Cyprus Business Now: tourism, property, energy, Krasava, shipping, pensions

Cyprus recorded its strongest September for tourist arrivals on record, with visitor numbers rising by 1.8 per cent year-on-year as increased arrivals from Israel, Britain and Greece helped offset steep declines across several European markets. A total of 580,889 tourists visited the island during the month, compared with 570,635 in September 2025, according to figures released on Monday by the Cyprus Statistical Service (Cystat). The increase marked a return to growth after arrivals fell by 3.3 per cent in August, while Deputy Tourism Minister Kostas Koumis described the September performance as evidence of the sector’s recovery following the disruption caused by geopolitical tensions in the Middle East. The latest figures also showed that arrivals were 14 per cent higher than in September 2024, when Cyprus welcomed 509,463 tourists, highlighting the longer-term expansion of the sector despite a difficult start to 2026. Property transfers in Cyprus reached €3.72 billion in the first nine months of 2026, while deposited sales contracts rose 14 per cent year-on-year to 14,969, according to figures released by the Real Estate Agents Registration Council. The figures, drawn from the department of lands and surveys and analysed by the council, show that property market activity continued to grow between January and September, following a strong performance in 2025. More specifically, the number of sales contracts deposited nationwide increased from 13,173 during the corresponding period last year to 14,969 in 2026. At the same time, the number of completed property transfers rose by approximately 4.1 per cent, while their total value increased by 6.6 per cent to €3.72bn. Building a football club from scratch is a long game, but Krasava ENY Ypsonas chairman Yevgeny Savin is approaching it with the mindset of an entrepreneur. Indeed, the club’s aspirations extend beyond the pitch. An ambitious five-year plan links player development and transfers to investment in infrastructure, a growing youth academy and the club’s long-term financial sustainability. Founded in Russia in 2021 before relocating to Cyprus a year later, the club is now building its sporting and commercial operations in Ypsonas, with Savin aiming to attract international investors while developing stronger ties with the local community. “We have a five-year plan, a very clear plan of investment rounds, and right now we are raising €1.5 million,” Savin said in an exclusive interview with the Cyprus Mail. Cyprus is pursuing fresh shipping business in China after a series of meetings with Japanese shipowners, shipyards and government officials, as Shipping Deputy Minister Marina Hadjimanolis promotes a national ship register now at its highest level in 25 years. The latest round of contacts took place in Shanghai, where Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of this week’s major international maritime gatherings. Their discussions focused on the upcoming North Bund International Shipping Forum and its contribution to strengthening cooperation between governments and the global shipping industry. Hadjimanolis also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc., presenting the competitive advantages of the Cyprus flag and discussing opportunities for shipowners seeking to register vessels under the Cypriot register. The development of the Eastern Mediterranean into an interconnected energy corridor, capable of making a meaningful contribution to security of supply across the wider region, was at the heart of a high-level event co-hosted by HELLENiQ ENERGY and the East Mediterranean Gas Forum (EMGF) in Athens. HELLENiQ ENERGY CEO Andreas Shiamishis described Greece’s position in the regional energy market, saying that “Greece is a natural energy gateway to European markets”. He went on to explain that “both companies and the State have taken significant steps towards fulfilling this role”, with these efforts “enabling energy products to reach European consumers either through the development of infrastructure such as pipelines and cables, or through transport networks by land and sea.” The Forum brought together senior officials from across the region, including Greece’s Minister of Environment and Energy, Stavros Papastavrou, Cyprus Energy Minister Michael Damianos, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, and Joshua Volz, Special Envoy for Global Energy Integration at the US Department of Energy. Cyprus-based shipping executive Capt. Eberhard Koch has called for a rethink of the International Maritime Organisation’s (IMO) proposed Net-Zero Framework, warning that carbon-based charges could place additional financial pressure on shipowners without necessarily delivering meaningful emissions reductions. Speaking at the 5th Annual Capital Link Japan Maritime Forum in Tokyo on October 16, Koch, chairman, CEO and partner of Osterreichischer Lloyd Seereederei (Cyprus) Ltd, argued that maritime decarbonisation must be supported by the availability of genuinely zero-emission fuels and reliable infrastructure. While reaffirming his support for reducing shipping emissions, he questioned the effectiveness of introducing carbon-based financial penalties before shipowners have sufficient access to viable alternatives. He warned that small and medium-sized shipping companies could be particularly vulnerable to higher operating costs, with some of the additional financial burden potentially passed on to consumers. Cyprus is expected to increase state revenue by requiring company owners, directors and shareholders who draw dividends alongside low declared salaries to pay social insurance contributions on part of those dividend earnings, under a proposed pension reform. The changes, first reported by local news outlet Philenews, aim to address a practice under which business owners and shareholders declare low monthly salaries while receiving additional income through dividends, potentially qualifying for tax exemptions and future social benefits. According to Labour Ministry data cited in the report, 2,990 company owners, directors and shareholders working in businesses with up to three people declare monthly salaries below €500, despite also receiving dividend income. The Cyprus Stock Exchange (CSE) has announced the death of its deputy general manager Nikos Trypatsas, following a long battle with cancer, with the exchange declaring three days of mourning in his memory. Trypatsas passed away on Monday, according to a statement issued by the exchange’s council and staff, who paid tribute to a colleague who had served the organisation for 32 years. “With deep sadness, the council and staff of the Cyprus Stock Exchange bid farewell to the organisation’s deputy general manager, Nikos Trypatsas, who passed away today after a courageous and prolonged battle with cancer,” the exchange said. Trypatsas joined the CSE in 1994 and spent more than three decades serving the organisation. Eurobank S.A. repurchased 1.95 million of its own shares for €8.65 million over five trading days between October 12 and October 16, the lender announced on Monday. The purchases were made under the bank’s share buyback programme, approved by shareholders at the annual general meeting on April 28 and subsequently authorised by the board on April 29. Eurobank bought 1,953,171 shares on Euronext Athens at an average price of €4.4304 per share, for a total cost of €8,653,393.38. The transactions were carried out through Eurobank Equities Single Member Investment Firm. Construction material prices in Cyprus increased for another month in September, with electrical fixtures, plastics and aluminium products recording some of the largest annual rises, according to figures released on Monday by the statistical service (Cystat). The price index of construction materials reached 123.41 units, with 2021 serving as the base year set at 100. This represented a 0.26 per cent monthly increase and a 3.74 per cent rise compared with September 2025. The annual increase was higher than August’s 3.39 per cent, while the monthly rise also strengthened from 0.07 per cent in the previous month. Across the first nine months of 2026, construction material prices were 2.24 per cent higher than during the corresponding period of 2025. The Cyprus Consumers Association has accused the authorities of failing to adequately monitor the introduction of zero VAT on five additional categories of essential goods, arguing that the measure has not been fully passed on to consumers. In a statement, the association said its monitoring of prices between September 30 and October 17 had identified price increases before and after the measure came into effect, as well as reductions in VAT that fell short of the full benefit expected by shoppers. The finance ministry announced the additional cost-of-living support measures on September 30, with the zero VAT rate on the five extra categories taking effect after midnight on October 11. The association said average prices for eight products increased by between one and seven cents between the announcement and October 11, the day before implementation. Fidelity Investments’ parent company, FMR LLC, has increased its indirect voting rights in Greek toy and retail group Jumbo SA to 5.10 per cent, crossing the 5 per cent threshold following an acquisition of voting rights, according to a corrected announcement by the company. The notification, submitted to Jumbo on October 16, 2026, stated that FMR LLC’s indirect voting rights had exceeded the threshold on October 14, reaching 6,859,182 voting rights, equivalent to 5.10 per cent of the company’s total voting rights. FMR LLC’s previous reported holding stood at 4.99 per cent. Commercial ships have been sunk and sailors killed or left missing as attacks intensify across the Strait of Hormuz and Black Sea, raising concerns for Cyprus’ shipping industry over crew safety, insurance costs and disrupted trade. The International Maritime Organisation (IMO) has recorded 113 confirmed maritime incidents in the wider Hormuz region since the Middle East conflict began on February 28, with 24 seafarers killed, according to its latest figures, updated on October 14. The deteriorating security situation comes as drone attacks in the Black Sea move closer to the coasts of Bulgaria and Romania, both NATO members, threatening commercial routes used to transport grain, oil and other commodities. For Cyprus, which operates one of the world’s major ship registries and hosts an extensive network of ship management companies, the simultaneous crises are adding to concerns over vessel operations, crew safety and the cost of international trade. Among the latest casualties was the Singapore-flagged container ship GFS Pride, which sank on October 14 after being struck by a projectile near the Omani coast the previous day. Women in Cyprus will be able to attend free financial empowerment workshops in Nicosia on November 10-11, organised by the Cyprus Committee for Financial Literacy and Education (CyFLEC) with the support of the Cyprus Securities and Exchange Commission (CySEC). “CySEC encourages women to take advantage of this opportunity to participate in workshops that can make a meaningful contribution to strengthening their financial knowledge and independence,” the commission said in a statement on Monday. The workshops, entitled “Your Money. Your Power.”, will take place at The Landmark Nicosia, Autograph Collection, from 3pm to 7.30pm on both days. CySEC, which is a member of CyFLEC’s board of directors, announced the initiative on Monday, describing it as part of wider efforts to promote financial literacy and help women develop the knowledge, skills and confidence needed to manage their personal finances. Cyprus recorded an estimated €4.03 million in fishery product landings in 2025, according to figures published by Eurostat on Monday. The figure came as the total value of fishery products landed across the European Union reached €5.5 billion, remaining at a similar level to the previous year. The EU fishing fleet’s total catch was estimated at 3.3m tonnes in 2025 across the seven marine regions covered by European statistics. Spain recorded the highest value of landings, accounting for 31 per cent of the EU total, followed by France with 18 per cent and Italy with 12 per cent. In terms of landed weight, Spain accounted for 21 per cent of the EU catch, followed by Denmark with 16 per cent and France with 14 per cent. The median gross monthly earnings of employees in Cyprus rose by 3.8 per cent to €1,953 in 2025, according to the Cyprus Statistical Service (Cystat), while the average gross monthly earnings increased to €2,591, highlighting the substantial difference between what the typical employee earns and the overall mean. The median earnings increased from €1,881 in 2024, while average gross monthly earnings rose by 4.3 per cent, from €2,483. The median is generally a more representative measure of what employees earn because it identifies the midpoint of the earnings distribution, meaning half of employees earn less and half earn more. The average salary, by contrast, is calculated by adding all employees’ earnings and dividing the total by the number of employees. It can be pulled upwards by a relatively small number of people receiving very high salaries, making it less representative of the typical worker’s salary. The €638 gap between the average and median monthly earnings in 2025 illustrates this difference, with the average salary standing around 33 per cent above the median salary. Petrolia SE has proposed a cash distribution of $0.02 per share, equivalent to 0.189 Norwegian kroner, with payment expected to take place around November 25, subject to shareholder approval. The company, which operates in the energy sector, said the distribution would be treated as a repayment of paid-in capital for Norwegian tax purposes. The proposed payment was announced through a notification on the Cyprus Stock Exchange (CSE), with the distribution denominated in US dollars but paid in Norwegian kroner. Shares will trade with the right to receive the distribution until November 11, which is the last day on which investors can buy shares with entitlement to the payment.