This article is an update to our earlier article entitled: UBO Register in the Republic of Cyprus: Implementation of Final Solution.

The Central Bank of Cyprus (CBC) has released a report delving into the country’s financial stability in 2022, as well as its preliminary estimates for the current year, noting that the Gross Domestic Product (GDP) growth rate is expected to reach 2.4 per cent in 2023, while inflation is expected to stand at 3.9 per cent.

Tourist arrivals in Cyprus between January and November 2023 reached 3,722,022 visitors, reflecting a notable increase of 20.4 per cent when compared to the same period in 2022, according to a report released on Monday by the state’s statistical service.

Hellenic Bank this week announced that its wealth and investment services division hosted a forum aimed at understanding the challenges and trends shaping the investment landscape, in an effort to navigate geopolitical uncertainties impacting the market.

National flag carrier Cyprus Airways this week announced that despite prevailing geo-political tensions in the Middle East, it still managed to record a growth in revenue in November 2023.

Ratings agency S&P Global this week announced a one-notch upgrade in the long-term credit rating of the Bank of Cyprus (BoC) to “BB” from “BB-,” with a positive outlook.

The House of Representatives has approved the long-awaited Framework Regulating Remote Working Law of 2023 (the “Law”) which has come into effect 01/12/2023.

The Cypriot government is expected to spend approximately €18 million on airline and travel agency incentives for the entirety of 2023, after a recent approval by the House of Representatives, as part of an ongoing effort to boost tourism arrivals to the island.

Cyprus National Cybersecurity Coordination Centre, in conjunction with the Research and Innovation Foundation (RIF), this week announced the launch of a new support scheme that aims to strengthen cybersecurity in Cypriot Small and Medium Enterprises (SMEs), with a total budget of €1 million.

At Elias Neocleous & Co LLC, the month of November took on a special significance this year as the firm’s trainee lawyers orchestrated a week-long Movember campaign, culminating in a vibrant event on 28 November 2023 that brought the entire Limassol office together.