Cyprus’ Deputy Minister of Tourism Kostas Koumis visited London this week, where he held a series of meetings with major tourism organisations and airlines to discuss the outlook for British tourism to Cyprus in 2024.

The city of Larnaca and the communities that surround it along its seafront are very high in the preferences of foreign investors, who are buying up all available residential properties en masse and driving demand and prices to unprecedented levels.

A new AI-powered assistant called Placy has been launched in Cyprus, aiming to transform the real estate sector, according to a recent announcement.

The capital markets team of Elias Neocleous & Co LLC has successfully assisted Premier Energy PLC in relation to the initial public offering (IPO) and listing on the Bucharest Stock Exchange. This transaction, valued at approximately €482 million, marks the largest IPO on the Bucharest Stock Exchange in the last five years.

The Cypriot economy grew by 3.4 per cent in the first quarter of 2024 compared to the same period in 2023, with the construction sector showing the largest increase at 10.2 per cent, according to a report released this week by the Cyprus Statistical Service.

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

In a landmark decision, the Tax Tribunal vindicated Antonis Askanis Ltd by annulling a VAT assessment of €1,261,344 imposed by the Tax Commissioner. Patrikios Legal played a crucial role in this victory, with Partner Angelos Onisiforou co-contributing key arguments along with representatives from Chelco VAT Ltd and Antonis Askanis Ltd, who were instrumental in securing this favourable outcome.

Cyprus is set to make a significant showing at the international shipping conference Posidonia 2024 in Athens, with around seventy companies participating in what is considered the largest maritime exhibition in the world.

The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) this week signed a Memorandum of Understanding (MoU) during a ceremony held at the Presidential Palace.

Deposits in the Cypriot banking system increased for the third consecutive month in April of this year, while loans recorded a net decrease after two months of growth, according to data from the Central Bank of Cyprus (CBC) released this week.