Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting February 9 :
According to a statement from the ministry released on Monday, the visit combined policy dialogue on decarbonisation with regional cooperation meetings ahead of the island’s EU Council Presidency priorities.
In Athens, Hadjimanolis took part in the 16th Capital Link Greek Shipping Forum, joining a ministerial round table alongside Greece’s shipping minister Vasilis Kikilias, Malta’s transport minister Chris Bonett and US deputy assistant secretary of transportation Marco Sylvester.
On the sidelines, the ministers also met separately, where they discussed sector concerns and current developments surrounding shipping decarbonisation.
Meanwhile, during her stay in the Greek capital she addressed the graduation ceremony of the Mediterranean Maritime Academy.
Kourouyiannis said the society “is guided by a clear vision: to advance the investment profession in Cyprus and empower its members to achieve their career objectives”.
He added that “this vision is brought to life through the dedication and collaboration of our board of directors, staff and volunteers,” explaining that their commitment remains essential in meeting these objectives.
He further noted that the strategic plan for 2026 is “to drive initiatives that promote professional development, ethical standards, community engagement and thought leadership across the financial sector”.
He then turned to the wider industry, saying “we navigate a period of significant transformation in the financial industry, driven by artificial intelligence, digitalization, evolving regulation and rising expectations around ethics and sustainability”.
Koumis chaired a meeting at the Limassol Chamber of Commerce and Industry (Evel) attended by representatives of the Limassol regional tourism board (Etap), the four mayors of the wider Limassol area and various tourism professionals.
He said the deputy ministry recognises the important role of local authorities in upgrading tourism services and has therefore asked each municipality to submit memoranda based on ten points set by the ministry.
With Cyprus holding the EU Council Presidency, the country is now at the centre of policy debates extending beyond national borders, including fisheries governance where environmental protection, economic fairness and regulatory credibility intersect.
In this context, international non-governmental organisation (NGO) Oceana formally addressed Agriculture Minister Maria Panayiotou, calling for stronger transparency over the ownership of fishing vessels owned by Cypriot citizens or companies but operating under non-EU flags.
The organisation warned that some operators register vessels in countries with weak regulations and lax controls, enabling them to hide their identities and engage in activities that may not meet the environmental or social standards applied to Cypriot-flagged vessels.
Speaking at the Bloomberg EU Policy Series event, held in the context of the upcoming presidency, he said the motto “An autonomous Union, open to the world” reflects current geopolitical and technological pressures, adding that Europe “must be competitive enough to lead, autonomous enough to protect its interests and innovative enough to shape the future”.
He described the financial sector as the “engine” of that transformation.
Speaking at the 9th Cyprus International Tax Conference, Cyprus Tax Reform 2026, he said the reform is expected to have a broadly positive economic impact, provided its effects are judged through real business conditions rather than headline figures.
Referring to the corporate tax increase, he said the market is still absorbing the change.
Cyprus has adjusted to similar developments in the past, he noted, although the impact differs across sectors. In his view, high-margin businesses may absorb it more easily, whereas lower-margin sectors such as agriculture and industry may need strategic reassessment.
Speaking during a conference of European Independent Fiscal Institutions held in Nicosia, the governor underlined that productivity gains strengthen growth potential.
In addition, he emphasised that reforms lacking a productivity focus risk falling short of delivering durable economic outcomes.
Addressing the conference, titled “Fiscal management in times of change: initial responses”, he mentioned that Europe has endured an exceptional sequence of shocks in recent years.
The Larnaca and Famagusta District Development Agency (Anetel), acting as lead partner, organised the kick-off meeting, beginning of February, at the environmental information centre in Larnaca.
The event welcomed representatives from Cyprus, Spain, France, Italy, Egypt and Lebanon.
According to its statement, the project is structured “in five work packages” and will strengthen transnational cooperation, knowledge exchange and networking across the region.
The meeting took place in Cyprus and involved members of the Keve board of directors, who held extensive discussions with the minister on labour and social insurance issues.
During the talks, serious workforce shortages across all sectors of economic activity were highlighted as a growing challenge affecting the smooth operation of businesses.
Keve stressed that these shortages are undermining business competitiveness, with knock-on effects for the wider economy.
Speaking to the Cyprus News Agency (CNA), Constantinou explained that the period after Christmas remains particularly difficult for tourism in the area.
However, “the messages we are receiving for the start of the new summer season, which is estimated at the beginning of April, are good, since most of the hotels in the district will start operating.”
At the same time, demand appears broad-based. “There is a good flow of bookings from all markets, especially from the main markets that prefer the Famagusta district, namely the United Kingdom, Poland, Israel, the Scandinavian countries and the countries of Central Europe,” he said.
The event featured Manish Manish, the High Commissioner of India to Cyprus, as the guest speaker.
According to a press release issued by the chamber, the event was held under the title “Building Bridges: An overview of India and India-Cyprus relations”.
During the event, Manish presented an overview of the modern Indian economy and outlined recent developments in India-Cyprus bilateral relations, highlighting the significant business and investment opportunities emerging between the two countries.
According to the study, deep tech refers to companies built on scientific breakthroughs and advanced engineering, often emerging from research laboratories and universities.
It is mentioned that these include firms working in artificial intelligence, advanced materials, semiconductors, robotics, quantum technologies, climate and energy systems, health and biotech and industrial technologies.
Unlike many consumer-facing digital startups, deep-tech companies typically require long development timelines; moreover, they require specialised talent and significant upfront capital before reaching market.
Makis Keravnos said that he received a briefing from commissioner Valentina Georgiadou, with whom he also discussed the results of the operations and activities of the office.
“Generally, there was an exchange of views on all matters falling within the competencies of the financial commissioner,” he said.
The Finance Minister expressed absolute satisfaction for the work being performed.
He encouraged the commissioner “to continue the work she is performing with the same vigour, which contributes decisively also to the alleviation of serious problems faced by various fellow citizens of ours”.
Addressing the audience at the Money Conference on Wednesday, Roussounides stated that “the regulatory and supervisory framework of Cyprus is fully aligned with the European regulatory environment”.
“This compliance enhances transparency, limits systemic risk, and creates a safe and predictable environment for both institutional and private investors,” he said.
The secretary general also mentioned that the Cypriot banking system has undergone deep restructuring and consolidation.
At the same time, Cyprus Securities and Exchange Commission (CySEC) Chairman Georgios Theocharides said at the same event that around 600 inspections were carried out on Cyprus Investment Firms (CIFs) during 2025 and administrative penalties of approximately €2.3 million were imposed,
The two men were speaking at the Cy Economy Forex Conference ’26, which took place in Nicosia.
Representatives from the Cyprus Chamber of Commerce and Industry (Keve) and the Employers & Industrialists Federation (Oev) also highlighted the need for effective supervision at the conference, whilst referring to the forex sector’s contribution to the Cypriot economy.
The ministry described the development as being of historic significance, as Cyprus will be directly connected with the Central Asian country for the first time.
According to the announcement, flights are scheduled to begin in early June 2026 and will link Larnaca airport with Kazakhstan’s two most important cities, the capital Astana and the largest city by population, Almaty.
The route will be operated by Air Astana, with two flights per week from Astana every Tuesday and Saturday and two flights per week from Almaty every Thursday and Sunday.
Skourides was accompanied by Heraklitos Iosifides, Deputy Chief of Mission at the Cyprus High Commission in India, and Nicolas Kyriakides, President of the Cyprus Forum, during the official visit.
The closed, invitation-only Forum was hosted by India’s Minister of External Affairs S. Jaishankar and convened by the Ananta Centre in partnership with India’s Ministry of External Affairs.
The event followed the 16th India-EU Summit and the historic conclusion of the India-EU Free Trade Agreement, aiming to translate high-level political agreements into actionable outcomes.
According to Stockwatch, which cited a letter dated February 9, the president asked the House of Representatives to reconsider the Regulation of the Establishment and Operation of Hotels and Tourist Accommodations (Amendment) Law of 2026.
The law was originally approved on January 22 with 25 votes in favour and 15 abstentions following a proposal by Disy MP Kyriacos Hadjiyiannis.
The referral, he clarifies, does not concern a simple extension of deadlines but the creation of a new operating regime based on a “special licence”.
According to the companies, the partnership is intended to connect Greek destinations that until now were served only by ferries, helicopters or commercial flights with time-consuming connections.
Under the agreement, Zela Jet, a member of the Zela Aviation Group, will act as the exclusive General Sales Agent (GSA) of Fly Cycladic in Cyprus for private flights operating from Greek airports to selected destinations within Greece, while the service is designed for travellers seeking flexibility, comfort, privacy and time savings.
Cypriot travellers will be able to board a Fly Cycladic aircraft from any Greek airport, including island airports, and transfer to their final destination without delays or connections.
Held under the central theme Market Outlook and Alternative Investment Solutions, the conference focused on major international trends shaping the economic environment and the strengthened role of alternative investment solutions in modern portfolio management.
A panel discussion moderated by Menelaos Poullis, CFA, Manager Wealth Management for Institutional Clients at Eurobank, examined prospects for the global and Cypriot economies as well as recent developments in alternative investments.
The panel featured distinguished speakers from J.P. Morgan Asset Management and Eurobank, who explored key dynamics influencing today’s investment climate.
The decision was discussed during a meeting held in Paphos on February 11, 2026 between Etap’s president and executives and representatives of Aegean Cyprus.
According to the announcement, the airline, as part of its continuous presence in Cyprus, is investing in the expansion of its network and activity, adding the Paphos – Athens route.
During the meeting, the two sides exchanged views on promotional and other joint actions surrounding the launch of the route, as well as broader support for Aegean’s presence at Paphos airport.
She explained that the Ministry of Agriculture, Rural Development and Environment together with the WDD are promoting water-saving practices, particularly in hotels, while non-essential uses in industrial areas are also being limited.
“Hotels play a critical role in reducing overall consumption,” she said.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), she noted the WDD remains in continuous communication with hotel associations and large tourism establishments, promoting specific measures.
“We don’t want cruise ships that bring congestion but no revenue. We want a real connection with the local economy,” Pitout said.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), he referred to the cooperation with Marella Cruises, where Limassol operated as a homeport with impressive success.
He explained that “Passengers were thrilled. We brought their luggage directly from the airport to the ship, a level of service you don’t find everywhere.”
He then added that “in five years, I want Limassol to be on the Mediterranean map like Mykonos and Santorini”.
The federation expressed deep concern over the reintroduction of discussions on further taxation beyond the special levy on banks that has been in place since 2011, stressing that bank profits are being inaccurately described as unexpected.
It stated that “the only unexpected development during the collapse of Cyprus’ financial system and the state’s fiscal bankruptcy in the 2011 to 2014 crisis was the confidence shown by international investors, who took on significant risk and played a decisive role in rescuing the banking sector and, by extension, the wider Cypriot economy”.
“These investors supported this strategic sector with billions and for years had no return, no dividend and no benefit, yet they saw the prospect and demonstrated confidence in the stability of the legal and tax framework,” Oev said.
Speaking at the 11th Assembly of the Royal Academy of Science International Trust earlier this week, the country’s Permanent Representative to the United Nations Maria Michael said that “the promotion of women and girls in education and science is essential for the protection of human rights”.
She added that the commitment is reflected in the National Gender Equality Strategy 2024-2026, which adopts “a holistic approach to mainstreaming gender in all state policies”.
CITEA’s president George Malekkos welcomed the effort and focused particularly on the proposal to establish an innovation zone, saying it “can be a catalyst for technological development and business innovation in our country”.
At the same time, however, he raised concerns about the support framework that will accompany the project, stressing the need to ensure Cypriot IT companies benefit directly and that local know-how has a substantial role.
The legislation seeks to address weaknesses in the current framework, while also introducing new categories of establishments.
Following strong stakeholder reactions, the government amended the proposal, which is now being discussed article-by-article in closed committee sessions.
Final decisions are expected to go before the House plenary by April, ahead of parliament’s self-dissolution for elections.
Under the revised framework, operating hours will vary by season.
For restaurants, pubs and bars, from May 1 to September 30, opening will be allowed from 07.00 until 02.30 the following day from Monday to Thursday and on Sunday, and until 03.30 on Friday and Saturday.
“Equal regulatory framework with benefits for society and the country,” the statement said.
The statement was released following public discussion on modernising the legislation that defines the organisation’s mandate.
Cyta said the convergence of technology, energy and related services is already a European reality and stressed that it operates in a rapidly changing environment.
The organisation stated that it continuously monitors international trends and examines how its expertise and infrastructure can be utilised for the benefit of consumers and the country, always within its institutional framework.