Households |
Special Scheme for certain categories of self-employed, covering certain occupational categories such as hotel self-employed and self-employed whose companies are subject to obligatory, complete suspension or reduced turnover beyond 40% or 80% (depending on type of occupaton) because of the pandemic measures. The scheme applies for the month of November 2020. |
18/11/2020 |
Direct grants |
Households |
Absense from work: Granting of a special “sickness allowance” to those employees in the private sector who fall into recognised vulnerable groups whose employer is unable to protect them at work, provided for as long as the Health decrees last. The scheme applies for the month of November 2020. |
25/11/2020 |
Direct grants |
Non-financial corporations |
Extension of: Government Interest Subsidy Scheme for new business loans, to cover liquidity needs for working capital and investment for business enterprises and the self-employed. The measure is in line with the guidelines included in the “Announcement of the European Commission for the taking of state aid measures with the aim of supporting the economy during the spread of the COVID-19 disease” and specifically with the temporary state aid measures in the form of immediate grants (measure 3.1 of the said framework). |
25/11/2020 |
Direct grants |
Households |
Extension of: Interest Subsidy Scheme for new housing loans, for the purpose of owner occupancy. |
29/12/2020 |
Direct grants |
All non-financial sector |
Special scheme for Hotel Units and Tourist Accommodations. A closed hotel can receive subsidies (special unemployment allowance) for up to 97% of its staff if it has suspended its operations completely. |
29/12/2020 |
Direct grants |
All non-financial sector |
Special scheme of Related and Affected companies for economic activities related to the tourism industry, or other economic activities which are directly affected by the industry and that are under full obligatory suspension. The coverage rate of companies that will not operate is 97%. The percentage of employee support for companies that will be reactivated is 65% for companies with more than 3 people and at 100% for companies that employ up to 3 people. Support for the travel agencies that will remain open will cover 80% of their employees. The following companies can apply for the Scheme: (a) Those companies that will not be active during the period 1 December until 31 December2020, (b) Those companies that will be active during the period in question if they have or anticipate a turnover reduction of more than 40% for that period compared to the corresponding period of the previous year . |
29/12/2020 |
Direct grants |
All non-financial sector |
Special scheme for the businesses with complete suspension or for businesses which experience a reduction in their turnover higher than 80%. Τhe coverage rate of employees in companies with more than 9 employees is 97%. The employees will receive a subsidy (special unemployment allowance) |
29/12/2020 |
Direct grants |
All non-financial sector |
Special scheme for businesses of certain economic activities, providing a special unemployment allowance. Eligible business are those which had a drop in turnover of over 40% during the period of the plan in question due to the pandemic, compared to the corresponding period of the previous year. Certain companies falling under certain NACE codes are excluded and these are set out in a Annex to the official decision (such as supermarkets, pharmacies, bakeries etc). |
29/12/2020 |
Direct grants |
Households |
One-off subsidy scheme of €500 for unemployed for a period of one month, who have exhausted their right to receive an unemployment benefit in any of the months between January 2020 and June 2020. The scheme will see beneficiaries receiving a one-off subsidy of EUR 500 for one month. |
29/12/2020 |
Direct grants |
Households |
Special Scheme for certain categories of self-employed, covering certain occupational categories such as hotel self-employed and self-employed whose companies are subject to obligatory, complete suspension or reduced turnover beyond 40% or 80% (depending on type of occupaton) because of the pandemic measures. |
29/12/2020 |
Direct grants |
Households |
Absense from work: Granting of a special “sickness allowance” to those employees in the private sector who fall into recognised vulnerable groups whose employer is unable to protect them at work, provided for as long as the Health decrees last. |
09/01/2021 |
Public moratoria |
All non-financial sector |
Suspension of all loan payments and interest on performing loans for certain categories of borrowers for a period of 6 months, until 30.06.2021.Applications must be submitted by 31 Jan. 2021 and shall be approved or rejected by 28 Feb. 2021. Credit facilities which, as at 31 Dec. 2020, were not over 30 days past due, even if settled subsequently (unless arrears are less than €100 for retail loans and less than €500 for business loans) |
09/01/2021 |
Direct grants |
All non-financial sector |
Scheme 1: Grant to cover rents, instalments or other operating expenses of businesses and self-employed. • Maximum grant: €300.000; Minimum grant: €1,000 |
13/01/2021 |
Other measures of fiscal nature |
All non-financial sector |
1. Two month suspension of professional lease rentals pay 70% of the rent of professional leases, for companies or self employed individuals whose operations are fully suspended pursuant to the Quarantine law decree No 2 of 2021, including those who are in full |
13/01/2021 |
Tax reliefs |
All non-financial sector |
a. Extension of the tax relief period to owners who rent real estate to legal or natural persons and who proceed in a voluntary reduction of rent in the period April - May- June 2021. (similar to measure CY-037). Reduction is between 30% and 50% of the monthly rent. |
21/10/2021 |
Public guarantees |
Non-financial corporations |
Government guarantees totaling up to €1 billion to credit institutions. The Cyprus Government Guarantee Scheme will offer low-interest loans to businesses of all sizes via Cyprus banks. Government guarantees will cover 70% of the losses that may arise from the above loans and credit insitutions will have to cover the remaining 30% , regardless of whether the loan is secured or not. The provision of government guarantees amounting to €1 billion will offer an increase in liquidity in the economy of about €1.43 million. |
02/04/2020 |
Reporting requirements |
Insurance sector |
Biweekly reporting of asset change, solvency position and surrenders |
06/03/2020 |
Other measure |
Securities and markets |
Review of business continuity and disaster recovery systems by CySEC's regulated entities (Cyprus Investment Firms, Administrative Service Providers, Funds) |
06/03/2020 |
Reporting requirements |
Securities and markets |
Issuers whose securities are admitted to trading on the Cyprus Stock Exchange or on other regulated markets, to assess the financial impact, as well as any risks and uncertainties that a possible outbreak of the coronavirus may have on their businesses/operations and make a relevant public announcement immediately. |
07/04/2020 |
Dividend distribution policy |
Insurance sector |
Adoption of EIOPA's statement on dividends and call to insurers to suspend dividend distribution |
14/04/2020 |
Reporting requirements |
Securities and markets |
Pillar III disclosures in light of COVID-19. The remittance date of the annual audited financial statements for 2019 has been extended up to 31st July 2020. |
15/04/2020 |
Reporting requirements |
Securities and markets |
Cyprus Investors Compensation Fund (ICF) Deadlines Extension: The Directive DI87-07 for the operation of the ICF was amended with the Regulatory Administrative Act 154/2020, providing CySEC the flexibility to extend the deadlines within the Directive. The audited statement of eligible funds and financial instruments of the covered clients, can be submitted to CySEC, by the members of the ICF, with 2 months extention period (until 10/07/20). The ordinary annual contribution can be paid by each member of the ICF, with 2 months extention period (until 10/10/20). Additionally, a discount of 80% is provided for every member that pays the ordinary annual contribution until 10/09/20. |
18/03/2020 |
Buffer usability |
Banking sector |
The ECB has already considered measures in support of bank lending. Under the new measures, Cyprus credit institutions will be able to raise liquidity from the Eurosystem under significantly favourable conditions. The measures decided by the ECB concern, inter alia, the possible release of capital buffers, which for the Cyprus significant institutions (SIs) was estimated by the CBC around EUR 1,3 billion. Furthermore, an additional possible release of capital buffers (in addition to the liquidity and supervisory capital relief measures announced by the ECB) of approximately EUR 100 million for the less significant institutions (LSIs) has been decided by the CBC, to allow credit institutions to offer relief on existing loans for firms and households. |
18/03/2020 |
Liquidity measure |
Banking sector |
CBC announcement on relaxation of obligations of Cyprus financial institutions. This included additional release of capital reserves to allow banks to offer relief on existing loans for firms and households; relaxing credit standards on new loans and other credit facilities in order to help affected firms and households quickly obtain the liquidity they need to cover their current obligations; favourable short-term restructurings for affected customers; recommendations to banks to offer favourable interest rates and fees on new loans; provision of short-term restructurings by Credit Acquiring Companies with fast-track procedures. |
19/03/2020 |
Reporting requirements |
All financial sectors |
The reporting obligation related to securities financing transactions (‘SFTs’), under Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse (‘SFTR’), was postponed. |
23/03/2020 |
Reporting requirements |
Insurance sector |
Adoption of EIOPA recommendations on extention of deadlines for reporting requirements |
26/03/2020 |
Reporting requirements |
Securities and markets |
Regulatory Administrative Act 120/2020, published on 26/03/2020: CySEC may, in cases where the situation in the Republic is such that affects the ability to comply with the provisions of the Directive DI87-03 for Payable Charges and Fees, decide the extension of deadlines provided in this Directive. |
26/03/2020 |
Reporting requirements |
Securities and markets |
Regulatory Administrative Act 125/2020, published on 26/03/2020: CySEC, in cases where the ability of compliance with any of the deadlines stated in the Directive for the Prevention and Suppression of Money Laundering Activities is affected due to the existing circumstances in the Republic, may decide to extend it to a time which it shall determine at its sole discretion. |
27/03/2020 |
Reporting requirements |
All financial sectors |
Submission of the Internal Auditor’s Annual Report, the AMLCO’s Annual Report and the Form of the Monthly Prevention Statement - Extension of Deadlines provided in the AML/CFT Directive |
30/03/2020 |
Reporting requirements |
All financial sectors |
CIRCULARS AML/CFT: C371 regarding the extension of deadlines for the submission of the Internal Auditor’s Annual Report, the AMLCO’s Annual Report and the Form of the Monthly Prevention Statement - AML/CFT Directive. Τhe deadlines for the submission to CySEC of the 1) Internal Auditor’s Annual Report, 2) AMLCO’s |
30/03/2020 |
Reporting requirements |
Securities and markets |
CIRCULARS CIF: C372 – To Cyprus Investment Firms regarding the payable annual fees for 2019 (Form 87-03-01) – Change of submission deadline |
30/04/2020 |
Reporting requirements |
All financial sectors |
CySEC Directive for the Extraordinary Measure of Suspension of Obligations relating to the Financial Statements of Financial Entities of 2020. The obligation for the CySEC's supervised entities to prepare, report and announce the financial statements, is suspended as follows: - For Administrative Service Providers until 31/07/20. |
31/03/2020 |
Reporting requirements |
Securities and markets |
The reporting obligation of Cyprus Investment Firms, under the Annual Risk Based Supervision Framework (RBSF), was extended by another one month. |
31/03/2020 |
Reporting requirements |
Non-financial corporations |
The reporting obligation of Administrative Service Providers, under the Annual Risk Based Supervision Framework (RBSF), was extended by another one month. |
31/03/2020 |
Reporting requirements |
Non-financial corporations |
The following reporting obligations for Cyprus Investment Firms, were extended by another one month: Annual Compliance Function Report, Annual Risk Management Report, Annual Internal Audit Report, Annual Audited Financial Statements, Annual Auditors’ Suitability Report. |
31/03/2020 |
Reporting requirements |
Fund industry |
The reporting obligation of the Fund Industry to provide statistical information on a quarterly basis, was extended by another one month. |
31/03/2020 |
Reporting requirements |
Non-financial corporations |
The reporting obligation of the Administrative Service Providers (ASPs), to provide statistical information on a quarterly basis, was extended byanother one month. |
31/03/2020 |
Reporting requirements |
Securities and markets |
The reporting obligation of the Cyprus Investment Firms, to provide statistical information on a quarterly basis, was extended by another one month. |
02/04/2020 |
Other measure |
Insurance sector |
Adoption of EIOPA call to actions on insurers and intermediaries to mitigate the impact of Covid-19 on consumers |
13/03/2020 |
Other measure |
Infrastructure |
Review of business continuity and disaster recovery systems by the Cyprus Stock Exchange (CSE) |
16/03/2020 |
Other measures of fiscal nature (w/o fin. stab. relevance) |
Other |
Remuneration scheme for employees/workers employed at the Ministry of Education’s afternoon programmes. |
27/03/2020 |
Tax deferrals (w/o fin. stab. relevance) |
All sectors |
Two months extension of the obligation to submit income tax returns for those who were under the obligation to do so by 31.3.2020 as well as the deadline for settlement of tax liabilities (new deadline 30.6.2020). Applies to businesses and the self-employed. |
06/04/2020 |
Other measure |
Securities and markets |
COVID-19: ESMA’s Public Statements regarding the application of MiFID II/MiFIR |
06/04/2020 |
Other measure |
All sectors |
Statement by CySEC Chairwoman Demetra Kalogerou on supporting the market amid the COVID – 19 pandemic |
06/04/2020 |
Other measure |
Securities and markets |
CIRCULARS CIF: C375 - COVID-19: ESMA’s Public Statements regarding the application of MiFID II/MiFIR |
10/04/2020 |
Other measure |
Fund industry |
ESMA – Public Statement ‘Actions to mitigate the impact of COVID-19 on the deadlines for the publication of periodic reports by fund managers’ |
10/04/2020 |
Other measure |
Fund industry |
ESMA – Public Statement ‘Actions to mitigate the impact of COVID-19 on the deadlines for the publication of periodic reports by fund managers’ |
11/05/2020 |
Other measure |
Securities and markets |
C386 - COVID-19: ESMA’s Public Statement regarding the conduct of business obligations under MiFID II |
12/03/2020 |
Announcement or public statement |
All financial sectors |
CySEC's announcement, to inform the financial sector, about ESMA's recommended actions by financial market participants for COVID-19 impact |
14/04/2020 |
Other measure |
Fund industry |
C380 – COVID-19: ESMA’s Public Statement regarding the deadlines for the publication of periodic reports by fund managers – Other reporting obligations |
16/03/2020 |
Other labour market measure |
Households |
“Special Absence Leave” to parents working in the private and public sector in the event of a need for absence from work to look after their children up to 15 years old during the period when schools, private or public, nurseries, childcare or other educational institutions are suspending their operations. For a period of 4 weeks and it will be given to parents with monthly gross salary up to €2.500. |
16/04/2020 |
Other measure |
All financial sectors |
CIRCULARS TO ISSUERS: C383 Issuers – ESMA Public Statement - Accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9 |
17/03/2020 |
Other measure |
All financial sectors |
* All staff business trips have been cancelled. Furthermore, staff was urged not to proceed with private traveling. * On 14 March, 2020, the CySEC premises were decontaminated as a precaution. |
18/03/2020 |
Announcement or public statement |
All non-financial sector |
Temporary suspension of the process of foreclosures by banks for a period of 3 months |
18/03/2020 |
Direct grants (w/o fin. stab. relevance) |
Households |
Citizen protection measures, including Introduction of ceilings on the prices of personal hygiene products, Allowance of €750 (lump sum) for students staying abroad, Plan for the repatriation of Cypriots, Universal reduction of the electricity tariff by 10% for a period of 3 months. |
18/04/2020 |
Travel bans |
Other |
Extension of ban of flights, as this had been announced in the relevant Decree issued by the Minister of Transport, Communications and Works on April 18, 2020, from April 30 to May 17, to May 28, 2020, then to June 9th 2020. |
19/03/2020 |
Other measure |
All sectors |
The Electricity Authority of Cyprus announced a 10% cut in electricity prices following a decision by the Cyprus Energy Regulatory Authority and after proposal by the government. This does not include VAT and the special levies for renewable energy. The price cut was originally to be applied for two months and the decision was reassessed by the Board of the EAC on the 29/04/2020 and the decision was made to continue the price cut for another two months. |
23/03/2020 |
Announcement or public statement |
Securities and markets |
CySEC's announcement, to inform the financial sector, about ESMA's COVID-19: Clarification of issues related to the application of MIFID II requirements on the recording of telephone conversations |
26/03/2020 |
Announcement or public statement |
All financial sectors |
CySEC's announcement, to inform the financial sector, about ESMA's Public Statement ‘Accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9’ |
27/03/2020 |
Other labour market measure |
Households |
Extension of the time period for the submission of appeals at the Social Insurance Services for self-employed persons for a month until 14 May 2020 (deadline was 31 March 2020). |
27/03/2020 |
Other measure |
Households |
The creation of mobile units for servicing elderly and vulnerable persons, so that they can be provided with goods they need. Assistance will be requested from Voluntary Organisations and Businesses for materializing the goal. |
27/03/2020 |
Exemption from penalties/fines |
Households |
Freeze for two months on evictions of non-paying tenants. Any eviction process shall be suspended (and new eviction orders will not be issued) until 31 May 2020 • The law only applies to premises built before 31 December 1999. • The suspension of the eviction does not affect the right of the owner to bring legal action after 31 May 2020 against the tenant for the unpaid rents during the period March - May 2020 (tenants remain fully liable to pay the rent for the months of March, April and May) • The suspension of eviction does not apply to tenants who have defaulted on payment of rents until 29 February 2020 |
31/03/2020 |
Other measure |
Securities and markets |
CIRCULARS TO ISSUERS: C374 Issuers, ESMA Public Statement ‘Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive’ |
28/05/2020 |
Exemption from penalties/fines |
All non-financial sector |
Deletion of encumbrances that may have been imposed due to the non timely submission of tax returns for the periods ended on 10/04/2020 and 10/05/2020. |
26/03/2020 |
Other measures of fiscal nature (w/o fin. stab. relevance) |
Other |
Speed up the return of VAT due to agricultural enterprises and the automatic renewal of licenses for workers of third countries employed in the agricultural sector. |
07/04/2020 |
Dividend distribution policy |
Insurance sector |
Adoption of EIOPA's statement on dividends and call to insurers to suspend dividend distribution |
03/09/2020 |
Other labour market measure |
Non-financial corporations |
Special Schemes for the Training of Employees to the amount of €14 million for the period beginning after the end of October 2020, aiming to enable 1,000 Small and Medium Enterprises, which have sustained |
03/09/2020 |
Other labour market measure |
All non-financial sector |
A Programme is introduced for the Professional Training of Unemployed (focusing on Unemployed in the Hotel Sector), amounting to €7 million |
03/09/2020 |
Other labour market measure |
Other |
Various incentive schemes are announced and implemented by the Ministry of Labour, Welfare and Social Insurance concerning the Subsidisation of the Payroll Cost for the Recruitment of Unemployed Personnel for the period beginning after the end of October 2020, by making use of the European Social Fund. |
24/08/2020 |
Tourism sector measure |
Non-financial corporations |
"Extraordinary Scheme" to encourage domestic tourism through discounted local holidays. The scheme for residents includes the provision of affordable prices from hotels with the state subsidizing part of the cost. |
21/05/2020 |
Other measure |
Securities and markets |
ESMA – Public Statement ‘Ιmplications of the COVID-19 outbreak on the half-yearly financial reports’ |
07/07/2020 |
Dividend distribution policy |
Securities and markets |
Recommendation 2020/07 of the European Systemic Risk Board (ESRB) on restriction of distributions during the COVID-19 pandemic (the ‘Recommendation ESRB/2020/7’) |
16/07/2020 |
Other measure |
All financial sectors |
C399 - Financial Action Task Force (FATF) COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses |
17/07/2020 |
Other measure |
All financial sectors |
C400 Issuers – ESMA Public Statement - Implications of the COVID-19 outbreak on the half-yearly financial reports |
23/07/2020 |
Other measure |
All financial sectors |
ESMA – Public Statement ‘Actions to mitigate the impact of COVID-19 on the EU financial markets – Coordination of supervisory action on accounting for lease modifications’ |
31/07/2020 |
Dividend distribution policy |
Banking sector |
The Recommendation ESRB/2020/7 recommends that at least until 1st January 2021 the relevant authorities request financial institutions under their supervisory remit to refrain from undertaking any of the following actions: (a) make a dividend distribution or give an irrevocable commitment to make a dividend distribution; (b) buy-back ordinary shares; (c) create an obligation to pay variable remuneration to a material risk taker |
09/06/2020 |
Liquidity measure |
Insurance sector |
Liquidity reporting on a monthly basis for all insurer based on EIOPA's liquidity template |
16/11/2020 |
Other measure |
Insurance sector |
Issuing of circular requesting scenarios in relation to the pandemic, based on discussions in EIOPA recommendation which is still pending. This was deemed necessary so as to have consistency in the market in relation to stresses relating the pandemic as the ORSA report is usually submitted towards the end of the year. |
18/06/2020 |
Announcement or public statement |
All non-financial sector |
Temporary suspension of the process of foreclosures by banks for a period of 3 months |
17/12/2020 |
Other measure |
All non-financial sector |
Temporary suspension of the process of foreclosures by banks. On 17.12.2020 the Parliament adopted an amendment of the Transfer and Mortgage of Property, which stipulates that the application of the provisions of part of the Law regarding the sale of mortgaged property, is temporarily suspended and more specifically until 31 March 2021 in cases were the mortgage property it is the debtor's primary residence or the debtor's businesses dwelling. The said amendment followed the decision of the Association of Cyprus Banks to suspend auctions of main residence until the end of March 2021. Inital period of moratorium from December to March 2021, and then this was extended from April to July 2021. |