The domain registry for .cy, Cyprus’s own domain, has just loosened its registration rules, notably removing the local presence requirement.
Changing an owner in order to leave a trustee service (local presence) was, until now, very complicated and required deleting the domain in order to create a new registration for the domain. The registry now confirms that they have made the rules more streamlined to allow for a contact to be modified simply and directly via the admin account.
Among other new features are the ability to directly register a .cy domain name, for example mybrand.cy following the same rules as for .com.cy (without local presence).
Cyprus, then, is really offering two new domains: .com.cy and .cy.