The Cyprus Property Developers Association has welcomed the implementation of a fast-track building permit process for medium-risk developments, praising the Interior Ministry’s efforts to speed up licensing procedures.

The House plenum on Thursday evening approved the 2025 budget for the Natural Gas Public Company (Defa) amid a lively debate over the delays in the advent of natural gas for electricity generation.

On March 24, 2025, Elias Neocleous & Co LLC proudly welcomed leading tax and legal professionals to our Limassol offices for a high-impact International Business Structuring Association (IBSA) discussion. The event sparked in-depth conversations on critical international tax trends, featuring a panel of renowned experts. Our own Elena Christodoulou provided a deep dive into Cyprus’ competitive tax framework, highlighting the non-domicile regime, residency advantages, upcoming tax reforms, and strategic tax planning opportunities. Spyros Ioannou of Primus Audit & Tax tackled the ATAD 3 Unshell Directive, breaking down its implications for EU tax entities and the risks associated with shell companies.

Our Employment and our Property & Construction Departments are top tier practices. Our Dispute Resolution; Intellectual Property; and Corporate, Commercial & M&A practices are highly recommended.

The migration department has announced the start of applications for residence permits under the Cyprus Digital Nomad Visa scheme.

Elias Neocleous & Co LLC(ENC) was once again at the forefront of the 2025 CG Summit Cyprus, a notable gathering hosted by the Legal500, which saw the participation of legal professionals, industry experts, and key decision-makers from across the country. The panel discussion of ENC focused on the newly implemented Digital Resilience Operational Act (DORA), its applicability and technical specifications, alongside the potential impact of such technological compliance regulations.

The environment department has given the green light to a €22 million high-rise building set to be constructed along the Limassol coastline.

Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of the Bank of Cyprus (BoC) to BBB- from BB+, assigning a positive outlook.

The Deputy Ministry of Shipping is advancing plans to construct new headquarters on the site of the former ‘Nemitsas’ factory in Limassol, following recently introduced public investment procedures.

Tourist arrivals in Cyprus recorded a year-on-year increase of 7 per cent in February 2025, with an additional 32,865 visitors arriving on the island during the first two months of the year.