Cyprus Business Now: shipping, banks, taxes, electricity, forex, digital services, developers
According to the association’s announcement, the discussion focused on housing, particularly affordability, which was described as one of the most pressing challenges facing European societies.
Association president Yiannis Misirlis said “coordinated interventions are needed to substantially increase the supply of affordable homes”.
He added that “Cyprus now has both the opportunity and the responsibility to contribute to the broader European effort”.
At the same time, he noted that Cyprus’ upcoming Presidency of the Council of the European Union “offers a platform to strengthen cooperation between member states and advance common policies on affordable housing”.
Hadjimanolis delivered a keynote presentation followed by a discussion titled “Cyprus Maritime Cluster in the Spotlight – Strength, Resilience & Growth” with Nicolas Montanios.
She said global shipping remains under pressure, noting that “geopolitical instability, market volatility and the accelerating green and digital transition continue to test the resilience of the shipping sector.”
At the same time, she added that shipping has proven its ability not only to adapt but also to lead, while Cyprus shipping has delivered “tangible results”.
According to the Deputy Minister, measurable progress has been recorded in recent years, as the Cyprus registry increased total tonnage by 23 per cent, reaching its highest level in 25 years.
She attributed the performance to regulatory predictability, high safety and compliance standards and continuous service improvement, alongside targeted incentives supporting the green and digital transition without undermining competitiveness.
Deputy Minister of Research Nicodemos Damianou presented this week, the 2025 review and the planning for the coming year, saying the previous year marked a milestone for the digital transition, while the next phase concerns deeper integration and interconnection of systems across the public sector.
According to the data presented, 75 new digital services were launched in 2025, exceeding the initial target of 60, whereas more than 100 additional services are expected to become available in 2026.
As a result, usage increased substantially, with over 32,000 civil registry applications submitted online.
The Deputy Minister appeared before the House energy, commerce, industry and tourism committee during discussion of the referral of an amending law regulating the establishment and operation of hotels and tourist accommodation.
According to Koumis, the problem dates back at least 20 years, beginning with early hotel renovations and intensifying during 2014 – 2018 following urban-planning incentives introduced in 2013.
“The Christodoulides government dealt with the issue from the very first month, from March 2023,” he said, adding that licensed hotels then accounted for only 5–6 per cent, while today they reach around 45 per cent, taking into account both licensing procedures.
He explained that 23 per cent of hotels were licensed through the basic law, while a further 22 per cent were licensed through the parallel procedure under article 18.
The analysis highlighted that despite the launch of the Clean Industrial Deal in February 2025, electricity demand has remained largely stagnant over the last decade.
The European Commission aims to increase electricity’s share of total energy consumption from 23 per cent in 2024 to 32 per cent by 2030, yet euro area consumption actually fell by 6.3 per cent between 2015 and 2023.
“Since electricity can be more readily generated from renewable sources compared with other forms of energy, increasing its share in final energy consumption is central to achieving the targets set in the EU’s Renewable Energy Directive,” the report mentioned.
The conference was held in collaboration with the Tax Commissioner’s Office and centred on the tax reform following the adoption of the amending laws.
Moreover, the event aimed to provide a detailed and practical presentation of the changes introduced in the taxation of individuals and legal entities, while offering substantive support for the proper implementation of the new tax framework.
Opening the event, Selk president Odysseas Christodoulou stressed the importance of timely and responsible guidance to the professional community.
“The large participation confirms the importance of timely and substantive information regarding the changes brought about by the tax reform,” he said.
The two countries have now been joined by Malta, while Italy and Spain are converging on the same line, creating a coordinated front with significant maritime weight, as mentioned in Newmoney.
France, meanwhile, is monitoring developments without committing to a position.
The alignment is driven by common structural concerns. All five countries maintain large shipowning communities, sizeable registries and heavy dependence on maritime activity, and therefore fear that European climate policy risks moving ahead of technological realities.
Specifically, the chamber has launched a preliminary tender seeking specialised consulting services to plan, prepare and supervise the project, according to documents published on the government’s e-procurement platform.
The chamber explained that the initiative is intended to digitise internal operations and make better use of modern technologies, thereby improving staff productivity and the quality of services offered to member companies.
It added that, in an increasingly data-driven economic environment, maintaining competitiveness and efficiency is essential not only for the organisation’s sustainability but also for strengthening its role within the business community.
The balance sheet, released under the signature of Governor Christodoulos Patsalides, outlines the composition of the bank’s assets and liabilities as part of the Eurosystem framework.
On the asset side, gold and gold receivables stood at €1.635 billion.
Claims on non-euro area residents denominated in foreign currency amounted to €1.099 billion. Claims on euro area residents denominated in foreign currency totalled €30.474 million.
Strict supervision and full European compliance
Forex companies are financial organisations that are strictly supervised by the Cyprus Securities and Exchange Commission and other competent international authorities.
They operate within very strict institutional and regulatory frameworks, fully implement European directives, and are subject to continuous, regular, and substantive audits.
The supervision is strict, institutionally guaranteed, and aligned with European standards.
The circular was addressed to Cyprus Investment Firms, Administrative Service Providers, UCITS management companies, internally managed UCITS, alternative investment fund managers, internally managed AIFs and AIFLNPs, companies with the sole purpose of managing AIFLNPs, crypto asset service providers, small AIFMs, and crowdfunding service providers.
CySEC informed the market that the Anti-Money Laundering Authority has launched public consultations on draft Regulatory Technical Standards under new European Union anti-money laundering legislation.
Officials described the resulting negotiations as a collective effort reflecting the country’s commitment to international maritime standards.
The International Maritime Organisation’s (IMO) Secretary-General Arsenio Dominguez called on governments to translate regulation into real-world implementation, opening the meeting held on February 9-13, 2026.
Dominguez told delegates the 2026-2027 World Maritime Day theme, ‘From Policy to Practice: Powering Maritime Excellence’, reflects a push to ensure IMO rules become national law and daily operational practice.
The PPR sub-committee, he said, plays a central role in turning environmental commitments into practical standards.
The event is scheduled to take place on February 26-27, 2026, at Pavilion Hall in Nicosia.
The conference section of the gathering is being implemented in direct collaboration with the European Commission’s Directorate-General for Defence Industry and Space, alongside the national chamber and its affiliated research association.
“The summit is held under the auspices of the Cyprus Presidency of the Council of the European Union and the Ministry of Defence, with additional support provided by the Cyprus Police and other official bodies,” the chamber mentioned in its announcement.
The company, listed on the Cyprus Stock Exchange’s (CSE) regulated market, confirmed that it has joined FCI, an international network for factoring and trade receivables finance.
“The admission enhances the company’s ability to support cross-border factoring transactions through access to FCI’s established framework and international correspondent network,” the company stated.
“This development is expected to strengthen the company’s export factoring offering and facilitate structured trade finance solutions for Cypriot businesses engaged in international trade,” it added.
According to the figures, manufacturing production during January to November 2025 increased by 4.4 per cent compared with the same period of 2024.
Activity in the construction sector accelerated significantly, as the total area of building permits authorised reached 2,612,000 square metres during January to October 2025, marking a rise of 30.7 per cent compared with January to October 2024.
The report also showed that total registrations of motor vehicles rose by 5.8 per cent to 52,508 during January to December 2025.