The 2023–2024 Entrepreneurship Report also revealed that 60.5 per cent believe they have the skills to launch one.
However, 53.3 per cent report a fear of failure, which may prevent them from taking action.
The latest report marks Cyprus’ eighth consecutive participation in the Global Entrepreneurship Monitor (GEM), providing insight into entrepreneurial activity in the country.
The findings were welcomed by the Minister of Energy, Commerce and Industry George Papanastasiou, who stated that GEM is a particularly useful tool for the ministry and government.
He said that “its findings guide us on entrepreneurship issues and support efforts to promote Cyprus as an attractive destination for business activity”.
The consultation, published on April 15, 2025, forms part of the European Union’s (EU) broader Savings and Investments Union (SIU) strategy, unveiled on March 19, 2025.
The European Commission aims to collect feedback from financial institutions and other market participants to better understand the obstacles hindering the full integration of EU capital markets.
CySEC is urging all interested parties to participate actively in the consultation to help shape a comprehensive view of the Union’s financial services markets and future regulatory framework.
Foreign investors have officially notified Cypriot authorities this week of plans to establish a new coastal ferry link between Cyprus and Lebanon, according to the announcement.
The proposal, confirmed by information obtained by Philenews on Tuesday, sets out a passenger-only connection from the port of Larnaca to Jounieh, a coastal town just north of Beirut.
Initial contacts were made through Invest Cyprus, while meetings have already taken place at the Ministry of Transport and the Deputy Ministry of Shipping. The idea, it appears, was put forward by a multinational company already active in Europe and Latin America.
As it stands, the investors intend for the company to be based in Cyprus, with the ferry sailing under the Cypriot flag.
Additional investments are also being prepared at Larnaca port to support the infrastructure needed for the new service.
Interest in the project, according to people familiar with the matter, picked up after the change of government in Lebanon earlier this year, in February.
“I feel proud that my political group and the European Parliament have chosen me to be the rapporteur of this important report, which will affect the European tax system in the coming years,” Hadjipantela told InBusinessNews.
“It is ensured that where we can, we will safeguard the interests of Cyprus,” he added.
“We have proven that when we have the will, when we have passion and when we work hard, we can be rapporteurs on important chapters and for important files, such as this one,” he continued.
The company’s consolidated financial statements, approved by the board and audited by Ernst & Young Cyprus Ltd, show a profitable year, driven largely by maritime operations and supported by positive foreign exchange gains.
Turnover for the Salamis Group reached €93.27 million in 2024, up from €78.80 million in 2023 — an increase of €14.48 million or 18.37 per cent.
Gross profit rose to €29.60 million, reflecting a margin of 31.73 per cent compared to 28.46 per cent the previous year.
The Central Bank of Cyprus (CBC) will publish a revised directive on the prevention of money laundering and terrorist financing on May 2, according to an announcement released on Tuesday.
The updated framework aims to strengthen compliance obligations for banks and other supervised entities.
It will also help to ease procedures where feasible for citizens and businesses interacting with the financial system.
The CBC stated that the purpose of the revised directive is the “introduction of a modern and enhanced compliance framework for banks and other obligated entities”.
A total of 14 resolutions are to be voted on at the company’s next general meeting on May 12, including the approval of a dividend of €0.48 per ordinary share for the financial year ending December 31, 2024.
Shareholders will be asked to approve the re-election of existing board members as well as the election of two new members, George Syrichas and Andreas Kritiotis.
Their appointments to the board are subject to approval by the European Central Bank.
The board has also recommended the reappointment of the current directors standing for re-election.
Tourism revenues in Cyprus reached €79.7 million in February 2025, marking an increase of 22.4 per cent compared with the same month last year (€65.1 million), according to an announcement issued by the statistical service this Tuesday.
Moreover, for the first two months of the year, revenues rose by 35 per cent, with total earnings estimated at €148.9 million, compared with €110.3 million during the corresponding period of 2024.
According to the announcement, it was mentioned that February’s per capita tourist expenditure amounted to €595.71, up 14.3 per cent from €521.01 in February 2024.
In terms of markets, British tourists, who represented the largest share of arrivals at 24.8 per cent in February, spent an average of €73.42 per day.
With the tourist season already under way, the Deputy Ministry stressed the obligation for all owners offering short-term rentals to ensure they are registered in the rental unit license process.
According to the announcement, those who continue to advertise or rent out properties without securing the necessary registration and permit are guilty of an offence and could face both a fine and imprisonment.
The renewed call forms part of ongoing efforts to bring the sector into full compliance, providing authorities with a clearer picture of the market while addressing growing concerns from the hotel industry over unfair competition from unregulated short-term rentals.
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