Cyprus Business Now: tourism, shipping, hotel, scholarship scheme, banks
Tourist arrivals reached 156,959 in December 2025, up from 133,063 a year earlier, marking an 18.0 per cent increase and confirming a strong end to the year for the tourism sector.
Over the full January-December 2025 period, total arrivals climbed to 4,534,073, compared with 4,040,200 in 2024, representing a 12.2 per cent annual increase.
In December, Israel emerged as the largest source market, accounting for 19.1 per cent of total arrivals, or 30,020 visitors, reinforcing its position as a key driver of winter tourism demand.
The decision was taken during a general meeting that featured moments of tension and controversy, though these did not alter the final outcome, bringing to a close a long-running debate over the future development of the site.
Earlier, an agreement worth tens of millions of euro was signed at the Sodap winery in the Stroumpi–Polemi area for the lease of the Kato Paphos beachfront plot.
Under the terms of the deal, Sodap is set to receive tens of millions of euro in rental income over the duration of the lease, an arrangement the administration considers particularly important for the organisation’s long-term sustainability.
The agreement concerns a 66-year lease, with the second half of the period becoming effective subject to the tenant fulfilling its financial obligations after the first 33 years.
Panayiotou pointed to quality growth “in an environment of heightened regulatory requirements, technological transformation and intensifying international competition”.
She explained that in recent years Cyprus “has not limited itself to creating an institutional framework to attract investment structures”, but has instead built “a functional and reliable market, characterised by regulatory consistency, transparency and international credibility”.
At a time when investors are seeking not only returns but also predictability, she said the Cypriot jurisdiction “has proven that it can support the entire life cycle of an investment fund, from establishment and marketing, to operation, reporting and exit”.
During her visit, Hadjimanolis is holding a bilateral meeting with her British counterpart, Keir Mather, the UK Parliamentary Under-Secretary of State responsible for aviation, shipping and decarbonisation.
The discussions focus on strengthening Cyprus – UK relations in shipping, while also exchanging views on the challenges currently facing global maritime transport.
She is also scheduled to meet the Secretary-General of the International Maritime Organisation (IMO), Arsenio Dominguez, where she will present the priorities of the Cyprus Presidency of the Council of the EU, among other issues.
In parallel, the Deputy Minister is hosting a reception at the High Commission of the Republic of Cyprus in London, marking both Cyprus’ re-election to the Council of the IMO and the assumption of the EU Council Presidency.
Addressing the 3rd Ayia Napa International Winter Swimming Festival at Makronissos beach, Ioannou described the event as a well-established fixture in the municipality’s sporting and cultural calendar.
He said its thoughtful organisation allows dozens of winter swimmers from Cyprus and abroad to gather, practise their sport and exchange experiences “in a shared space of meeting and friendship”.
At the same time, he added, such international events support the municipality’s broader strategy of promoting Ayia Napa’s distinctive natural environment and hospitality, while strengthening its profile as an all-year-round tourist destination.
The programme provides ten scholarships of €10,000 each for studies at university institutions abroad, including in Greece and the United Kingdom, targeting Cypriot citizens or Greek citizens established in Cyprus who intend to pursue a professional career in the shipping sector.
Scholarships will be awarded on the basis of academic performance and social criteria, and are open both to graduates of educational institutions in Cyprus and to students already studying overseas.
The scholarships cover undergraduate and postgraduate master’s programmes in disciplines closely linked to shipping and maritime activity, including naval architecture and marine engineering, mechanical and electrical engineering, electronic, computer and automation engineering, computer science and fields such as cyber security, artificial intelligence and data science analytics, as well as shipping law and shipping trade and finance.
Over the last two months, the bank combined recognition for performance with tangible initiatives across retail banking, pensions, sustainability, energy, tourism and social responsibility, underlining a strategy that blends balance sheet strength with societal impact.
The period opened with international recognition, as Eurobank was named Bank of the Year 2025 by The Banker, the Financial Times Group publication.
The distinction reflected strong financial performance, a growing presence in Cyprus and enhanced services for retail and SME clients, while also highlighting continued investment in innovation and digital transformation as the sector moves into a new phase of growth.
In his opening address at fintech forum taking place in Nicosia, Patsalides stated that the domestic economy of Cyprus continues to be robust.
He pointed out that growth remains significantly above the euro area average at approximately 3.5 per cent, supported by services, tourism, and professional activities.
At the same time, public debt is on a downward trajectory and labour market conditions remain favourable and close to full employment.
“The Cypriot banking sector is a pillar of resilience and a factor for growth,” he said.
Speaking to the Cyprus News Agency (CNA), he also said that the organisation’s broader technological upgrade is due for completion within 2027.
At the same time, Kaplanis said the organisation’s strategic priority remains the reduction of its non-performing loan (NPL) portfolio, confirming that studies and preparatory processes are already under way for the sale of those loans.
In parallel, he urged borrowers classified as non-performing to engage with the organisation in order to explore “mutually acceptable and sustainable solutions”.
He also pointed to improving operational conditions, noting that mortgage interest rates remain at “a very good level”, while customer service times at branches have returned to normal.
According to the Harmonised Index of Consumer Prices for December 2025, consumer prices rose by 0.1 per cent compared with December 2024, while recording a 0.4 per cent decrease compared with November 2025.
Over the full January-December 2025 period, the HICP increased by 0.8 per cent compared with the corresponding period of the previous year.
On an annual basis, the strongest upward pressures came from recreation and culture, which recorded a 5.1 per cent increase, and restaurants and hotels, where prices rose by 4.4 per cent.
At the same time, sharp declines were recorded in clothing and footwear, which fell by 7.9 per cent, and in housing, water supply, electricity and gas, which decreased by 3.2 per cent compared with December 2024.
In Cyprus, 17.9 per cent of young people in formal education were employed, while 3.3 per cent were unemployed and 78.8 per cent remained outside the labour force.
Across the EU as a whole, 25.4 per cent of young people combined work with formal education in 2024, while 71.4 per cent stayed outside the labour force and 3.2 per cent were unemployed but actively seeking work.
The Cyprus figures place the country below the EU average in terms of combining employment with education and above the EU average in the share of young people remaining outside the labour market while studying.
The programme, approved by the Extraordinary General Meeting of Shareholders on October 22, 2025, continues the previous buyback of Eurobank Holdings shares sanctioned on April 30, 2025.
The total cost of the latest purchases amounted to €7,376,445.37, with an average purchase price of €3.8337 per share, executed through Eurobank Equities Single Member Investment Firm S.A., a member of the Athens Stock Exchange.
The daily breakdown of transactions revealed that on January 12, 2026, 387,767 shares were acquired at an average price of €3.8043, ranging from €3.7310 to €3.8250.
According to the announcement, the buyback was conducted under the authority granted by the annual general meeting of June 24, 2025.