Nicosia to support the vulnerable
In a bid to ease energy expenses for vulnerable groups and promote sustainable housing solutions, the Cypriot cabinet approved a set of medium-term measures during its meeting on Tuesday, chaired by President Nikos Christodoulides. The measures are designed to support households and young families, with adjustments planned based on budgetary conditions.
The initiatives include the expansion of the Electricity Bill Subsidy, as the existing subsidy for electricity bills will now cover low-income pensioners and single-parent families, and an enhanced “Photovoltaic for All” scheme, aimed at assisting about 3,000 families. Other initiatives concern the “Save-Energy Upgrade” scheme and the zero VAT on essential items, such as children’s diapers, fruit and vegetables.
Furthermore, the Ministry of Finance will begin accepting applications for a 2% interest rate subsidy on mortgage loans for first homes purchased or constructed between January 1, 2022, and December 31, 2023. Additionally, a Housing Subsidy Scheme will provide one-time grants of between 20,000 and 50,000 euros for young couples and individuals up to 41 years old, with about 400 expected beneficiaries.
