Cyprus Business Now: banks, shipping, entrepreneurs, Invest Cyprus, PwC

Eurobank has reaffirmed its support for young entrepreneurs and innovation in Cyprus, backing the annual youth entrepreneurship awards organised by the Cyprus Chamber of Commerce and Industry (Keve). The bank supported the initiative for another year at the ninth annual ceremony, which recognises entrepreneurs under the age of 40 and their contribution to the development of the Cypriot economy. Speaking at the awards ceremony, Eurobank Corporate Banking general manager Nicolas Panayi congratulated Keve for organising the event and for its long-standing contribution to supporting entrepreneurship in Cyprus. Panayi said businesses were operating in an environment of constant change, making the ability to adapt, develop and innovate increasingly important. “Young entrepreneurs are not simply creating new businesses,” Panayi said. Italy and Cyprus will seek closer cooperation in shipping, port development and maritime investment at a business forum in Limassol on Friday, October 9, bringing together government officials, shipowners and industry leaders to explore new commercial opportunities. The Italy-Cyprus Maritime Business Forum, organised by the Italian embassy in Nicosia, will begin at 9am at the DP World Cruise Terminal, with discussions covering sustainable ports, shipping regulation and international maritime corridors. According to the Italian embassy’s official programme, the event will feature three panel discussions involving representatives from the public and private sectors, with a particular focus on investment opportunities in Cyprus’ maritime industry. The initiative aims to strengthen ties between shipowners, ship managers, shipyards, port operators, insurers and service providers from both countries, while supporting closer cooperation on maritime infrastructure and technology. The Cyprus Chamber of Commerce and Industry (Keve) honoured a new generation of entrepreneurs at the ninth annual youth entrepreneurship awards ceremony at the Presidential Palace on Wednesday, recognising young businesspeople across sectors including industry, technology, tourism, research and innovation. The awards, held on October 7, 2026, are organised by Keve in cooperation with Thessalonikis Dromena magazine and have become an established annual event highlighting and rewarding young entrepreneurs. The initiative is supported by the Ministry of Energy, Commerce and Industry, Eurobank Ltd, the Cyprus Youth Organisation, Coneq and the Cyprus Association of Cartoonists, with Economy Today as media sponsor. This year’s event also expanded its scope by recognising young Cypriot entrepreneurs living and working abroad, with awards presented for the first time to entrepreneurs from Greece and the United Kingdom. Cyprus Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou is participating in the 3rd Space Symposium in Athens on October 7 and 8, with discussions focusing on the strategic importance of space, security, technology and investment opportunities in the sector. Organised by Hellas Sat as part of World Space Week, the two-day event brings together discussions on developments shaping the space industry and the opportunities emerging for governments, businesses and research organisations. According to an official announcement, the symposium will examine space policy, security and technological developments, alongside the growing importance of space-based systems for critical infrastructure. The programme will also cover innovation and the space industry, with attention to developments and opportunities across the wider space ecosystem. Digital asset provider Teroxx has expanded its presence in Cyprus with new headquarters in Nicosia, a move which Invest Cyprus described as further evidence of the island’s appeal to international financial services and technology businesses. Invest Cyprus, the national investment promotion agency, welcomed the expansion, saying the new headquarters marked an important step in the European digital asset company’s long-term presence and development in Cyprus. Teroxx operates in the digital assets sector, providing specialised services to private clients, family offices and institutional investors. According to Invest Cyprus, the new Nicosia headquarters are intended to bring together the company’s international business activities, institutional partnerships, innovation and contemporary culture. The agency described the investment as reflecting Cyprus’ growing attractiveness to internationally oriented businesses seeking a European base with access to the European Union’s single market, a strong professional services sector, international connectivity and an evolving environment for technology and financial services. The American Chamber of Commerce in Cyprus (AmCham Cyprus) has called for closer economic, commercial and strategic ties with the United States, proposing five measures including visa-free travel, a modernised tax treaty and direct flights. In its latest policy paper, the chamber said the recommendations were intended to build on what it described as substantial progress in Cyprus-US relations in recent years. The paper, titled “Strengthening Cyprus-United States Bilateral Relations”, focuses on investment, business links, mobility, security and people-to-people exchanges. “Cyprus and the United States have entered a period of accelerated strategic cooperation, marked by shared interests in security, economic development, energy, technology, and regional stability,” the paper states. “To consolidate this progress and unlock the full potential of the bilateral partnership, five key policy priorities stand out,” it adds. Cyprus and India are looking to expand cultural cooperation through joint events, artistic exchanges and closer institutional links, as the two countries prepare to mark 65 years of diplomatic relations in 2027. The plans were discussed during a meeting on Wednesday between India’s High Commissioner to Cyprus, Manish Manish, and Deputy Minister of Culture Clea Hadjistephanou Papaellina, with particular attention given to implementing the cultural cooperation agreement signed earlier this year. In a post on his personal social media account, Manish said the meeting focused on turning the memorandum of understanding (MoU), signed during President Nikos Christodoulides’ state visit to India in May 2026, into practical exchanges and lasting partnerships. The discussions covered performing arts, cinema, exhibitions, traditional crafts, museums, archaeology and cultural heritage, as well as closer cooperation between cultural institutions and creative communities in both countries. Seventeen Cypriot and 40 Greek companies took part in a Cyprus-Greece Business Forum in Athens on October 8, 2026, as business organisations from both countries sought to strengthen commercial ties and explore new partnerships. The forum was held at the offices of the Hellenic Federation of Enterprises (Sev) in Athens and was organised by the Employers and Industrialists Federation (Oev) in cooperation with Sev, the Athens Chamber of Commerce and Industry, the Association of Exporters (Seve) and Enterprise Greece. The organisers said the event was aimed at further strengthening trade and business relations between Cyprus and Greece by bringing companies from the two countries together for direct discussions. Participating businesses held targeted business-to-business meetings, giving them an opportunity to present their activities, exchange information and expertise and explore potential new areas of cooperation. The companies represented six sectors, covering digital technology and security, water and heating, food and hospitality, sustainability, construction, and software and marketing. Former Cyta CEO Andreas Neocleous is joining PwC Cyprus as Chief Consulting Officer (CCO) on October 16, bringing more than 25 years of experience in strategy, business and digital transformation, and innovation. The appointment forms part of PwC Cyprus’ strategy to strengthen its Consulting services, with a focus on helping businesses address technological advancement, competitiveness and business transformation. Neocleous has held senior leadership positions in Cyprus and internationally, most recently serving as Partner in Technology Consulting at another Big Four firm in the Middle East. Before that, he served as CEO of Cyta from 2019 to 2025, playing a central role in the organisation’s transformation and strengthening its position in the market. Earlier in his career, he held positions at MTN Cyprus, Ericsson and Goldman Sachs, gaining experience across different industries and international markets. In recent years, Cyprus set an ambitious goal and made significant progress towards it. It created a more attractive environment for international companies and professionals, while also shaping conditions that gave Cypriots abroad more reasons and more opportunities to return and work in their own country. Tax incentives, simplified procedures and a more competitive business environment all contributed to attracting people and businesses, creating new jobs and diversifying the economy. That success, however, brings a new challenge with it: all these people need somewhere to live. And when a city’s economy and population — as in Limassol — grow faster than its housing supply, housing stops being just a social question. It becomes part of what keeps that growth going. Foreign-controlled enterprises accounted for 10 per cent of jobs in Cyprus in 2024 while generating €4.76 billion in value added, highlighting their relatively small presence by number but significant contribution to the economy, according to Eurostat. There were 681 foreign-controlled enterprises operating in Cyprus across industry, construction and market services, employing 40,187 people, according to the data. Their combined value added amounted to €4.76bn, representing a significant contribution despite the relatively limited number of such businesses. Across the European Union, 364,308 foreign-controlled enterprises employed 25.64 million people and generated €2.68 trillion in value added in 2024. Foreign-controlled enterprises accounted for just 1 per cent of all market producer enterprises in the EU, with 59 per cent controlled by institutional units from other EU countries and the remaining 41 per cent based outside the bloc. The Central Bank of Cyprus (CBC) will hold a one-day coin design workshop on November 3, 2026, aimed at artists and designers interested in developing expertise in the field of numismatic art. The in-person workshop will focus on the principles, particularities and challenges involved in coin design, while also giving participants an insight into contemporary practices in the field. The CBC said the workshop is intended to promote knowledge and creative exchange in numismatic art, while giving participants the opportunity to learn about the processes and considerations involved in creating coins and other monetary objects. Participants who attend the workshop will also become eligible to apply for inclusion in a register of collaborators of the Central Bank of Cyprus for the design of monetary objects. Further information about the register of collaborators will be provided to participants during the workshop. Cyprus recorded the second-highest annual increase in retail trade volume in the European Union in August, rising by 7.5 per cent year-on-year, according to a report from Eurostat. The increase placed Cyprus behind Sweden, where retail trade volume rose by 7.7 per cent year-on-year, while Estonia recorded the third-highest increase at 6 per cent. The figures from the EU’s statistical office compare retail trade volumes in August 2026 with the same month a year earlier. Across the EU, retail trade volume increased by 1.2 per cent year-on-year in August, while the euro area recorded growth of 0.8 per cent. Cyprus’ 7.5 per cent annual increase was more than six times the EU average, highlighting the strength of the country’s retail performance during the month. Cyprus showcased its food and drink products at the London Food & Drink Festival 2026, as part of efforts to strengthen their presence in the British market, the Energy, Commerce and Industry Ministry said on Thursday. The ministry participated through the Cyprus Trade Centre in London, setting up an information stand at the event held on September 16 and 17 at ExCeL London. According to the ministry’s announcement, the Cypriot stand featured a wide selection of traditional and contemporary products, including halloumi and other dairy products, cured meats, bakery goods, honey, wines and zivania. Visitors were also introduced to traditional sweets, fruit preserves, carob syrup, trahanas, nuts, juices and rose-based products. In addition, visitors had the opportunity to sample Cypriot food and drinks, with a chef preparing dishes designed to introduce them to the island’s culinary traditions. Twelve professionals, including tax and trust practitioners, bring different backgrounds and areas of expertise. After Elias Neocleous & Co LLC was named Cyprus Tax Firm of the Year for the fifth consecutive year, we look beyond the trophy to the people behind the achievement. A trophy is simple. It displays a name, a year, and a winner. It doesn’t reveal the late nights, the tough calls, the intricate puzzles, and, above all, the people who turn challenges into victories. When Elias Neocleous & Co LLC was named Cyprus Tax Firm of the Year at the 2026 International Tax Review Europe Tax Awards, it wasn’t the firm’s first time receiving the distinction. It was its fifth consecutive win. Winning once is an achievement. Doing it five years in a row naturally raises another question: who are the people behind that consistency? The answer is a team with very different backgrounds and areas of expertise. Their work spans international taxation, corporate structuring, private wealth, EU law, finance and technology, as well as emerging areas such as digital assets. Inflation in Cyprus accelerated to 3.7 per cent in September, according to the Cyprus Statistical Service (Cystat), as sharply higher fuel, electricity and housing costs continued to put pressure on household budgets. The Consumer Price Index (CPI) rose by 0.74 per cent month-on-month to 104.01 units in September, from 103.25 in August, while prices were 3.7 per cent higher than a year earlier. For the first nine months of 2026, the CPI increased by 2.3 per cent compared with the same period in 2025. The September inflation rate was up from 3.5 per cent in August, when the main annual increases were also recorded in petroleum products and electricity and water. The latest figures come as the government implements a new €70 million package of measures intended to ease the cost of living, taking the total value of new and existing support measures to about €160 million. Cyprus recorded a €1.59 billion general government surplus in the first eight months of 2026, according to preliminary figures from the Cyprus Statistical Service (Cystat), marking a substantial increase from the same period last year. The surplus reached €1.59 billion, equivalent to 4.1 per cent of GDP, between January and August 2026, compared with €1.27 billion, or 3.5 per cent of GDP, in the corresponding period of 2025. The improvement came as government revenue increased considerably faster than expenditure during the period. Total government revenue rose by €615.80 million, or 6 per cent, to €10.84 billion, from €10.23 billion in the first eight months of 2025. Revenue from taxes on income and wealth increased by €382.40 million, or 14.2 per cent, reaching €3.08 billion compared with €2.70 billion a year earlier.