Tax incentives offered to attract international and Cypriot professionals to Cyprus have resulted in €406.6 million in tax exemptions over a three-year period, benefiting 25,277 employees who moved to the island for work between 2021 and 2023.

The total salaries declared by these employees reached €1.31 billion, with exemptions ranging between 20 and 50 per cent depending on individual cases.

The incentives are part of a broader policy framework to encourage the relocation of talent, including both foreign nationals and repatriated Cypriots, through income deductions and tax relief.

Cypriot businesses are struggling to fill vacancies across sectors due to a growing labour shortage, according to Philokypros Rousounides, secretary general of the Cyprus Chamber of Commerce and Industry (Keve).

Speaking on Sigma TV’s ‘Mesimeri kai Kati’, Rousounides warned that the domestic labour market can no longer meet current needs, despite the country operating under near full employment and with unemployment holding below five per cent.

Additionally, he said that both skilled and unskilled positions are proving increasingly difficult to fill, forcing employers to seek workers from abroad.

The Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Office of the Commissioner for State Aid Control, has announced the organisation of a presentation focused on state aid for businesses.

The event, titled “State Aid and Businesses”, will take place on July 2, 2025, at 16:00, in the lecture hall of the CCCI on the first floor.

The presentation is aimed at businesses interested in gaining a better understanding of how to utilise Compatible State Aid schemes.

The Cabinet on Wednesday approved a new €2.5 million scheme to promote the adoption of electric vehicles in Cyprus, according to Transport Minister Alexis Vafeades.

He said the plan aims to strengthen the market for electric and hybrid vehicles through government funding, adding that electric mobility is a key priority for Cyprus and essential to meeting its environmental targets. 

The scheme will offer grants for both new and used vehicles, in an effort to make clean transport more accessible.

Cyprus marked the Day of the Seafarer on June 25 with a message of gratitude and solidarity to maritime workers around the world, underlining their critical role in global trade and economic stability.

In a video message, Deputy Minister of Shipping Marina Hadjimanolis extended greetings from Cyprus to seafarers across the globe, noting that the occasion is a moment to recognise “your dedication, your commitment, your tireless efforts, and your love for the sea.”

She said that the international community owes much to those who serve at sea, highlighting their contribution not only to maritime trade but also to the world economy and society at large.

Cyprus’ upcoming assumption of the EU council presidency was brought into focus by Deputy Tourism Minister Kostas Koumis during a ministerial meeting held under the Polish presidency in Warsaw.

During the meeting, European officials discussed ways to enhance the competitiveness, sustainability and digital readiness of the bloc’s tourism sector.

As noted in an official statement, Koumis presented Cyprus’ national tourism strategy, which aims to strengthen rural areas, promote authenticity, and accelerate the country’s green and digital transition, all within the broader context of sustainable regional development.

Cypriot beverage company KEO plc on Wednesday announced that its board of directors has approved the payment of an interim dividend amounting to €1,687,276.92.

This figure, which was decided during a board meeting on June 24, corresponds to €0.04 for each fully paid ordinary share.

According to the announcement, the dividend will be distributed to shareholders who are registered in the records of the Cyprus Stock Exchange (CSE) as of July 4, 2025, which has been designated as the record date.

Demetra Holdings Plc reported a profit of €132.5 million for 2024 during its annual general meeting on June 24, with acting chairman Nearchos Ioannou addressing shareholders.

Opening the meeting, Ioannou thanked shareholders for their “continued support”, stressing that the occasion was particularly significant given Demetra’s position as the largest listed investment company on the regulated market of the Cyprus Stock Exchange.

He said this achievement was the result of “consistent strategic focus and disciplined execution”.

As the maritime world marked the Day of the Seafarer on June 25, Columbia Group chose to shine a light on one of the industry’s most pressing issues, harassment at sea, through a special episode of its Columbia Group Unplugged podcast.

Bringing together Simona Toma, captain Leonid Zalenski and Anca Preda, the conversation addressed the real-world challenges of ensuring that every vessel becomes a respectful, inclusive and safe workplace.

All three speakers drew on decades of experience both at sea and ashore, offering a frank assessment of what’s working, and what still needs attention.