This article is an update to our earlier newsletter entitled Cyprus Tax Updates: Personal Income Tax Returns (TD1) deadline extended.

Cyprus aims to solve its energy storage problem within the next 18 to 24 months, so that the energy generated from renewables doesn’t go to waste, the energy minister has said.

Tourist arrivals in Cyprus experienced a significant increase of 22.7 per cent in June 2023 compared to the same period last year, although they remained 10.6 per cent lower than the record-breaking arrivals recorded in June 2018.

Positive news is expected from the findings of the third drill in the Aphrodite natural gas field in Cyprus’ exclusive economic zone (EEZ), to test the quality and quantity of the gas, Energy Minister George Papanastasiou has said.

The tax break scheme for attracting foreign high earners and bringing in qualified professionals to sectors such as IT has been a success, said the permanent secretary at the finance ministry, Giorgos Panteli.

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On 10 July 2023, the European Commission has adopted a new Adequacy Decision for the EU-US Data Privacy Framework. This important legal development in the sphere of the EU General Data Protection Regulation (GDPR) stems from the Judgment of the Court of Justice of the European Union (CJEU) in the Schrems II case back in 2020. In that case, the CJEU found that the then EU-US Privacy Shield did not provide adequate safeguards for the transfer of personal data from the EU to the USA.

National investment promotion agency, commonly known as Invest Cyprus, on Thursday, announced that its vice chairman Spyros Vassiliou presented Cyprus’ investment attraction strategy at The Economist conference in New York.

We are thrilled to announce that Elias Neocleous & Co LLC was the recent recipient of a Jurisdictional Award at the 2023 Women in Business Law Awards for Europe, the Middle East and Africa (EMEA).

On 08 June 2023, the House of Representatives passed a bill amending the current legislative framework allowing for a reduced VAT rate of 5% levied on first homes on the Value Added Tax Law 119(I) of 2016 (the "Law"). The new amendment of the Law is subject now to the European Commission's approval to come into force.