Cyprus’ economic climate saw an upswing in May, with the Economic Sentiment Index (ESI) increasing by 1.6 points when compared to April 2024.

Increased interest income, driven by successive interest rate hikes from the European Central Bank (ECB), has significantly boosted Cypriot banks’ profits in the first quarter of 2024, which amounted to €226 million during this time.

Cyprus’ Electricity of Authority (EAC) has approved works that will cost €45 million.

Platform workers are already mentioned in some EU laws such as the transparent and predictable working conditions directive. However, there are many issues pending to resolve in regard to these workers access to social protection. EU member states have different approaches to platform work. National responses to platform work are diverse and are developing unevenly across Europe. In particular, courts anywhere in the EU are called to decide on the employment status on a case-by-case basis.

Senior Associate Vassilis Psyrras proudly participated as a panelist in the “2nd Limassol Boat Show Conference: Cyprus, the New Yachting Hub of the East Med,” organised by Limassol Marina in partnership with Dacor Advertising & Media Ltd. This prestigious conference, part of the 2024 Limassol Boat Show, attracted industry leaders and experts from around the world, offering a dynamic platform for networking, discussion, and collaboration on the future of yachting in the Eastern Mediterranean.

Cyprus witnessed a marginal rise in its ship management revenues in the latter half of 2023, which climbed to €638 million, up from €623 million in the preceding half-year.

Invest Cyprus, the state agency dedicated to promoting Cyprus as an international investment destination, on Tuesday announced that it took part in the prestigious technology event Viva Technology held in Paris from May 22 to 25, allowing it to showcase the island’s credentials as a technology and business centre.

Frederick University and port management company DP World Limassol signed a Memorandum of Understanding (MoU) this week, seeking to “further strengthen their strategic partnership in fields of common interest”, according to an announcement.

Following the announcement dated 20/05/2024 by the Tax Department of Cyprus, the Individual’s Personal Income Tax Return (T.D.1) for the year 2023 is available for submission via TaxisNet online platform (https://taxisnet.mof.gov.cy).

We are excited to announce that Patrikios Legal will be organizing a Summer Internship program for 2nd-year law students and above. This is a great opportunity for aspiring legal professionals to gain valuable experience and insight into how a law firm works.