The era of Cyprus’s controversial investor citizenship scheme has been formally and legally closed after the House of Representatives approved final legislative amendments that permanently revoke the Council of Ministers' authority to grant passports to investors and entrepreneurs. The move effectively eliminates the last legal provision related to the defunct Cyprus Investment Programme (CIP), which was...
Cyprus’s General Government budget maintained a healthy surplus during the first ten months of 2025, but the overall fiscal position moderated compared to the previous year. Preliminary results from the Statistical Service of Cyprus (CYSTAT) show a surplus of €1,119 million, equivalent to 3.1% of GDP, for the January–October 2025 period. This represents a decrease from the €1,320.9 million surplus...
Cyprus's aviation sector achieved an unprecedented milestone, with the country's airports registering 13 million passengers (arrivals and departures) since the start of 2025. This record-breaking figure, announced by airport operator Hermes Airports on Monday, confirms the significant expansion and successful connectivity strategy of the island nation. Connectivity Strategy Pays Off The achievement is...
Consumer activity in Cyprus accelerated sharply in October 2025, demonstrating strong spending capacity across key retail segments. Data released by the Statistical Service (Cystat) reveals that the Turnover Volume Index of Retail Trade - a measure of actual goods sold - increased by 10.1% compared to the same month last year. The corresponding Turnover Value Index also saw a significant climb, rising by...
Cyprus's economic expansion remained strong in the third quarter of 2025, with the Gross Domestic Product (GDP) growth rate estimated at a steady 3.6% in real terms (seasonally adjusted) compared to the same period in 2024. The figure, released by the Statistical Service (Cystat), confirms the economy’s sustained momentum, largely driven by key service sectors. Key Sectors Propel Growth The positive...
The implementation of Cyprus’s revised urban planning incentives for affordable housing production is generating significant interest from developers, with 32 planning permit applications filed since the new policy tools were introduced in June 2024. Data submitted to the House of Representatives by the Ministry of Interior provides a comprehensive overview of the activity, with Limassol emerging as the...
Cyprus is actively integrating the European Tourism Agenda 2030 into its national strategy, focusing on sustainability and digital readiness to navigate the sector's evolving landscape. This commitment was highlighted by Deputy Minister of Tourism Costas Koumis at a recent conference hosted by the Association of Cyprus Tourist Enterprises. Pillars of the New Era Koumis affirmed that the government has...
The Cypriot banking system experienced robust net growth in both lending and deposits in October 2025. Data released by the Central Bank of Cyprus (CBC) confirms that total loans recorded a net monthly increase of €336.6 million, pushing the annual growth rate to a significant 10.2%. Concurrently, total deposits grew by over €412 million during the month. Lending Market Accelerates The total...
The economic climate in Cyprus remained largely unchanged in November, with the Economic Sentiment Indicator (ESI-CypERC) holding firm at levels similar to October. The latest Business and Consumer Survey from the Economics Research Centre (CypERC) at the University of Cyprus revealed that a deterioration in the key services sector was successfully neutralized by rising confidence across all other business...
Cyprus’s construction sector is undergoing a shift toward larger, more capital-intensive developments, according to the latest data from the state Statistical Service (Cystat). While the number of building permits issued in the first seven months of 2025 recorded a notable 14.0% decline compared to the same period in 2024, the aggregated financial metrics painted a strong picture of...
