Here are the top business stories in Cyprus from the week starting July 6:
For much of the past decade, Cyprus has established itself as one of the Mediterranean’s most dynamic property markets, attracting international investors, supporting economic growth and transforming urban skylines.
That momentum has not disappeared. Property transactions remain resilient, construction activity continues at elevated levels and the development pipeline remains healthy despite a more uncertain international economic environment.
The sector continues to play a central role in employment, investment, tourism and economic confidence, while supporting a wide network of businesses extending far beyond construction itself.
The ministry said the Republic of Cyprus has already submitted a documented position to the European Commission as part of the ongoing public consultation on the revision of the European Guidelines on State Aid to Aviation, putting forward six specific recommendations aimed at protecting the connectivity needs of island member states.
“Cyprus’ air connectivity remains strong,” the ministry said, adding that the government is acting in a timely and documented manner to ensure that the new European framework continues to reflect the needs of an island state with no road or rail links to the rest of Europe.
It clarified that the incentives provided by Cyprus, in cooperation with the airport operator, to airlines are not state aid, as they are granted on market terms, generate additional revenue for both the state and the operator, and represent an investment that a private investor would also make under the same conditions.
According to a post on his personal account, Skourides was ranked 25th worldwide among the Top 200 LinkedIn creators in GovTech and the public sector. He was also ranked first in Cyprus in the same category and seventh overall on LinkedIn in Cyprus.
The ranking graphic accompanying his post also showed a Favikon score of 87.3, placing the recognition within a broader assessment of online influence and visibility.
However, Skourides used the announcement less as a personal accolade and more as a statement about Cyprus’ ability to be seen in international technology and public-sector conversations.
In a statement on Monday, the board said the first flight marked an important step in improving Paphos’ accessibility, both from Greece and through wider international connections available via Athens.
According to Etap Paphos, the Athens to Paphos route will operate three times a week, providing additional travel options for both residents and visitors.
The board further explained that the renewed service will also strengthen Paphos’ links with key tourism source markets through Aegean’s Athens hub, including Germany, the Scandinavian countries and other European destinations.
The founder and managing director of Blackbook Agency has spent more than two decades working with developers, investors, architects and consultants across Cyprus and Greece, helping shape the identity and positioning of major real estate projects. Yet her view of the sector is not limited to branding, sales or glossy launches.
For Voskaridou, the strongest projects start much earlier, with a simple but often overlooked question: who are we building for? As Cyprus enters a new phase of urban growth, she believes the developments that will stand the test of time will not be judged only by their location, size or finishes.
The agreement also includes the expansion and upgrade of the facility, with development set to proceed in phases.
The first phase is expected to enter commercial operation in early 2027, while the completed project will become the largest privately owned data centre in Cyprus.
The investment represents the next major step in the development of Cyta’s data centre portfolio, significantly increasing the organisation’s ability to provide cloud services and equipment colocation at a larger scale to businesses, public sector bodies and international organisations.
The telecommunications provider explained that the new facility will substantially expand its capacity to host customers’ equipment and digital systems while offering access to modern, secure and reliable digital services.
According to the European statistical office, August and July were the two busiest months in every European Union member state, reflecting the combined influence of weather conditions, geography and school holiday periods.
In Cyprus, tourist accommodation establishments recorded 2,953,148 overnight stays in August, making it the busiest month of the year.
This was followed by 2,627,725 overnight stays in July, meaning the two peak summer months together generated 5,580,873 overnight stays.
The change in leadership took place during Pasyxe’s annual general meeting in Nicosia, attended by President Nikos Christodoulides, House president Annita Demetriou, ministers, party leaders, ambassadors, MPs, local authority representatives and members of Cyprus’ wider business community.
Taking over the presidency, Pantazis praised Michaelides’ contribution to the association and said he was certain that, although he was stepping down from the post, the outgoing president would remain close to Pasyxe’s work.
“With full awareness of the responsibility, I undertake duties with the aim of strengthening, to the extent possible, the progress of the hotel industry and tourism in the country,” Pantazis said, adding that he would work to justify the trust shown in him by Pasyxe members and looked forward to constructive cooperation with the association’s general director, secretariat, board and wider membership.
Even for a city used to movement, the past two decades have been striking.
Limassol, once known for its port, carnival and wine festival, has become Cyprus’ most visible urban experiment, with towers, marinas, offices, tech companies and expensive apartments changing both its skyline and its mood.
The transformation has brought confidence, jobs and international attention. It has also made the city harder to live in.
Rents have climbed, traffic has worsened, construction has become part of the daily noise, and many residents now wonder whether the place they grew up in is being reshaped faster than they can recognise.
The 25-year-old former finance professional, who moved from Cyprus to London seven years ago, officially unveiled the app at How Matcha in Marylebone, marking the first public launch of a platform built around what she describes as the next generation of fashion discovery.
The platform uses proprietary fashion-specific visual search technology to help users identify outfits, discover similar pieces, organise everything they want to buy and shop fashion inspiration from anywhere in one place.
The launch event was hosted at How Matcha, an iconic matcha bar and cultural space known for its collaborations across fashion brands, including Miu Miu, Cult Gaia, Joseph and others.
For Georgiou, the launch marks a significant moment in her career. After spending three years working in banking, she left finance earlier this year to pursue i spy full-time.
The visit centred on an event hosted by the Deputy Ministry of Shipping at the headquarters of the International Maritime Organisation (IMO), on the sidelines of the organisation’s 137th Council session, which is taking place in London from July 6 to 10.
The session’s agenda includes strategy and planning, reports from key IMO committees, and the protection of vital shipping lanes, emphasising the wider challenges currently facing global shipping.
The event was attended by IMO Secretary-General Arsenio Domínguez and representatives of IMO member states, giving Cyprus an opportunity to promote its maritime sector and strengthen its presence within the international shipping community.
Speaking to the Cyprus News Agency (CNA), Hadjimanolis said the event “was an opportunity to highlight the essential role of Cyprus in the international maritime community”, noting that the country remains one of the world’s major maritime powers.
CySEC’s latest quarterly statistics bulletin showed that it supervised 312 management companies and undertakings of collective investments (UCIs) during the period, down from 321 entities in the corresponding quarter of 2024.
The regulator explained that the total comprised 217 externally managed UCIs, 30 internally managed UCIs and 65 external fund managers.
Among the management companies, there were 45 Alternative Investment Fund Managers (AIFMs), 45 sub-threshold AIFMs, two UCITS management companies and three dual-licence entities authorised to operate as both AIFMs and UCITS management companies.
In an interview with Politis Radio, Pantazis appeared cautiously optimistic about the rest of the season, noting that the sector had taken a hit in March and April, when cancellations increased and new bookings slowed. However, he said demand has since begun to recover, even though new reservations remain below last year’s levels.
A key factor, he explained, was that flight schedules were largely maintained, allowing Cyprus to protect its image as a safe and reliable destination. Most hotels also chose to remain open despite weaker demand and higher operating costs, a decision he described as important for the country’s credibility in international markets.
Pantazis said that “there is still room to improve the season’s performance, particularly through last-minute bookings, which are more active this year than in previous seasons.” Hoteliers, he noted, can use commercial tools such as special offers, incentives for travel agents and targeted promotions to stimulate demand. As he put it, “it is never too late” to improve the final outcome.
The conference focused on cryptocurrencies, digital assets and the future of the sector, with both speakers highlighting the growing integration of crypto assets into the financial system and the importance of regulation as markets undergo structural change.
CySEC chairman George Theocharides said crypto assets are no longer operating on the margins of financial markets.
“They are becoming increasingly integrated into the broader financial ecosystem, interacting with traditional financial instruments, regulated intermediaries and institutional investors,” he said.
Theocharides explained that this is not a temporary trend, but rather a structural transformation in the way markets are organised, assets are created and issued, and investors gain exposure to financial products.
According to the a statement from the central bank, CBC governor Christodoulos Patsalides welcomed Central Bank of Montenegro governor Irena Radović and senior officials from the Montenegrin central bank for a working visit to the bank’s headquarters.
During the meeting, the two governors discussed recent economic and financial developments, as well as issues of common interest relating to central banking, financial stability and European integration.
The CBC said the discussions focused primarily on Cyprus’ experience in the practical implementation of the requirements of the European System of Central Banks (ESCB) and the Eurosystem.
In a circular issued on this week, the regulator drew attention to new guidance published by the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which outlines the money laundering and terrorist financing risks that could emerge as the crypto-asset market adjusts to the new regulatory framework.
CySEC explained that, following the end of the transition period, firms wishing to continue providing crypto-asset services within the European Union must now be authorised as MiCA-compliant Crypto-Asset Service Providers (CASPs).
The regulator said the end of the transition period is expected to trigger significant structural changes across the EU crypto-asset sector, as unauthorised virtual asset service providers leave the market and their customers either close their accounts or transfer to authorised providers.
The warning concerns frontier artificial intelligence models, which the ESRB said could significantly reshape the cyber threat landscape in the short to medium term by making cyberattacks faster, larger in scale and more sophisticated.
According to the ESRB, these advanced AI models have the potential to accelerate the discovery of software vulnerabilities, support the development and exploitation of malicious cyber tools and significantly reduce the time available for organisations to detect and respond to attacks.
The European body warned that these developments represent systemic cyber risks affecting the financial sector as a whole rather than individual institutions.
The reception, organised by the Shipping Deputy Ministry on the sidelines of the 137th IMO Council, was attended by IMO Secretary-General Arsenio Dominguez and representatives of IMO member states.
Addressing guests, Hadjimanolis said such gatherings allowed countries to move beyond the formal setting of negotiations and meetings, while strengthening “the spirit of cooperation and friendship that lies at the heart of the IMO”.
She said Cyprus, with its long maritime tradition and strong commitment to international shipping, remains “a maritime nation” with one of the largest fleets in the world under its flag and a well-established maritime centre offering high-quality services across the sector.
At the same time, policymakers and industry leaders are grappling with how to sustain growth while ensuring housing remains accessible, planning becomes more efficient and development keeps pace with the country’s long-term needs.
In an exclusive interview with the Sunday Mail, Landbank Group chief executive officer Andreas Christophorides examined the forces reshaping the market, from shifting demand and rising construction costs to foreign investment, sustainability and the structural reforms he believes are needed to secure the sector’s future.
The launch marks the first major milestone in the strategic partnership between the Bank of Cyprus and European wealth technology startup Wealthyhood, following the bank’s participation as lead investor in the company’s €6 million funding round announced earlier this year.
According to the companies, the new Wealthyhood x BoC mobile app and web platform combines Wealthyhood’s digital investment technology with the Bank of Cyprus’ customer base and financial infrastructure.
The platform is open to all residents of Cyprus, although existing Bank of Cyprus customers will be able to link their bank accounts instantly to simplify identity verification, fund their investment accounts more quickly and begin investing with fewer onboarding steps.
After years in which crypto was often discussed through the lens of speculation, volatility and disruption, the conversation is now moving towards something more serious, regulation, institutional confidence, real use cases and the ability of companies to prove that they can be trusted.
That was the thread running through the Digital Assets and the Future of Finance Summit 2026, presented by ECOMMBX this week at City of Dreams Mediterranean in Limassol, where regulators, bankers, fintech executives, legal experts and technology providers discussed how digital assets are moving from the edges of finance into a more regulated and practical environment.
The summit’s wider agenda reflected the speed at which the sector is changing, covering everything from MiCA, DORA, the Digital Euro and CBDCs to tokenised real-world assets, stablecoins, institutional portfolios, digital payments and the use of blockchain infrastructure in mainstream finance.
With Cyprus’ six-month Presidency concluding on June 30, 2026, the regulator said its officials participated throughout the period in Council working groups, providing technical expertise and supporting negotiations on key European Union legislative proposals.
According to CySEC, staff from its policy, ongoing and thematic supervision, authorisations and legal departments took part in the technical work of the Council during the Presidency.
The regulator said its contribution focused on policy initiatives aimed at strengthening European capital markets and financial supervision.
The move forms part of the company’s long-term investment strategy, with Island Oil aiming to boost its logistics capabilities and support growing demand for marine fuel transportation across the Mediterranean and Black Sea.
By adding high-quality double-hull tankers to its fleet, the company said it is continuing to invest in operational efficiency, while maintaining high standards of safety and environmental compliance.
At the same time, the investment also fits into the group’s wider Environmental, Social and Governance strategy, as well as its decarbonisation roadmap. According to Island Oil, the new tonnage is expected to enhance fuel efficiency and help reduce greenhouse gas emissions per tonne-mile.
A total of 1.38 million passengers travelled through Larnaca and Paphos airports in June 2026, compared with 1.44 million in the same month last year.
The June figures point to a more contained slowdown after a difficult spring for the aviation and tourism sectors. Traffic had fallen by 16.1 per cent in April and 15.3 per cent in March, while May recorded a decline of 4.13 per cent.
However, the performance continued to differ between the two airports. Larnaca airport, Cyprus’ main air gateway, handled 957,800 passengers in June, down from around 1.1m in June 2025. By contrast, Paphos airport recorded 420,500 passengers, up from 370,400 a year earlier.
Speaking to the Cyprus News Agency (CNA), Yiasemides said the latest flare-up in US-Iran relations has brought geopolitical risk back to the centre of the global economic outlook, at a time when markets were only beginning to stabilise after years of trade tensions and inflationary pressure.
He referred to the International Monetary Fund’s (IMF) latest forecasts, released on Wednesday, which “limit the expected growth of the global economy to 3 per cent for 2026, emphasising that geopolitical conflicts now constitute one of the greatest risks to international economic stability.”
This renewed instability, according to Yiasemides, is already creating risks through energy, transport and international trade.
“At a time when markets were trying to regain stability after the trade tensions and inflationary pressures of recent years, geopolitical instability in the Middle East is creating new risks, mainly through energy, transport and international trade,” he said.
Owen, known for Closer, Children of Men and Gemini Man, leads a cast that also includes Alex Pettyfer, known for Magic Mike, The Butler and The Ministry of Ungentlemanly Warfare, as well as Reda Elazouar, whose credits include Sex Education and The Family Plan.
The cast is further strengthened by Ronan Summers, known for Guardians of the Galaxy, Jake Ryan, known for War Machine, Mark Rhino Smith, known for Creed, Joey Ansah, known for The Bourne Ultimatum, Alex Cooke, known for Blacklight, and Luke Bouchier, known for The Enforcer.
Filming on Scorpion began in Cyprus on July 6 and will conclude in Bulgaria at the end of the month. According to Copper Island, the production has one of the largest per-day budgets for a film produced in Cyprus, placing it among the most significant international film projects to be made locally.
The milestone follows the activation of the payment service in cooperation with NPCI International (NIPL), with Eurobank’s head of transaction banking Eleftherios Vlachogiannis outlining the bank’s broader strategy in an interview with the Athens News Agency.
The inaugural transaction took place in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank chief executive officer Fokion Karavias and executives from NPCI International.
The ceremony at the Hilton Nicosia recognised Hartmann Group, Accor, Kraken, a Payward company, SayGames, Reconiq Software Ltd, a member of the Plath Group, Coral S.A. – Coral Cyprus and Premium Access Cyprus.
Addressing investors, Christodoulides said the country’s direction was built around “stability, perspective, development and security”, arguing that investment decisions ultimately depended on trust in a country’s institutions, people and long-term prospects.
That approach, he said, was also reflected in Cyprus’ renewed national promotion strategy, launched earlier this week, which presents the island as “a stable European state with a global orientation” and a European business hub with an international footprint.
The president pointed to the economy’s recent performance, including stronger growth, healthy public finances, lower public debt and Cyprus’ return to an “A” investment-grade rating for the first time since 2011. He also referred to conditions of full employment for the first time since 2008, describing these developments as evidence that responsible economic policy, political stability and reform could strengthen investor confidence.
The island was included alongside Majorca, Rhodes, Gozo, Kefalonia, Corsica and Sardinia in a selection of seven destinations offering families experiences beyond large resorts and conventional beach holidays.
National Geographic placed particular emphasis on Paphos, describing the coastal city as a strong starting point for families looking to combine time by the sea with history and outdoor activities. From boat trips to hidden coves to visits to ancient Greek and Roman sites, the area offers several ways for younger visitors to explore the island’s past.
Among the main attractions highlighted were the UNESCO-listed Tombs of the Kings, where families can follow self-guided trails through underground chambers carved into the rock.
However, the publication noted that Cyprus’ family appeal extends well beyond its archaeological sites. Further north, Avakas Gorge and the Akamas National Forest Park offer accessible nature trails through some of the island’s most dramatic landscapes.
The 2026 inductees were announced, during Athens International Airport’s 2.5 Airline Marketing Workshop in Athens, which brought together more than 250 professionals from the aviation, travel and tourism industries.
Sir Stelios joined a class of eight aviation figures whose work has influenced the development of commercial flight. The other inductees were Airbus pioneer Roger Béteille, Solar Impulse co-founder Andre Borschberg, former Singapore Airlines chief executive Cheong Choong Kong, Brazilian aviation pioneer Alberto Santos-Dumont, FedEx founder Frederick W. Smith, Chinese-American pilot Katherine Sui Fun Cheung and jet-engine inventor Frank Whittle.
The Air Transport Hall of Fame was established by Hermes – Air Transport Organisation in partnership with Korn Ferry and Athens International Airport.
According to its organisers, it is the first global Hall of Fame dedicated exclusively to the civil air transport industry, honouring leaders whose vision, innovation and work have made a lasting positive contribution to global aviation.
The distinction places the bank among the leading financial institutions across the emerging markets of Europe, the Middle East and Africa, reflecting what the bank described as its strong performance and the confidence it continues to inspire among international investors.
The recognition is based on votes cast by the investment community itself, giving the award particular significance as it reflects the views of key market participants rather than an independent judging panel.
Alongside the group’s overall recognition, the Bank of Cyprus management team also recorded strong performances across individual categories, with several senior executives receiving high rankings.
A new study by the European Community Shipowners’ Associations (ECSA) estimates that shipping will contribute around €9 billion annually to EU and national revenues if carbon allowances average €100 per tonne. Under a lower-price scenario of €85, the sector’s contribution would still reach €7.65bn.
Of the €9bn total, about €7.7bn would reach national governments, while the remainder would be directed towards EU-level financing mechanisms, including the Innovation and Modernisation funds. At €85 per allowance, national revenues would fall to around €6.6bn.
However, the money is not distributed according to the size of each country’s merchant fleet, port activity or wider shipping industry. Instead, most national auction revenue is allocated through an EU distribution formula based largely on historical emissions from stationary industries.
The study found that respondents were exposed to such content an average of 4.45 times per month during the past year, while only 7 per cent reported seeing none.
Instagram was used by 95 per cent of respondents and accounted for 93 per cent of the gambling-related content viewed. Facebook and TikTok followed, with usage rates of 82 per cent and 68 per cent respectively.
The survey was conducted by University of Nicosia on behalf of the authority in February and March 2026, based on a nationwide sample of 1,000 people aged between 18 and 35.
Paid advertisements from betting companies and online casinos were the most common form of content, seen by 89 per cent of respondents, while 77 per cent had encountered posts by influencers promoting gambling.
The annual awards, organised by Invest Cyprus in cooperation with GOLD magazine, recognise international investors and businesses that have made a significant contribution to the development of the Cypriot economy and were held in the presence of President Nikos Christodoulides.
Representing Eurobank, Senior General Manager Stephanos Kassianides presented one of the evening’s awards, underlining the group’s continued commitment to strengthening the country’s investment environment.
In an interview with GOLD magazine, Kassianides said the bank’s longstanding support for the Invest Cyprus International Investment Awards reflects its broader strategy of enhancing Cyprus’ attractiveness as an investment destination while promoting the country as a regional business and financial centre.
The declaration supporting the initiative has been signed by Cyprus and 20 other EU member states, including Greece.
The initiative was presented on Friday in Brussels on the sidelines of the Economic and Financial Affairs Council (ECOFIN) meeting by the European Investment Bank (EIB) Group, together with 21 EU member states, institutional investors and fund managers.
By signing the declaration, Cyprus reaffirmed its commitment to strengthening European innovation and expanding innovative companies’ access to growth capital.
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