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For years, Cyprus has spoken about resilience. We say the economy is holding up, that growth remains solid, that public finances are improving and that the country continues to attract international business. All of that is true. But under the current geopolitical conditions, those facts on their own are no longer enough.
On 7 May 2026, the European Banking Authority (EBA) published the final report on amending the Guidelines on the application of the definition of default under Article 178 of Regulation (EU) No 575/2013 (CRR), following the CRR3 amendments to Article 178(3)(d).
Further to our VAT Alerts in October 2025 and March 5 2026 for the Arcomet Towercranes case (C-726/23) and the Attorney General decision on the Stellantis Portugal (C 603/24) case, the European Court of Justice on 13 May 2026 issued its decision on the Stellantis case in relation to the treatment of transfer pricing adjustments from a VAT perspective.
Explore what superintelligence really means, the risks, opportunities, and ethical challenges of AI surpassing human intelligence - and why the time to act is now.
Europe has long been a pioneer in establishing mandatory obligations for companies to report on Environmental, Social, and Governance (ESG) parameters. While social expectations and investor pressure for ESG transparency have intensified, the absence of uniform regulation historically resulted in fragmented and incomparable reporting practices across companies.
Sustainability isn’t slowing down. It’s speeding up. In a year marked by political pushback and regulatory rollbacks, many expected businesses to retreat from sustainability. But our International Business Report (IBR) data tells a different story.
Cyprus has taken a bold step forward in cementing its position as a credible fund jurisdiction with the adoption of the new Investment Fund Administrators (IFA) Law. Passed quietly in July 2024, this new framework may not have made international headlines, but it closes a longstanding gap in the country’s financial services ecosystem and signals a more mature, forward-looking approach to fund regulation.
The Court of Justice of the European Union (CJEU) issued its decision in the Arcomet Towercranes case (C-726/23). The case addresses the VAT treatment of transfer pricing (TP) adjustments charged by a principal company to an operating subsidiary, as well as the level of supporting documentation required to secure input VAT deduction.
In our previous publication, we explored the inclusion of Machine Learning (ML) in the updated ECB Guide to Internal Models and the regulator’s expectations for its use within Pillar 1 models. Building on that, this article shifts focus to credit risk, where the revised Guide introduces more granular expectations for institutions using IRB models, reflecting a firmer supervisory stance, the integration of EBA Handbook elements, and alignment with CRR3 requirements.
To ensure the orderly functioning and integrity of financial markets and the overall stability of the EU financial system, the European Banking Authority (EBA) is tasked with monitoring market developments and identifying emerging risks and vulnerabilities at the micro-prudential level. A core tool supporting this mandate is the EU-wide stress test exercise, which the EBA is empowered to initiate and coordinate under its Regulation. Conducted in cooperation with the ESRB, ECB, and European Commission, the stress test evaluates the resilience of financial institutions against adverse economic scenarios and contributes to a broader assessment of systemic risk within the EU.
To ensure the orderly functioning and integrity of financial markets and the overall stability of the EU financial system, the European Banking Authority (EBA) is tasked with monitoring market developments and identifying emerging risks and vulnerabilities at the micro-prudential level. A core tool supporting this mandate is the EU-wide stress test exercise, which the EBA is empowered to initiate and coordinate under its Regulation. Conducted in cooperation with the ESRB, ECB, and European Commission, the stress test evaluates the resilience of financial institutions against adverse economic scenarios and contributes to a broader assessment of systemic risk within the EU.
EBA has recently released its Final Guidelines on the Management of ESG Risks, setting a pivotal standard for financial institutions to integrate ESG risks into their governance and risk management frameworks. At Grant Thornton, we use an ESG framework based on these EBA guidelines to support credit institutions and investment firms in embedding ESG considerations into their internal governance, risk management, and strategic planning. This approach helps banks meet regulatory expectations while strengthening long-term resilience and stakeholder trust. With regulatory pressure increasing, effective management of ESG risks across multiple time horizons is essential. Our framework focuses on the identification, assessment, monitoring, and mitigation of ESG risks, reflecting the growing importance of sustainable practices in the financial sector.
Στην παρουσίαση της Grant Thornton με θέμα "Μετασχηματίζοντας την Τοπική Επιχειρηματικότητα - Ο Δρόμος προς τη Βιώσιμη Ανάπτυξη", παρουσιάστηκαν πρόσφατα παραδείγματα έργων που αναδεικνύουν πώς οι επιχειρήσεις, με ξεκάθαρη στρατηγική, συγκεκριμένο σχέδιο δράσης και δέσμευση της διοίκησης, κατάφεραν να ενισχύσουν το επιχειρησιακό τους πλαίσιο και την ανταγωνιστικότητά τους.
Expanding into new international markets can be challenging due to the many issues to consider and resolve. Our Unlock Cyprus service can provide expert advice and insight to support you every step of the way. From helping you find the best location, to setting up a branch or subsidiary, we are committed to providing pragmatic and timely advice that allows you to focus on achieving your business goals.
In recognition of World Environment Day, we are honoured to share a timely conversation with Professor Manfred A. Lange, a distinguished climate scientist with a particular focus on water and energy security.
On 7th May 2025, the Network for Greening the Financial System (NGFS) released its first set of short-term climate scenarios, covering the period from 2025 to 2030. These scenarios mark a pivotal step in supporting financial institutions and supervisors in evaluating the immediate macro-financial risks posed by both climate transition policies and extreme weather events.
Imagine you are the CEO of a company. It’s Monday morning and today is a big day. You’re about to make a major decision—launching a brand-new product in an untapped market. The stakes are high. Get it right, and your company could capture a whole new customer base. Get it wrong, and you’ll waste months of effort, budget, and credibility.
It’s not a surprise that nowadays the rise of influencers has reshaped the landscape of traditional marketing worldwide, including Cyprus. Influencers, utilise social media platforms – Instagram, Facebook, YouTube, TikTok – to become powerful faces for different brands. However, as the influencer industry continues to grow, so do the complexities surrounding its taxation, particularly Value Added Tax (VAT).
World "Zero Waste Day" serves as a powerful reminder of the critical need to address waste across all sectors. This year's theme, "Towards Zero Waste in Fashion and Textiles," highlights the significant impact of the fashion industry on global waste and the environment. The fashion and textile industry has long been a major contributor to environmental degradation, and as demand for fast fashion continues to grow, it is essential to rethink production, consumption, and disposal practices to reduce waste and promote sustainability. Valued at USD 1.3 trillion and employing over 300 million people globally, the industry is a significant economic force with a substantial environmental footprint.