Cyprus Business Now: economic forum, real estate, digital euro, tax department
Deputy Minister Irene Piki detailed the government’s strategy, built on reform, investment, and institutional integrity, to build economic resilience.
She affirmed that President Christodoulides has made reform a core agenda. Moreover, Piki highlighted Cyprus’ strong economic health, evidenced by full employment and low inflation, positioning the nation as a gateway to the European market.
A panel of business leaders, including Elias Neocleous and George Pantelides, discussed market pressures from inflation, geopolitical risks, and overregulation. They agreed that agility, security, and predictability are now essential for success, with Pantelides arguing Europe needs simpler regulatory frameworks.
In addition, the Bank of Cyprus’ Charis Pouangare made note of increased lending and businesses’ adoption of scenario planning to navigate uncertainty, while stressing that Europe must become more dynamic.
Meanwhile, House Speaker Annita Demetriou asserted that Europe must lead, not merely react, to global events.
She called for strategic autonomy, built on economic stability, technological leadership, and defence capability.
The event focused on the European Central Bank’s (ECB) upcoming decision on the next steps of the digital euro project and ongoing legislative negotiations in Brussels on the Single Currency Package.
Delivering the opening address on behalf of CBC governor Christodoulos Patsalides, executive director George Karatzias said “the session was taking place at a decisive moment“, as preparations for the digital euro were nearing a key milestone.
He explained that the meeting coincided with the ECB Governing Council’s imminent decision on the project’s next phase and with intensive legislative discussions in Brussels on the new framework for the single currency.
The ministry explained that the memorandum’s main provisions aim to promote cooperation between state services of the two countries, both members of the European Union, in the field of mineral raw materials.
This cooperation will be achieved through the exchange of expertise and data on technological developments, with the ultimate goal of enhancing policy planning in the promotion of mining and quarrying development.
Between September 2024 and September 2025, 962 homes were sold to foreign buyers, 385 to Europeans and 577 to non-Europeans, most of them in Paphos, where international demand continues to drive prices up.
Sales of plots reached 350, including 218 to EU citizens and 132 to non-Europeans, while fields accounted for another 357 transactions, mainly to European nationals.
Europeans tended to focus on Limassol, while non-EU buyers favoured Larnaca, where demand has climbed steadily in recent months.
AmCham Cyprus, which operates under the Cyprus Chamber of Commerce and Industry (Keve), aims to strengthen trade between Cyprus and the US.
In its announcement, the chamber extended its “heartfelt thanks” to the outgoing board and its president, Georgios Georgiou, for their “dedicated service, strategic leadership, and unwavering commitment to the chamber’s mission”.
“Under Georgiou’s presidency, AmCham Cyprus expanded its influence, strengthened bilateral relations, and launched initiatives that continue to benefit the business community,” the chamber stated.
The new board is now led by newly elected president Marios Kapiris, the Managing Director of Kyndryl Cyprus.
The research focused on standard apartments with one, two, and three bedrooms in the four largest cities of Cyprus: Limassol, Nicosia, Paphos, and Larnaca.
For the purposes of this study, “standard apartments” are defined as properties that are not penthouses, have a total area of less than 200 square metres, are not located in high-rise or other luxury residential complexes, are not situated on the seafront, and do not have a swimming pool.
Standard apartments are the most common type of housing, accounting for up to 40 per cent of the entire residential property market.
The collaboration confirms the public sector’s growing trust in the platform’s reliability, technological excellence and data security, while marking a milestone in efforts to build a fully digital economy.
Speaking about the initiative, Elena Meli, general manager of Jinius, said that “our collaboration with the government, which has already announced that invoices submitted electronically by suppliers will be prioritised for payment within 20 days, as well as with municipalities, EOA and major organisations and businesses across Cyprus, is proof of the trust they show in Jinius solutions.”
According to Politis, the findings emerged after checks carried out by the department’s social media monitoring, which identified both Cypriots and foreigners earning from subscriptions and digital sales.
The vast majority of those flagged had not included the revenue in their tax filings.
The platform, based in the United Kingdom, allows creators to monetise content, mainly of an adult-themed nature, through paid subscriptions.
The department said the investigation targets undeclared digital income, not only from OnlyFans but also from other online activities that have become increasingly common in Cyprus. Checks revealed cases of individuals earning up to €500,000, none of which was declared.
The transactions were carried out on October 23, 2025, following previous authorisation granted by shareholders at the company’s annual general meeting held on June 24, 2025.
The buyback was conducted under the relevant regulations of the Cyprus Stock Exchange and in compliance with circulars issued by the Cyprus Securities and Exchange Commission.
The institute said that this represents “a major step forward in the field of precision medicine” for Cyprus, adding that “this development marks a decisive advancement” for its research community.
Specifically, the Department of Cancer Genetics, Therapeutics and Ultrastructural Pathology at CING has secured €500,000 in funding from the Research and Innovation Foundation (RIF).
The grant will finance the acquisition of a pioneering spatial transcriptomics analysis platform that enables the study of gene expression within the natural context of tissue.
“This cutting-edge technology places Cyprus at the forefront of international scientific progress,” the institute said.
The seminar, scheduled for October 29, is part of the European EULEP project and is aimed at boosting competitiveness and the digital transformation of businesses across Cyprus.
The educational seminar, titled “AR/VR in Practice: Create Experiences that Strengthen Your Brand,” will be held from 8:45 to 16:00 at the Keve Building on the 2nd Floor.
The training is specifically designed for executives, entrepreneurs, and teams looking to leverage new technologies and innovative approaches, with no prior experience required for attendees. The course concentrates on Virtual Reality technology, offering practical knowledge and tools.
This follows the completion of an audit tender process and securing necessary shareholder and regulatory approvals.
The bank also took the opportunity to acknowledge the service of its outgoing auditor.
The forum, scheduled to take place at the chamber’s premises in Nicosia from 09:00 to 17:00, is designed to showcase the growing collaboration between Cyprus and France in the fields of innovation, technology, and applied research.
Specific focus areas will include maritime and marine technologies, cybersecurity, spatial innovation, and disaster and risk management.
The event is set to gather leading Cypriot and French companies, research institutions, and governmental bodies, providing a platform to explore synergies and foster new partnerships.
According to the announcement, the assembly will take place on Wednesday, October 29, 2025, at 18:00 at Lemon Park in Nicosia.
Speakers at the assembly will include Finance Minister Makis Keravnos, whose speech will be read by Maria Irakleous, the chairman of the Cyprus Securities and Exchange Commission (CySEC) George Theocharides, and the vice-president of the Cyprus Bar Association Nicolas Tsardellis.