Cyprus inaugurated its new Business Support Centre (BSC) on Monday, marking what the government described as a turning point in efforts to cut red tape, attract investment and support entrepreneurship.

Located in Nicosia, the centre will act as a one-stop-shop for both Cypriot and foreign investors seeking to launch or expand operations on the island. It brings together key licensing authorities and investor support bodies under one roof, aiming to streamline procedures, improve transparency and reduce bureaucratic hurdles.

The move was formally announced during the general assembly of the federation of employers and industrialists (Oev) by President Nikos Christodoulides, who framed the BSC as “an important tool for facilitating business activity and strengthening the competitiveness of our country.”

“A timeless request of the federation, completely understandable and justified, is the elimination of bureaucracy and the creation of a truly attractive business environment,” Christodoulides said.

Cyprus is expected to be among the few Eurozone countries to reach the European Central Bank’s 2 per cent inflation target by 2025–2026, as inflation across the bloc continues to ease gradually, according to the European Commission’s latest projections.

Although early 2025 saw food and tourism prices surge in Cyprus, driven by strong demand and the delayed impact of wage increases, these temporary pressures are expected to subside.

Wage growth is forecast to normalise, while energy and other commodity prices continue to moderate, allowing inflation to align with the ECB’s benchmark over the coming years.

Across the Eurozone, headline inflation is projected to fall from 2.4 per cent in 2024 to 2.1 per cent in 2025 and further to 1.7 per cent in 2026.

The broader EU figure is also expected to decline, with inflation forecast to reach 1.9 per cent by 2026.

The Commission’s outlook therefore points to a cautiously optimistic trajectory, although the pace of disinflation continues to vary significantly from one member state to another.

Tourists in Cyprus are turning in growing numbers to short-term rentals, with the number of registered properties swelling sixfold in under three years, prompting authorities to push for tighter regulation, new EU-wide data rules, and stricter tax compliance.

According to figures submitted by the Deputy Ministry of Tourism to Parliament, an estimated 12,000 to 13,000 units in the free areas of the Republic are currently offered for short-term rental.

Yet, only 8,375 of these have secured official registration, a legal requirement since July 2021. These registered properties offer a total of 36,784 beds, up from just 1,545 units in mid-2022.

Data shows a steady upward trend that by April 2023, 4,765 accommodations had joined the registry, offering 21,636 beds.

That figure climbed to 7,001 by April 2024 and reached 8,375 units by mid-May 2025, despite a slight drop in bed numbers compared to February.

Paphos and Famagusta remain the frontrunners, accounting for over two-thirds of registered listings.

Cyprus’ future workforce received a crash course in employment rights and responsibilities this week as part of the Junior Achievement Cyprus (JA Cyprus) initiative, with a clear message that undeclared work isn’t just illegal, it undermines your future.

The session was delivered by Antis Apostolou, Acting Director of the Department of Labour Relations and Supervisor of Labour Inspectorate, who also acts as a mentor for JA Cyprus.

Speaking on behalf of the Ministry of Labour and Social Insurance, Apostolou outlined the basics of labour legislation, explained key obligations for employers and employees, and raised awareness around the national minimum wage, legal working hours, leave entitlements and social insurance contributions.

Particular emphasis was placed on the risks of undeclared employment. According to the legislation, undeclared work refers to hiring individuals without registering them with the Social Insurance Fund or failing to declare their earnings truthfully or on time.

The Cyprus Property Development Association has urged authorities to accelerate the issuance of building permits in cases involving the transfer of building coefficient from listed properties, citing delays of over a year that are stalling projects and discouraging preservation efforts.

During a meeting on May 23 with the Limassol District Local Government Organisation. representatives of the association raised concerns over bureaucratic setbacks that are undermining a key incentive for the protection of listed buildings.

The meeting was attended by organisation president Yiannis Tsouloftas and the organisation’s licensing management team. Representing the association were vice president Antonis Kakoullis, board member Lefteris Konstantinou, and general manager Mersina Isidorou.

According to the vice president, the conservation sector of the department of urban planning has shown significant delays in the procedure of transferring the building coefficient onto the title deed, a necessary step before a building permit can be issued.

The Cyprus Chamber of Commerce and Industry (Keve) has welcomed the launch of the new Business Support Center, describing it as a long-standing demand finally addressed, and a much-needed tool to reduce red tape, support investment and restore confidence in Cyprus as a business destination.

In a statement posted on X, social media platform, the Chamber said the creation of the Centre marks a turning point in the country’s efforts to modernise public services and improve the overall investment climate.

Chamber representatives from all districts attended the official inauguration on Monday, which was held by President Nikos Christodoulides.

The Centre is designed to act as a single point of contact for both Cypriot and foreign investors, offering faster licensing, clearer guidance and more efficient processing.

Limassol will host the European Maritime Day (EMD) on May 21 and 22, 2026, as Cyprus takes the helm of the EU presidency, welcoming the continent’s maritime community to the island’s for two days of dialogue, networking, and action on the future of Europe’s blue economy.

The handover ceremony took place on Friday in Cork, Ireland, during the closing session of EMD 2025, in the presence of EU Commissioner for Fisheries and Oceans, Costas Kadis. Cyprus was represented by the Mayor of Limassol and senior officials from the Shipping Deputy Ministry.

Held annually, EMD brings together over 1,000 participants from across Europe’s marine and maritime sectors, including businesses, public institutions, NGOs, academia, and policy leaders,  to discuss sustainable ocean development and blue growth.

Next year’s event in Limassol will mark the first time Cyprus hosts the flagship EU conference, with parallel events expected to take place in other coastal cities around the island.