Here are the top business stories in Cyprus from the week starting June 2:
The move is being hailed by the Cyprus Investment Funds Association (CIFA) as a milestone for the sector and a crucial pillar in enhancing investor protection, transparency and regulatory clarity.
The legislation, which formalises the framework for fund administration, is expected to support the ongoing expansion of Cyprus as a competitive jurisdiction for international fund managers.
CIFA expressed its gratitude to Members of Parliament, particularly the Standing Committee on Financial and Budgetary Affairs, as well as the Ministry of Finance, the Cyprus Securities and Exchange Commission (CySEC), the Law Office of the Republic and Invest Cyprus for their collaboration throughout the legislative process.
According to CIFA, the new law is aligned with international standards and reinforces the government’s commitment to transparency and market integrity. It comes at a time of continued growth for the sector.
According to the announcement, Nicholas Theofilou has been promoted to Partner in the Strategy & Transactions team at Deloitte Limited, while Maria Michaelides has been appointed as Partner at Deloitte Actuarial Services Limited.
The firm stated that both leaders bring outstanding expertise in their respective fields, responding to key market developments, challenges, and client needs.
“Becoming a partner is a significant career milestone, earned through merit and by recognising the dedication and zeal of our people,” said Pieris Markou, CEO of Deloitte Cyprus.
“A strong leadership team is imperative to achieving our goals of offering services that continuously adapt to market and client needs, tackling compound client challenges, developing our talent, and contributing to our community,” he added.
These include financial statements, auditor appointments and board compositions.
During both meetings, shareholders unanimously received and approved the audited financial statements for the year ended December 31, 2024, along with the accompanying reports of the directors and auditors.
Both companies confirmed the reappointment of Deloitte Ltd as their external auditors until the conclusion of the next annual general meeting, where accounts will again be presented.
The IMF referenced Cyprus’ 4.3 per cent budget surplus and a reduction of public debt to 65 per cent of GDP.
In addition, in its annual report on Cyprus under article IV, approved by the executive board without a formal meeting and released on the evening of June 2, the IMF warned the authorities to avoid measures that could heighten inflationary pressures or reduce the scope for future spending.
Cyprus was among the fastest-growing economies in the euro area in 2024, with a growth rate of 3.4 per cent, supported by strong tourism, expansion in the information and communications technology sector, and resilient domestic consumption.
However, the IMF cautioned that there are signs of overheating. Growth is expected to slow to 2.5 per cent in 2025 and stabilise at 3 per cent in the medium term as the economy transitions from consumption-led growth to one driven by investment.
According to an official statement fromt the chamber, they held a meeting with Keve president Stavros Stavrou and secretary general Philokypros Rousounides.
During the meeting, issues of common interest concerning both organisations were discussed, with particular emphasis on the economic challenges facing both Cyprus and the European Union.
One of the points highlighted, the statement mentioned, was that strengthening competitiveness is the only viable path to promoting entrepreneurship and driving economic growth.
Speaking at a dinner hosted by the Cyprus Property Developers Association in Limassol, the president attributed the anticipated price drop to new housing developments that are set to balance supply and demand in the market.
Addressing attendees, including Interior Minister Constantinos Ioannou, Christodoulides described real estate and construction as a ‘key pillar’ of the Cypriot economy, contributing 15 per cent to GDP and employing over 40,000 people.
He thanked the association for its cooperation, describing its input as “constructive” in strengthening the business development framework and making the economy “more resilient and more competitive.”
Referring to ongoing reforms, he said the government’s housing policy aims to address the housing issue with targeted measures that increase supply, particularly for young people, through the production of affordable units.
According to a statement from the association, the event took place on June 3 and was attended by president Nikos Christodoulides, MP Fotini Tsiridou representing the Speaker of the House, Minister of Interior Constantinos Ioannou, along with political party representatives, business leaders, and figures from the country’s economic and entrepreneurial communities.
In his address, president Christodoulides stressed the government’s recognition of the sector as a key pillar of the economy.
He also thanked the association for its cooperation and constructive role in supporting the country’s efforts to foster business growth.
The meeting brought together Theodoros Loukaidis, Director General of the Research and Innovation Foundation (RIF), and Anastasios Gaitanis, Secretary General for Research and Innovation of Greece.
It focused on “strengthening bilateral ties and seizing shared opportunities in the rapidly evolving sectors of research and innovation”.
According to an announced by the RIF released on Wednesday, the meeting “confirmed the mutual will of both countries to forge closer collaboration in these areas”.
It also mentioned that several key issues were discussed during the meeting. These included enhancing the participation of both countries in the European Union’s Horizon Europe programme for research and innovation.
However, overall figures for the first half of 2025 are expected to surpass those of 2024, as bookings continue to gain pace heading into the summer.
Speaking to the Cyprus News Agency (CNA), Michaelides said the summer season is showing encouraging signs.
He referenced the expected boost over the Holy Spirit weekend (Kataklysmos), driven largely by local demand.
This decision follows a sustained reduction in vulnerabilities related to external and private debt, supported by strong economic growth.
At the same time, the European Commission has issued targeted policy recommendations to guide the continuation of reforms and investments, as Cyprus still faces significant challenges in areas such as innovation, the green transition, education, and long-term care.
A senior EU official explained that the commission identified five positive trends in the Cypriot economy.
They said that “economic growth in Cyprus remains strong despite a fragile international environment.”
He highlighted the strong partnership between Etap and the Deputy Ministry, which has driven targeted promotional efforts.
Koumis also commended initiatives aimed at enhancing the overall quality of the tourism experience in the region.
Notably, a digital campaign launched in 2024 targeted 14 markets, particularly the UK, Germany, Poland, and France, reaching more than 8 million unique users.
Alongside promotional efforts, Koumis also referred to key improvements in the tourism offering.
Cyprus’ housing market recorded a strong start to 2025, with residential property sales rising sharply in both volume and value during the first quarter, according to a report released on Thursday by Landbank Analytics.
The analysis, based on contracts of sale submitted to the Department of Lands and Surveys, showed a notable increase in demand for off-plan and under-construction homes.
Between January and March, 1,368 contracts were filed for new apartments and houses, marking a 24.8 per cent rise year-on-year.
The total transaction value climbed to €391 million, compared with €299 million in the same period of 2024.
The organisations involved also submitted an external alert to the Consumer Protection Cooperation (CPC) Network against the same company.
According to a statement by the Cyprus Consumers Association released on Thursday, the complaint is based on a new study by the consumer organisations which found that Shein “uses various misleading techniques in its online interfaces to push consumers to buy more“.
These so-called “dark patterns” include fake countdown timers, emotionally manipulative games, infinite scrolling, warning messages about limited stock, aggressive marketing tactics, and similar methods that violate the European Directive on Unfair Commercial Practices.
In a statement, the ministry said that the report “clearly confirms the steady progress, resilience, and dynamism of the Cypriot economy“.
Moreover, the ministry underlined that these findings are particularly noteworthy given the current climate of international uncertainty and geopolitical unrest, as noted by the commission itself.
At the same time, the ministry reaffirmed its “commitment to the government’s economic policy, which it said aims to accelerate reforms and build a modern, competitive, and resilient economy that creates opportunities and prospects for all citizens”.
The European Commission presented the Spring Package on Wednesday, as part of the 2025 European Semester process.
From rushed decisions made under emotional stress to falling for dubious schemes promising quick profit, the campaign sheds light on the real-life consequences of poor financial judgement.
“I thought I was making a smart investment, but I lost everything,” one person said.
Stories like this form the core of the campaign, which aims to emphasise how personal financial decisions can lead to long-term damage to both financial well-being and quality of life.
The bank will lower its rate from 2.40 per cent to 2.15 per cent, with the change taking effect from June 11, 2025.
“This is a 0.25 percentage point cut that will once again have a significantly positive impact on our clients, especially in the amount of their monthly loan instalments,” the bank said in an official statement.
An estimated 12,000 borrowers whose loans are tied to the ECB base rate will benefit from an immediate reduction in their monthly payments.
The integration marks a strategy in aligning both companies’ global operations and delivering enterprise-grade AI solutions across regions.
TKI, which has operated for over two decades in the United States and India, brings extensive experience in enterprise software and deep expertise in artificial intelligence and machine learning.
According to the announcement, its client base includes major broadband and cable providers, a national real estate network representing over 30 per cent of the U.S. housing market, and one of the largest HVAC and energy service groups in the Northeast.
The €14.5 million project, financed through a council of ministers decision, is now in its final days of completion, transforming the arena into a national sports asset.
According to the president of the Cyprus Basketball Federation, Andreas Mouzourides, the project’s significance goes far beyond the basketball court.
“The indoor stadium is being transformed into a national infrastructure, a tool for the development of sports of our country,” he said.
While the stadium will host some of the most anticipated matches of EuroBasket 2025, President Nikos Christodoulides revealed that interest is already growing internationally.
However, completing the works was no easy task.
