Latest news with #Paphos
Daily Mail
5 days ago
- Climate
- Daily Mail
Athens closes the Acropolis and Cyprus face 'Titanic battle' with wildfires while search for Brit missing on holiday island enters 12th day as brutal 42C heatwave scorches Greece
Cyprus is facing a 'titanic' battle with wildfires and Athens has been forced to close the Acropolis as Greece is scorched by a 42C heatwave that has all but brought the nation to its knees. Temperatures in the country are expected to reach 42C (107.6 Fahrenheit) on Tuesday. With a maximum of 38C in Athens, Greece's culture ministry on Tuesday ordered a partial closure of the Acropolis, the country's top monument, to protect visitors amid heatwave conditions. The ministry in a statement said the site would be closed from 1:00 to 5:00 pm local time 'for the safety of workers and visitors, owing to high temperatures.' The four-day heatwave that began Sunday is the second to grip Greece since late June. A combination of high temperatures and winds has started a series of wildfires across the country, including on the island of Cyprus. Dozens of fire engines and firefighting planes and helicopters were sent to battle ever-growing flames that are lashing across the Paphos region of the island. Terrifying footage showed plumes of grey smoke billowing into the sky as firefighting planes and helicopters dropped water on flames. One image taken in the region showed a swathe of scorched earth with large flames as its edge reaching further into dry grassland, that caught fire on Monday afternoon. Another series of photos taken by emergency services showed brave firefighters getting within just a few feet of growing flames and showering them with water to slow their spread. Other images showed firefighters digging ditches to cut off non-affected land from the flames. At least one firefighter was taken to hospital for smoke inhalation. Local media reported that 11 fire engines, three earth movers and four aircraft were initially called to the area. Two more earth movers and four more fire engines, along with dozens of volunteer and military personnel, were brought in to support them. It was reported that centuries-old olive trees and young olive trees were burned, while the fire also burned down vineyards. As Cyprus deals with wildfires, police on the island of Karpathos have begun the 12th day of their search for a missing British tourist. The 55-year-old, who has not yet been publicly identified, went missing on June 27. Investigative officers are employing volunteers, drones and dogs to search a wide area. The man was last seen in Tristomo, where a witness saw him take pictures of the area with his mobile phone. He reportedly asked for directions on how to drive south to the Vroukounda area via the Lahamitis area, which have both been searched by police. He was reported missing by the owner of the residence he was staying in alone, after she went to clean it the day after he was meant to have checked out. His ex-wife, son and son-in-law have reportedly landed on the island. The chaotic scenes in Greece come as the whole of Europe faces blazing hot weather. In France, five people including a child were injured after a wildfire burned down 2,000 hectares of forest. Over in Switzerland, an unusually wintry scene was spotted in the mountains where snow fell on the Stevio Pass Several houses were damaged, while a workshop and stable completely burned down in Aude, in the south of France. Around 150 people were evacuated and kept in nearby exhibition centres and gyms. One local man, Frédéric Bou, told French media he had spent the entire night watering the pine trees near his house to prevent flames from hitting his home. The fire was the third one this week in Aude. The latest fire broke out in a vineyard. In total, more than 1,000 firefighters and several firefighting aircraft were deployed. Blazes also cropped up in Turkey, with its interior minister Ali Yerlikaya revealing on Friday that Turkish authorities arrested 10 suspects in relation to wildfires that broke out across the country. But over in Switzerland, an unusually wintry scene was spotted in the mountains where snow fell on the Stevio Pass. Temperatures on the Alps dropped unusually low following a heatwave in the country. As a result the snowline, the level at which snow falls, fell from 5,000m to just 2,100m, leaving many mountain roads covered in the white powder.
Yahoo
5 days ago
- Business
- Yahoo
Cyprus hotel groups seek private desalination amid water shortages
Eleven leading hotel chains across Limassol, Larnaca and Paphos have submitted applications to install on-site desalination systems, tapping into a €3 million subsidy scheme. The move supports an emergency plan to ease water stress on municipal supplies during Cyprus's busy tourist season. The Ministry of Agriculture launched its subsidy scheme in March to promote private desalination plants in the hospitality sector. Under the incentive, individual hotels building their own units may receive up to €300,000, while collaborative installations serving multiple properties are eligible for as much as €550,000. The Water Development Department (WDD) has simplified licensing, allowing permits for plants producing up to 1,500 m³ of water per day to be issued within a week of application. Hotels typically need between 200 and 500 m³ a day to meet guest demand. Dozens have already signed contracts with desalination suppliers, yet construction cannot begin until WDD issues a water abstraction permit and later inspects and approves the system before it goes live. Cypriot law requires establishments to notify authorities within 21 days of completing the installation to arrange the final inspection. Desalination units are estimated to cost around €200,000 for a system producing 200 m³ per day, plus approximately €30,000 for preparatory works. Suppliers say a return on investment is achievable within five years given rising water prices. However, some hoteliers are delaying installations until after the peak season to avoid noise disruption and logistical challenges. The hotels association has flagged concerns that rapid deployment may prove 'unfeasible' this year, citing technical, environmental and energy-intensity issues. Cyprus is facing critical water shortages following the second driest winter in a decade, with reservoir levels dipping below 25 per cent of capacity—significantly lower than the 47 per cent seen in 2024. The country currently operates four permanent desalination plants, each producing about 235,000 m³ daily, while a fifth remains offline after a fire. Mobile units from the UAE will add 15,000 m³ daily this summer, and another four mobile plants are expected by October, each adding 30,000 m³ per day. With tourism accounting for around 13.5 per cent of Cyprus's GDP and 4 million visitors arriving last year, hotels face growing pressure to secure independent water sources. The shift towards private desalination reflects the sector's role in national water resilience, complementing broader strategies to repair leaky infrastructure—where losses reach up to 40 per cent—and invest in new treatment plants. This push may signal a turning point for hotel water sustainability, aligning operational needs with long‑term environmental and resource planning. "Cyprus hotel groups seek private desalination amid water shortages" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
04-07-2025
- Business
- Associated Press
Planning for Succession and Inheritance Taxes in Spain for Expatriate Residents
07/03/2025, Paphos 8035 // PRODIGY: Feature Story // Spain remains one of the most popular destinations for UK expatriates, with an estimated 275,000 British nationals currently living there and a consistent number of families, professionals, and retirees relocating each year. As with any overseas move, expatriates must consider the long-term financial implications of a change in tax residency. This includes those who have been resident in Spain for some time but have yet to review their estate plans and the significant tax burdens that beneficiaries may be exposed to. Chase Buchanan Private Wealth Management, the global financial advisers and wealth managers with a long-established presence in Spain and across Europe, have put together a concise guide to explain why succession planning is so important and why it matters for expats of any age. An Overview of Succession Planning for Expats Living in Spain Succession planning is a key aspect of financial management for every family, but it is also something we often find overlooked, particularly for expatriates who aren't yet approaching retirement age. However, putting plans in place sooner rather than later may be key to long-term generational wealth protection. In brief, succession planning isn't solely about calculating inheritance tax liabilities. It is about who you would like to inherit your assets and wealth in all jurisdictions, and implementing strategies to ensure you can pass on wealth to your selected beneficiaries tax-efficiently. This can be a complex area of financial planning, given that when we start putting together succession plans, we need to consider a broad range of assets and circumstances, from property portfolios and investments to life insurance products and assets. Without a plan, some families find out too late that they have sacrificed control over nominating heirs or are subject to significant tax liabilities they had not planned for. This is wholly relevant for expats in Spain since forced heirship rules apply, something many UK nationals are unfamiliar with, but a set of regulations common in most European countries. These rules set out which direct relatives have a protected inheritance entitlement and also set out specific allowances. Understanding Inheritance Tax Rules and Rates for Spanish Tax Residents As in the UK, Spanish tax residents are usually subject to inheritance tax on their worldwide assets and wealth. That said, complications can arise where the estate owner has any ambiguity about their tax residency position or could be considered a tax resident in two places. Assuming an expat lives primarily or only in Spain, the Spanish inheritance tax rates will apply. The tax is payable by the beneficiary, regardless of whether or not they are also Spanish residents. Double tax treaties may apply, and professional advice is essential to ensure these are applied and claimed correctly. For instance, if the adult child of a Spanish tax resident inherits a property located in the UK, there may be scenarios where this is considered subject to both UK and Spanish tax. In this case, the treaties mean the largest liability will usually 'cancel out' the other to avoid a situation where the same inheritance could be taxed twice. Another complication is that inheritance tax rates vary within Spain. Each localised municipality has autonomy over the allowances and rates it applies. Generally, inheritance tax rates in Spain start at 7.65% for assets valued up to €7,993, with a top rate of 34% on inherited assets worth €797,555 or more. However, regions like Andalucia, Madrid, Murcia, the Canary Islands, and the Balearics, to name just a few, have allowances of as high as 99.9%, which all but eliminate inheritance taxes, depending on the category the recipient falls into, determined by their relationship to the deceased. Familial Inheritance Tax Allowances in Spain While noting that these do not apply in all Spanish jurisdictions, the most generous tax allowances apply to heirs in groups one to three. Group I includes children under 21, Group II applies to adult children, spouses, and parents, and Group III includes siblings, aunts or uncles, cousins, stepchildren, nephews and nieces, and in-laws. Group IV applies to all other beneficiaries, including unmarried partners in some municipalities. This excludes those within a region governed by rules that mean partners are treated the same way for tax purposes as spouses, including Valenciana and Andalucía. This means that the inheritance tax liabilities associated with your estate will depend on who you would like to receive your assets, where you live, the location of your assets, and how your wishes align with the forced heirship rules we mentioned previously. Spanish succession law applies forced heirship rules that generally state that children have a protected entitlement to receive two-thirds of the estate. This means that without advance planning, it might be impossible for a tax resident to leave the entirety of their estate to a spouse. Thus, consulting an experienced succession planning adviser who can factor in all of these considerations is essential, working with a professional who can advise if there are contrasts between the forced heirship rules and how you'd like your estate to be distributed. Why Strategic Succession Planning is Key for Spanish Expatriates Understanding the varied allowances, exemptions, tax liabilities, and the treatment of estates owned by a Spanish tax resident and inherited by an heir outside of Spain is potentially very complex. This is why detailed succession planning and accurate, up-to-date wills that are legally valid in Spain are essential aspects of financial planning. It's also worth pointing out that, under the recently revised residency rules introduced by the UK government, expatriates who divide their time between Spain and the UK or who haven't lived in Spain permanently for at least ten years are more likely to be exposed to challenges around their exposure to UK inheritance tax. Tailored succession planning isn't only focused on calculating accurate inheritance tax obligations, factoring these into finances, and deciding how best to manage an estate; it's also about gaining clarity over long-term financial tax burdens and making informed decisions without time pressures, which can pay dividends in the years to come. Read more about Chase Buchanan- Chase Buchanan Wealth Management Achieves Status as the Only Global Expat-Focused CII International Professional Partner About Chase Buchanan Private Wealth Management Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15. Source published by Submit Press Release >> Planning for Succession and Inheritance Taxes in Spain for Expatriate Residents
Associated Press
03-07-2025
- Business
- Associated Press
Chase Buchanan's Sector-Leading Wealth Management Teams Celebrate Latest Expansion Benchmarks With Further Appointments
07/03/2025, Paphos 8035 // PRODIGY: Feature Story // Chase Buchanan Private Wealth Management, an international group of specialist wealth managers, financial advisers, and tax experts, has extended its capacity owing to steep increases in demand for cross-border tax advisory services and private wealth planning assistance. The company, which has long been regarded as a leader in the wealth management sector, has offices across Europe and North America, supported by a UK Administration Centre. It cites major tax reforms, economic uncertainty, and greater awareness of the value of independent taxation advice as the reasons behind upticks in demand for its services. The Global Economic and Tax Landscape and Its Impacts on Expatriates Over recent months, there have been numerous domestic and international events that have affected the financial planning of expatriates living in diverse locations around the world, many of whom recognise that the ramifications in terms of tax exposure, living costs, and income stability may be significant. Examples include the effects of sustained high interest rates and inflation in many economies, volatile real estate markets, and sharp fluctuations in stock markets, which can impact investment portfolios, savings, retirement planning, and the decisions expatriates make around structuring, retaining, and transferring their assets. Another more recent and direct catalyst that has prompted large numbers of expats to search for regulated, reliable, and personalised advice is the sweeping array of tax reforms introduced by both the British and US governments, including measures that have specific impacts on foreign nationals resident in the UK and expatriates living as tax residents overseas. Lee Eldridge, Group CEO and Head of Investment Advisory, says, ' Our role for many years has been to provide dedicated, professional, and current advisory support to an array of clients and ensure they have informed, confident decisions about the right tax strategies, investments, and succession plans based on their personal circumstances, aspirations, and wealth. In a world where tax efficiency is paramount to maximising the security of funds and protecting wealth for future generations, it is little surprise that changes to the non-dom tax regime, reforms to inheritance taxation, and the abolishment of exemptions on certain cross border pension transfers have meant our advisers have received substantial numbers of new client enquiries that we have needed to expand our capacity to be able to accommodate.' Trends in the Cross-Border Tax Consulting Markets The global tax consultancy market was valued at $6.5 billion last year and is forecast to hit $11.2 billion within the next eight years, demonstrating the scale and pace of growth, with a compound annual growth rate of 7.5% between now and 2033. This has been driven by numerous factors, including increasing regulation necessitating more dedicated tax compliance support, globalisation contributing to consistent increases in cross-border transactions, and the emergence of more multinational companies, all of which rely on specialist tax advice to manage their liabilities. Coupled with expatriate population growth, which has increased 83% over the last 30 years, more and more individuals and families are taking advantage of low-tax environments, quality overseas education, and employment or remote working opportunities – and looking for support to manage their financial affairs. Chase Buchanan Private Wealth Management's Investments in Specialist Advisory Services The firm now has representatives working in multiple countries, including Belgium, Canada, Portugal, Spain, Cyprus, France, Malta, and the USA, and it has concentrated on appointing new team members and support staff to reinforce its scope to accept new clients or provide additional assistance to ongoing clients in need of customised advice. Eldridge adds, ' We recognised the importance of underpinning our financial and tax advisory teams to accommodate the ever-increasing demand for higher-quality cross-border tax advice and used this opportunity to welcome specialists in specific tax regimes, categories and jurisdictions to join the Chase Buchanan teams around the world. We now provide advisory support across a range of specialisms, including expatriate taxation, commercial law, global investment management, pension transfers, wealth taxation, and inheritance planning, bringing together a collective of talent that ensures every client can access the knowledge and expertise they need in one place. Following this expansion initiative, Chase Buchanan now comprises two experienced Business Development Managers, three accomplished Tax Advisers and Consultants, 20 talented Private Wealth Managers and Regional Managers, and our multi-talented operations and administration teams. Led by myself and Darren Fletcher, our Head of Global Sales, we have recruited high-calibre professionals with diverse experience working in varied areas of financial advice. We blend our respective expertise to ensure our services are comprehensive in every location.' Read more about Chase Buchanan- Chase Buchanan Wealth Management Achieves Status as the Only Global Expat-Focused CII International Professional Partner About Chase Buchanan Private Wealth Management Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA. All investments carry risk, including the potential loss of capital. You should carefully consider whether investing is suitable for you, taking into account your personal circumstances, financial situation, and risk tolerance. Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15. Media Contact: Chase Buchanan Ltd +357 2501 0455
Telegraph
24-06-2025
- Politics
- Telegraph
Briton ‘spying for Iran surveilled air base where US troops landed hours before'
A British terror suspect accused of spying for Iran allegedly surveilled an air base where US troops and an American transport aircraft had landed hours beforehand. The man, who also has Azerbaijani nationality, travelled to Andreas Papandreou air base in Paphos on Friday used a long-range camera, capable of a 125x optical zoom to photograph military movements there, according to reports. It is the primary air base of the Cyprus Air Force and is home to the country's fleet of anti-tank and attack helicopters. It is also sometimes used by the US air force. The suspect, who has apparent links to Iran's powerful Islamic Revolutionary Guard Corps (IRGC), had also been surveilling Britain's Akrotiri base which is home to the RAF's Typhoons. 'Plotting attack' Foreign intelligence services flagged that he may have been planning an imminent terror attack, Israel's Channel 12 reported. The arrested Briton is said to have taken two buses to make the 68km-long journey to the Andreas Papandreou air base in Paphos. When he arrived, the suspect walked to Paphos airport and rented a car which he later used to help him discreetly photograph military installations at the air base, according to police sources first cited by Phileleftheros, Cyprus's largest daily newspaper. The visit coincided with an arrival of American transport aircraft earlier in the day. Hundreds of US marines are now stationed in Paphos with an estimated 43,000 troops deployed in the wider region in readiness for the growing conflict in the Middle East. The suspect, who has been living in the coastal city of Limassol for approximately three months, owned a Nikon Coolpix P1100 camera allowing telescopic-like zoom with high resolution, according to intelligence data passed onto police. Cypriot authorities have withheld his identity on grounds of national security and allege that he had been monitoring Britain's Akrotiri base and Andreas Papandreou air base since mid-April. The suspected spy was seen walking near RAF Akrotiri almost daily, carrying a camera with a magnifying lens and three mobile phones. He is said to have been taking photos with long-lens cameras as well as phones, using other electronic devices, and writing copious notes. Counter-terror police arrested him in Zakaki, a small neighbourhood in the west of Limassol, the day after he travelled to Andreas Papandreou air base, for 'criminal acts related, among others, to terrorism and espionage'. After a hearing held behind closed doors on Saturday at Limassol District Court, he was remanded in custody and is being held in detention until Sunday. A Foreign Office spokesman said: 'We are in contact with the authorities in Cyprus regarding the arrest of a British man.' It came as Greek authorities arrested a 26-year-old Azerbaijani man on suspicion of espionage in Crete after he was caught allegedly taking photos of a major Nato naval base on the north-west coast of the island on Sunday. Souda Naval Base is the largest Nato naval base in the eastern Mediterranean Sea and hosts the second largest number of warships for the Hellenic Navy. The suspect had reportedly been staying in a hotel room overlooking Souda Bay since June 18 and had paid for a month's stay in advance but hardly left his room. The man, who is believed to have been born in Azerbaijan but holds a Polish passport, was detained in a joint operation of the National Intelligence Service (EYP) and the Hellenic Police. Detectives allegedly found more than 5,000 photographs and encryption software on a laptop that was confiscated, along with other digital equipment, from the hotel room. Authorities are investigating whether he was monitoring the base in Souda and if the case is linked with the arrest of the British terror suspect in Cyprus, 745km away.
