The Stelios Bicommunal Award will this year give out 75 prizes of €10,000 compared with 50 in 2016 during the 2017 event to be held in October.
This will be the ninth year the awards, which see Greek Cypriots and Turkish Cypriots cooperate in various joint ventures, have been awarded by EasyJet founder, Sir Stelios Haji-Ioannou.
All forms of cooperation between Greek Cypriots and Turkish Cypriot team members are eligible, including business, arts, sport, NGOs, work and life.
Applicants are expected to join Facebook and make friends with members of the other community on the island. Each applicant must have a profile on Facebook as their counterparty and both should Like the Stelios Philanthropic Foundation page and join the Stelios Cyprus BiCommunal Awards 2017 group.
Past winners are always welcome to reapply. Multiple applications of each team member are also welcome with different members of the other community.
Up to 75 winning teams will be awarded a personal check of €10,000 by Sir Stelios.
Organisers said Stelios reserves the right to give fewer than 75 Awards per year or even none if the calibre of the applicants does not meet the award standards and criteria.
The purpose of the annual award is to strengthen the socioeconomic ties between the two communities on the island.
Stelios has paid out almost €3m in prize money since the awards began.
Since 2009, including this year, the total value of prizes offered, with a view to promoting lasting peace on the island amounts to € 2,750,000.