Here are the top business stories in Cyprus from the week starting November 10:
The signing was attended by President Nikos Christodoulides, who said that “a significant effort has been completed”.
“A permanent agreement on CoLA has been achieved through a responsible and constructive dialogue,” he said, before adding that “more than 55,000 additional beneficiaries” will now receive CoLA.
“Reaching an agreement was not easy. Convergences and compromises were needed. This is the product of maturity and mutual respect between the social partners.”
The measures were adopted in response to actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine.
The circular, signed by CySEC chairman George Theocharides, was addressed to all regulated entities.
This includes Cyprus Investment Firms (CIFs), Administrative Service Providers (ASPs), UCITS and AIF management companies, crypto asset service providers, and small AIFMs.
The European Council’s latest package introduces further individual listings and economic measures targeting key sectors of Russia’s energy, finance, and military-industrial complex.
The decision was issued on October 15, 2025, under Appeal No. 8/21, involving Efthimios Mbouloutas, Eleftherios Chiliadakis, Markos Forou, and Panayiotis Kounni as appellants against the Cyprus Securities and Exchange Commission.
The case originated from CySEC’s decision dated April 28, 2014, which imposed administrative fines on the four individuals, who were members of the bank’s Board of Directors at the time.
The commission had found that the individuals were responsible for violations of the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law.
Our story starts in 1975, when our father, Andreas Zorbas, set up the first bakery in the courtyard of our house in Athienou. I also consider 1988 to be an equally important milestone when we opened our first store in Nicosia on Iphigenias Street. This marked the expansion of the group’s business activities.
That was also my first involvement in the business when, as a primary school pupil, I would often come with my mother from Athienou to bring bread.
After the 1990s, the group embarked on new business ventures, opening its first food department in Ayios Antonios in 1999 and a new, state-of-the-art unit in Aradippou in 2002. The acquisition of Pralina patisseries in 2005 marked a new chapter in our history, while the opening of the Pralina Experience café-restaurant in Nicosia in 2017, heralded the beginning of a new journey into the culinary world.
In a greeting accompanying the council’s activity report for 2024, the council head highlighted that growth is expected to be maintained at levels around 3 per cent and is based on a broad foundation, with nearly all sectors boosting their activities.
He added that the course of debt, a central issue in the Fiscal Council’s mission, is outside the danger zone, and the downward trend is continuing, with the goal of reaching levels below 60 per cent of GDP being a central scenario for 2025.
Persianis mentioned that state revenues record continuous increases, even exceeding what is expected based on inflation and growth.
In an exclusive interview with the Cyprus Mail, Lokhov pointed out that Roemer Capital, a Cyprus-based boutique investment firm, has spent the past few years building a European infrastructure that connects developed and emerging markets.
“Theoretically, Cyprus could be in a position to establish a really strong capital market,” he said. “It could serve as a bridge between Europe, the Middle East and emerging economies, acting as a door into the European capital market.”
Lokhov, who previously led large international brokerage and asset management firms with operations in London, New York and Moscow, said that his company now views Cyprus as both a base and a growth market.
According to a report by Greek business outlet Newmoney, Cyprus combines sustained growth with financial stability and an increasingly strategic role as a regional investment hub linking Europe, the Middle East and India.
Citing analysis prepared by Eurobank Ltd following the completion of its merger with Hellenic Bank, the Greek outlet pointed out that Cyprus has demonstrated consistent macroeconomic strength in recent years.
The newly established Eurobank Ltd, which combines the operations of Hellenic Bank and Eurobank Cyprus, represents one of the most significant banking developments on the island in decades.
Speaking on the podcast A Look at the Economy from Politis, Kouroupi said Cyprus is on track for a third consecutive record year in passenger traffic, a trend she attributed to coordinated efforts by airlines, hoteliers, tour operators and the state, as well as rising off-season demand.
“We are going for a third consecutive record year in passenger traffic,” she said, highlighting the strong performance of Cyprus-based airlines, especially low-cost carriers. Israel, she added, “has exceeded every previous year”, becoming a key source of growth.
Kouroupi stressed that winter tourism has become essential, explaining that “this is now a one-way street for Cyprus” because climate change is expected to make summer months less competitive. Airlines themselves prefer destinations that operate year-round, making winter demand a strategic priority.
The city’s average asking rent reached €3,057 per month this summer, more than double the €1,277 recorded in Larnaca, showing both its economic strength and the pressure created by an increasingly tight housing pipeline.
Yet despite the visible pace of development, the limited supply of homes available for long-term rent remains the main obstacle to any meaningful market correction, leaving many residents struggling to secure a home at a sustainable price.
This shortage becomes even clearer when looking at availability trends. Apartment listings fell sharply from 3,257 in January to 1,390 in July, with Limassol alone accounting for 1,013 units during that period.
Even Nicosia, despite having a larger overall population, had only 191 available units, underlining the scale of Limassol’s imbalance.
“We are pleased to announce another set of strong financial results, generating in the first nine months of 2025 a profit after tax of €353m,” said Bank of Cyprus CEO Panicos Nicolaou.
“This performance reflects the resilience of our net interest income, amid the prevailing interest rate environment, strong liquidity, and good cost efficiency,” he added.
For the third quarter alone, profit after tax was €118m, remaining flat compared to previous quarters.
Representing the company was Paul Meeks, CFA, CAIA, Head of Technology Research at Freedom Capital Markets — a veteran technology investor with over 30 years of experience in global markets.
In this exclusive conversation with the Cyprus Mail, Meeks shares his insights on the future of AI in finance, the evolving balance between human expertise and machine intelligence, and how Freedom Holding Corp. is shaping the next chapter of fintech innovation.
As financial ecosystems evolve at the intersection of technology and trust, Freedom Holding Corp. continues to champion transparency, innovation, and investor empowerment through platforms such as Freedom24. Its presence at the Economist Cyprus Summit underlines the company’s growing engagement with Europe and the Eastern Mediterranean — regions poised to benefit from the digital transformation of finance.
Addressing delegates, Thomas Kazakos, Secretary General of the International Chamber of Shipping (ICS), said seafarers must be allowed to perform their duties without risking their lives.
He noted that the global trade landscape is “shifting beneath our feet”, as protectionism rises and cooperation weakens, developments he described as deeply troubling.
From the oil industry’s perspective, Karen Davis, managing director of OCIMF, warned that in some regions “the sea has become a contested space marked by deliberate missile launches, drone attacks and GPS spoofing”.
The data, which is adjusted to express part-time salaries as full-time equivalents, showed a continuous climb in wages across the Union.
Despite this trend, Cyprus’ average salary, while increasing, did not keep pace with the EU average.
Specifically, the average annual full-time adjusted salary in Cyprus stood at €27,611 in 2024, according to Eurostat.
This figure represents a rise from €26,668 in 2023 and €24,203 in 2022, illustrating a consistent upward trend.
Focusing on employees and self-employed persons, the data showed that foreign-controlled enterprises in Cyprus represented 10 per cent of all jobs.
This figure was matched only by Italy, and was just slightly above the lowest rate recorded in Greece, which stood at 8 per cent.
Specifically, data showed that foreign-controlled enterprises in Cyprus represented 32,119 people employed, placing the country at the lower end of the EU scale, compared to the EU total of 24,145,727 people employed by foreign-controlled enterprises.
Speaking in Frankfurt, Alessandro Giovannini, adviser in the ECB’s directorate for the digital euro, said the central bank supports the European Commission’s version of the plan over an alternative put forward by EU lawmakers.
“We do believe that the Commission proposal makes sense, and the Commission proposal foresees both online and offline at the same time,” Giovannini told reporters.
His comments came in response to a report by lead lawmaker Fernando Navarrete, published last month, which suggested that an online version of the digital euro should only be introduced if the private sector fails to provide a unified payment solution for the bloc.
The company reported total revenue of $526.1 million for the second quarter and $1.06 billion for the first half of the fiscal year.
Net income for the six months stood at $69.1 million, while diluted earnings per share reached $1.13.
“During the second quarter of fiscal 2026, we continued to make deliberate investments aimed at building the foundation for Freedom Holding Corp.’s next phase of sustainable growth,” said Timur Turlov, the company’s founder and chief executive officer.
“Our results reflect a conscious decision to expand capacity across our key business lines, strengthen our digital and financial infrastructure, and prepare the company for future scale and efficiency,” he added.
Speaking at the 3rd Greece–Cyprus Intergovernmental Summit in Athens, Christodoulides said that forging stronger business links with the region would be a priority during Cyprus’ upcoming Presidency of the Council of the European Union.
He further stated that “Cyprus is the gateway for investments not only in Europe but also for the wider Middle East region”.
The president added that this includes India, “a country from which, especially recently, after Modi’s visit to Cyprus, we see an increased interest from Indian companies to approach our country as an entry point to Europe.”
According to the board, the presentations are taking place from November 11 to 13 in Vilnius, Riga and Tallinn, with more than 120 tour operators expected to attend.
According to the announcement, the sessions focus on promoting Paphos as a year-round destination and outlining the experiences and services available across the district.
Etap said Ryanair plans to maintain two weekly flights from Kaunas and two from Riga to Paphos during the 2025–26 winter season and summer 2026 schedule.
The three-day gathering, held beginning of November, brought together regulators, operators and technology firms from across the region.
Alongside the conference, an exhibition featured gambling and payment service providers, further highlighting the scale of the sector’s technological activity.
During a regulatory roundtable titled ‘Voices of Authority: Inside Europe’s Regulatory Roundtable’, Trisokkas said the illegal market is the biggest challenge facing European regulators, particularly when it comes to player protection.
Panayides said the government’s priority is to promote innovation, expand circular-economy practices, upgrade manufacturing, and accelerate the digital and energy transition of local businesses.
As part of this, he pointed to €226 million in schemes under the Thalia 2021-2027 programme and a further €137 million from the EU’s Recovery and Resilience Facility (RRF) and REPowerEU, noting that €101.2 million has already been paid out.
In a statement released this week, Syprodat said that the management of bad loans and the resolution of the housing problem “are not merely technical matters of economic policy” but rather “fundamental issues of social justice and equality of opportunity.”
The association said that the Cypriot economy continues to bear the burden of approximately €19 billion in bad loans, which, despite being transferred off bank balance sheets to credit-acquiring companies, still pose a significant risk to the financial system.
The latest edition of the index showed that the island’s real estate market combined strong residential growth with weaker commercial trends, with the latter slightly offsetting the former’s positive momentum.
According to KPMG Cyprus, the quarter saw modest price increases across most property categories, confirming the sector’s continued stability despite regional and global economic uncertainties.
Christophoros Anayiotos, board member and head of the real estate industry group at KPMG Cyprus, said that Limassol led market activity, posting the highest gains in warehouses and apartments.
In the same session, delegates also ratified the appointment of Shaikha Nasser Al Nowais as the next secretary-general of UN Tourism, the first woman and first Gulf Cooperation Council (GCC) national to lead the organisation from 2026.
The MoU aims to deepen cooperation between Cyprus and Saudi Arabia in sustainable tourism, knowledge exchange, tourism education and technology.
The agreement aims to deepen cooperation on issues affecting the country’s business and investment environment.
According to a statement by CIBA, the agreement aims to support the further development of the management services sector, while also strengthening the competitiveness of international companies operating in Cyprus.
It also seeks to encourage both foreign and domestic investment activity, thereby enhancing the island’s appeal as an international business centre.
The move follows a recent meeting between Invest Cyprus chairman Evgenios Evgeniou and CEO Marios Tannousis with CIBA president Vassilios Demetriades and general manager Valentinos Steliou, during which the two sides agreed on specific synergies and close collaboration through the new MoU.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Hadjimanolis said that this year’s Maritime Cyprus conference “has now become an institution and one of the largest maritime conferences in the world”.
She added that it “exceeded all expectations” in terms of turnout and the quality of panel discussions.
Hadjimanolis mentioned that the presence of shipowners, regulators, senior executives and international organisations, including the IMO Secretary-General and two EU Commissioners, demonstrated both the weight of the event and the broader support for Cypriot shipping.
This marks the fourth consecutive year Cyprus participates with an official mission, underscoring the country’s growing role in Europe’s innovation scene.
“Cyprus is now home to a new generation of visionary founders who are proving that innovation knows no borders,” said Theodoros Loukaidis, Director General of RIF.
“Through the Research and Innovation Foundation’s flagship programmes, we enable Cypriot startups to grow stronger, attract private investment, and scale their ideas globally,” he added.
“Our presence at SLUSH 2025 showcases not only the strength of our innovation ecosystem but also Cyprus’ determination to be part of the world’s next wave of breakthrough technologies,” Loukaidis stated.
The change forms part of a wider overhaul of the EU customs union. Brussels had originally planned to remove the so-called de minimis threshold only in mid-2028, when a new EU Customs Agency and data hub are due to go live.
However, ministers agreed to bring the date forward and introduce a transitional system from the first quarter of 2026, with technical details due to be signed off at the next Ecofin meeting on December 12.
At present, goods imported into the bloc with a value below €150 are exempt from customs duties, although VAT still applies and a customs declaration is required.
According to the European Commission, this regime has fuelled an explosion in small parcels. About 4.6 billion low-value items entered the EU last year, and roughly 91 per cent of them came from China.
The survey, which interviewed nearly 50,000 workers across 48 major economies and 28 sectors, was circulated locally on Friday by PwC Cyprus.
It showed that daily users saw clear gains over the past year, with 92 per cent reporting higher productivity compared to 58 per cent of infrequent users.
According to the findings, job security perceptions also diverged sharply (58 per cent v 36 per cent), while 52 per cent of daily users saw salary improvements against 32 per cent among those using GenAI rarely. They were, moreover, more optimistic across every benchmark surveyed.
According to a flash estimate by the Cyprus Statistical Service (Cystat), Cyprus’ seasonally adjusted gross domestic product increased by 3.6 per cent year-on-year in the third quarter of 2025.
Cystat said that the positive GDP growth rate is mainly attributed to the sectors wholesale and retail trade and repair of motor vehicles, information and communication, and hotels and restaurants.
The flash estimate indicated that real GDP during the period remained firmly positive, extending the momentum recorded earlier in the year.
The matter of enhanced tax checks on ‘high-risk’ companies came up at the House audit committee.
Christos Karoullas, the deputy tax commissioner, said the tax department has set up and is operating two units.
The first unit combs over tax returns for irregularities, and the second unit scrutinises VAT receipts.
Each year the tax department selects a number of ‘high-risk’ companies for enhanced tax checks.
In 2024 and 2025, the enhanced checks yielded additional tax revenue of €14.3 million from the unit assessing tax returns, and another €15.6 million from the unit focused on VAT.
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