Greek companies are increasing their investments in Cyprus, drawn by its strategic location, stable economy, and access to Middle Eastern markets.  

With over 1,500 Greek-affiliated companies operating in sectors such as finance, retail, energy, and healthcare, their presence continues to expand. 

Moreover, Cyprus serves as a regional gateway, particularly to Egypt, Lebanon, Israel, and Jordan, benefiting from political and economic stability, high private consumption, and a favourable tax regime.  

In addition, strong cultural and institutional ties further support this expansion, making the country an attractive hub for Greek enterprises. 

At the same time, Greek businesses have established a strong presence across food, catering, shipping, retail, petroleum, finance, and insurance, reinforcing Cyprus’ appeal as an investment destination.  

Among the major players are Hellenic Petroleum, Olympos, Sfakianakis, and Jumbo, as well as Fourlis Group—which operates IKEA, Intersport, and Leroy Merlin—along with Public (of the Germanos Group), Sklavenitis supermarkets, and coffee chains Mikel and Coffee Island. 

A significant shift occurred in the banking sector in late 2024, with Eurobank becoming the largest shareholder of Hellenic Bank while maintaining Eurobank Cyprus as a subsidiary.  

Meanwhile, other Greek banks with a presence include Alpha Bank Cyprus and the National Bank of Greece (Cyprus).  

Additionally, in the insurance sector, Hellenic Bank acquired CNP Cyprus Insurance Holdings from CNP Assurances, further consolidating its position in the Cypriot insurance market. 

Moreover, Sklavenitis has strengthened its foothold in Cyprus by integrating Papantoniou supermarkets into its network, expanding its total store count to 27.  

Before this, the company absorbed Marinopoulos supermarkets in 2017.  

Meanwhile, Kotsovolos, now under PPC following its €200 million acquisition from Currys Group in November 2023, continues its expansion in Cyprus. 

In the food industry, Olympus Hellenic Dairy Group has invested over €70 million in Cyprus, acquiring 49 per cent of N. Olympus Foods and launching a halloumi production facility in the Tseri industrial area.  

The facility, employing 120 former Kouroussi staff, will export halloumi and anari to Romania and Bulgaria, strengthening the company’s regional market presence.  

Similarly, the Greek restaurant chain Goody’s – Everest, part of the Vivartia group, returned to Cyprus in 2022 with stores in Limassol and Nicosia. 

Meanwhile, the Sfakianakis Group has entered the Cypriot market through its technology arm, Electroline, and is actively expanding into electric vehicles.  

The group, an official distributor of Build Your Dreams (BYD), a Chinese multinational competing with Tesla, is positioning itself in Cyprus’ evolving electromobility sector. 

In October 2024, Jumbo expanded its presence in Nicosia with the opening of its second store in the city—the sixth nationwide—located in the former headquarters of the Stefanidis Group in Strovolos. 

At the same time, in the energy sector, HelleniQ Energy has been strengthening its footprint in Cyprus. In May 2023, its subsidiary Helleniq Renewables acquired two operational photovoltaic parks with a combined capacity of 15 MW.  

By October 2023, the company expanded further with the acquisition of six additional photovoltaic parks, adding 26 MW and increasing its total renewable energy portfolio in Cyprus to over 40 MW. 

Additionally, in April 2024, EKO Energy announced its expansion into the Cypriot market as a supplier of green electricity. 

In real estate, Greek investment firm Trastor REIC entered the Cypriot market with the acquisition of Labs Tower, a prominent mixed-use property worth €39 million.  

Looking to strengthen its portfolio further, Trastor recently established a subsidiary, Trastor Holdings, with an initial share capital of €33 million, signalling long-term investment plans in the sector. 

Furthermore, Hellenic Healthcare Group, backed by CVC Capital, is developing a €60 million American Medical Centre in Limassol.  

In addition, the group has acquired Apollonion Hospital, Aretaieio Hospital, the Prognosis diagnostic centre, and Gialletto Ltd’s radiology centre. 

Elsewhere, SuperHome Centre is set to transition to Greek ownership, as parent company Ermes Department Stores Plc plans to divest its stake in the DIY chain to an undisclosed Greek investor.