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.

New corporate loans exceeding €1 million experienced a significant surge, totalling €599.1 million, in May 2023, driving the total amount of all new loans to €1.07 billion, compared to €473.9 million in the previous month.

Cyprus experienced a significant decline in inflation during June 2023, reaching its lowest level in the past 25 months, according to a report released this week.

Exciting news for everyone here at Haviaras & Philippou LLC. Our firm is delighted to announce the merger with Antonis Paschalides & Co LLC.

Consulting and advisory firm PwC Cyprus on Tuesday said that its foundation is ushering in a new approach to social contribution, focusing on the three core pillars of education and culture, youth entrepreneurship, and the contribution of the organisation’s people.

Attracting productive direct investments in our country is of paramount importance for the Government, Cyprus’ President Nikos Christodoulides said in his address at the 11th Invest Cyprus International Investments Awards that took place in Nicosia.

The liquidity and capitalisation of the Cypriot banking system are above the European Union average, while efforts on reducing non-performing loans are progressing well, the president of the European Banking Authority (EBA) Jose Manuel Campa said on Tuesday.