Cyprus Business Now: housing, tourism, gender gap, forex sector, CBC
At the same time, Cyprus Securities and Exchange Commission (CySEC) Chairman Georgios Theocharides said at the same event that around 600 inspections were carried out on Cyprus Investment Firms (CIFs) during 2025 and administrative penalties of approximately €2.3 million were imposed,
The two men were speaking at the Cy Economy Forex Conference ’26, which took place in Nicosia.
Representatives from the Cyprus Chamber of Commerce and Industry (Keve) and the Employers & Industrialists Federation (Oev) also highlighted the need for effective supervision at the conference, whilst referring to the forex sector’s contribution to the Cypriot economy.
“Ensuring conditions of macroeconomic stability and sustainability of public finances remains a steady priority, as a foundation for sustainable development and improvement of citizens’ living standards,” Keravnos said in remarks read by Avgi Chrysostomou Lapathiotou, Director of Financial Services at the Finance Ministry.
In an interview published by the European Central Bank (ECB), he noted that “the road to recovery was anything but smooth”.
“Towards the end of 2013, while still mitigating the effects of the crisis, the largest European banks were engaged in the comprehensive exercise – the Asset Quality Review – conducted at the onset of the Single Supervisory Mechanism,” he said.
“From that point onwards, the focus sharpened on addressing legacy issues and strengthening those institutions’ balance sheets,” he added.
Cypriot significant institutions, he explained, “responded decisively to the push of the supervisors”.
He explained that “they undertook large-scale disposals of non-performing loan portfolios, implemented viable restructurings, enhanced their internal governance arrangements and refined their business models”.
Speaking to the Cyprus News Agency (CNA), Constantinou explained that the period after Christmas remains particularly difficult for tourism in the area.
However, “the messages we are receiving for the start of the new summer season, which is estimated at the beginning of April, are good, since most of the hotels in the district will start operating.”
At the same time, demand appears broad-based. “There is a good flow of bookings from all markets, especially from the main markets that prefer the Famagusta district, namely the United Kingdom, Poland, Israel, the Scandinavian countries and the countries of Central Europe,” he said.
He added that “we will start the new season on the right foot and we are looking forward to a very good season”.
Of these, 138 apartments are located in Limassol and 54 in Strovolos, supported by €28 million in state funding.
Meanwhile, she said that in 2025, under the Ianthi housing project in the municipality of Larnaca was completed with 24 apartments.
At the same time, projects began in Kokkinotrimithia (10 residences) and the municipality of Polemidia (29 residences), while works also launched in Lakatamia, Ayios Dometios, Kaimakli and Pallouriotissa.
In parallel, the division of 137 plots across Nicosia, Limassol, Larnaca and Paphos districts was completed.
According to the study, deep tech refers to companies built on scientific breakthroughs and advanced engineering, often emerging from research laboratories and universities.
It is mentioned that these include firms working in artificial intelligence, advanced materials, semiconductors, robotics, quantum technologies, climate and energy systems, health and biotech and industrial technologies.
Unlike many consumer-facing digital startups, deep-tech companies typically require long development timelines; moreover, they require specialised talent and significant upfront capital before reaching market.
Makis Keravnos said that he received a briefing from commissioner Valentina Georgiadou, with whom he also discussed the results of the operations and activities of the office.
“Generally, there was an exchange of views on all matters falling within the competencies of the financial commissioner,” he said.
The Finance Minister expressed absolute satisfaction for the work being performed.
He encouraged the commissioner “to continue the work she is performing with the same vigour, which contributes decisively also to the alleviation of serious problems faced by various fellow citizens of ours”.
The international technology group, which develops platforms for casino operations, aggregation, affiliate management, sportsbook services and jackpot solutions and employs more than 2,000 people across Malta, Poland and Georgia, presented the initiative as part of its broader marketing strategy.
Speaking during the event, Bagniya used the iGaming Trends initiative as an example of how research-based content can move beyond thought leadership and become a practical commercial tool.
In doing so, she described how the in-house team built and scaled the project internally, linking marketing output directly to business conversations.
The topic fed into the panel discussion titled “The Marketing Team Mix: Balancing in-house and agency partnerships”, where leaders from tech companies, alongside global and local agencies, discussed how organisations are reshaping their marketing structures.
Addressing the audience at the Money Conference on Wednesday, Roussounides stated that “the regulatory and supervisory framework of Cyprus is fully aligned with the European regulatory environment”.
“This compliance enhances transparency, limits systemic risk, and creates a safe and predictable environment for both institutional and private investors,” he said.
The secretary general also mentioned that the Cypriot banking system has undergone deep restructuring and consolidation.
Stability of the supervisory environment and the digital transformation of the financial sector were highlighted as key factors in the country’s progress.
The company announced that the third quarter of fiscal year 2026 ended on December 31, 2025, marking another period of steady growth across its brokerage, banking, insurance and consumer services operations.
For the nine-month period ended December 31, 2025, total revenue reached $1.7 billion, reflecting sustained operating momentum across the group.
During the third quarter alone, net revenue amounted to $628.60 million, underscoring the scale of Freedom Holding’s diversified business model.
The event featured Manish Manish, the High Commissioner of India to Cyprus, as the guest speaker.
According to a press release issued by the chamber, the event was held under the title “Building Bridges: An overview of India and India-Cyprus relations”.
During the event, Manish presented an overview of the modern Indian economy and outlined recent developments in India-Cyprus bilateral relations, highlighting the significant business and investment opportunities emerging between the two countries.
This compares with 16 cheques worth €42,062 in January 2025.
For the whole of 2025, a total of 213 outstanding cheques with a value of €630,249 were registered in the preliminary list of the Central Information Register (CIR), based on CBC data.
The CBC also reported that 13 legal and natural persons were registered in the CIR preliminary list in January 2026.
Of these, 9 were legal entities and 4 natural persons.
According to first estimates from Eurostat, the statistical office of the European Union, prices on the Cypriot domestic market edged up by 0.2 per cent over the month.
This slight increase follows a period of volatility for the island’s industrial sector, which saw prices fall by 0.6 per cent in November 2025 and 0.2 per cent in October 2025.
The data showed mixed developments across services and employee categories compared with January 2025.
Cystat said the total number of government employees rose by 257 persons, a 0.5 per cent increase year-on-year.
Employment in the civil service declined by 0.8 per cent to 23,019 persons. Permanent employees also fell by 0.8 per cent to 11,906, while staff with contracts of indefinite duration dropped by 2.9 per cent to 4,052.
The data released by the CBC covered aggregate non-performing loan indicators for the entire Cyprus banking sector.
As of the end of November 2025, the non-performing loans ratio excluding central banks and credit institutions declined to 4.0 per cent, compared with 4.2 per cent at the end of October 2025.
This measure reflects loans and advances excluding exposures to central banks and credit institutions across the banking system.
The sixth edition of Top PSC Performers (January 2026), published alongside the “PSC Resilient 50” initiative, lists the 50 ship managers worldwide with excellent inspection performance and zero detentions.
Within that framework, Safety Management Overseas S.A. and Safe Bulkers Management Ltd., part of the group led by Poly V. Hadjiioannou, achieved the highest overall score in their respective ship categories, confirming zero ship detentions and consistent superiority in PSC performance.
The evaluation is based on 36 months of verifiable inspection data, covering a complex global inspection environment, which gives the distinction added credibility.
The January reading followed year-on-year increases of 3.1 per cent in December 2025 and 3.2 per cent in November 2025.
Despite a mild slowdown in its annual growth rate compared with the previous two months, the index remained in positive territory, reflecting overall favourable developments in the majority of its components.
Positive year-on-year growth rates were recorded in temperature-adjusted electricity production, property sales contracts, tourist arrivals, and retail trade activity.