The Digital Cooperation Organisation (DCO) this week launched the Digital Economy Navigator 2025 (DEN 2025) during the Second World Summit for Social Development in Doha, highlighting Cyprus’ strong performance in digital governance, broadband expansion, and workplace digitalisation.

The report reinforces Cyprus’ position as one of the region’s leading digital economies, noting its commitment to secure infrastructure, innovation, and digital inclusion.

Covering 80 countries that together represent 94 per cent of global GDP and 85 per cent of the world’s population, the DEN 2025 provides a comprehensive, data-driven overview of global digital economy maturity.

The findings are based on 145 indicators and feedback from more than 41,000 respondents, offering insights for policymakers, investors, and businesses on how nations are building digital infrastructure, innovation capacity, and policy frameworks for sustainable growth.

While many European countries are still figuring out how to teach young people to think like innovators rather than employees, Cyprus already has entrepreneurship written into its national youth strategy, and soon, into a new one that will take it to 2030.

A new report by the Eurydice network, published by the European Education and Culture Executive Agency, shows just how far Europe has come, and how uneven that progress still is.  

Covering 36 education systems, including the 27 EU Member States and countries such as Iceland, Norway, Switzerland, Serbia, Turkey and Montenegro, the 2025 report explores how schools are equipping students with the mindset to turn ideas into action.

Across Europe, the focus on entrepreneurship has changed dramatically. Once associated mainly with business start-ups, it’s now one of the eight key competences for lifelong learning defined at EU level,  a combination of creativity, initiative and adaptability seen as essential for the green and digital transitions. 

The Famagusta local district administration (EOA Famagusta) announced this week that the examination of planning and building applications increased by 144 per cent in September, compared to the corresponding period last year.

In a written statement, Yiannis Karousos, EOA Famagusta president, said that “the continuous improvement in the efficiency of the organisation regarding the examination of planning and building applications is reflected in the data of recent months.”

He stated that 193 applications were completed in September, compared to 79 during the corresponding period last year, marking a 144 per cent increase.

Karousos added that 206 applications were completed in October, which is about 20 per cent more than in October 2024.

Karousos pointed out that “EOA Famagusta has achieved substantial progress and is clearly in a better position than last year, however, it has work ahead of it until it reaches the desired result”.

Cyprus’ Tax Department is unable to appeal decisions of the Tax Tribunal before the courts, effectively tying its hands in cases where the state could potentially lose millions of euros in unpaid taxes.

According to a report by Philenews, a recent decision by the Tax Tribunal highlights the issue vividly.

In April 2024, the Tax Commissioner imposed taxes amounting to approximately €3 million on a specific taxpayer, including income tax, VAT, interest, and surcharges.

The commissioner had ruled that a transaction involving the sale of a 20 per cent shareholding by a particular company was fictitious, in violation of the Assessment and Collection Law.

Anyone who benefited from the previous 5 per cent VAT scheme for the purchase or construction of a main residence in Cyprus will remain covered only until June 2026, when the transitional provisions of the 2023 legislation come to an end.

Under those temporary arrangements, buyers or developers who had applied for a planning permit between June 1 and October 31, 2023, could still secure the reduced rate, regardless of when construction would be completed.

For three years, from June 16, 2023 to June 15, 2026, the old and new frameworks have effectively coexisted.

The 2016 law, widely seen as too lenient, had allowed 5 per cent VAT on the first 200 square metres of a home, irrespective of its overall size or value.

Revolut has chosen Cyprus as the official centre of its European operations in digital assets, after securing a Markets in Crypto-Assets (MiCA) licence from the Cyprus Securities and Exchange Commission (CySEC) through Revolut Digital Assets Europe Ltd.

The new authorization emphasises the start of a fresh chapter for both Revolut and Cyprus, as MiCA introduces a new European framework setting strict rules on transparency, risk management and consumer protection for companies active in the cryptocurrency sector.

According to the announcement, Revolut’s decision represents a clear message of confidence in Cyprus’ regulatory and technological infrastructure, thereby strengthening the island’s position as an emerging hub for fintech and crypto businesses, creating a positive precedent for attracting investment, talent and innovation.

Moreover, operating under Cypriot supervision ensures stronger protection for European users, greater transparency in transactions, and direct access to a European market that actively supports the digital economy.

The Central Bank of Cyprus (CBC) has reported only a marginal increase in the number of Automatic Teller Machines (ATMs) across the island, underscoring the steady shift towards digital payments despite political pressure for better access to cash in rural areas.

According to the CBC’s latest analysis of payment trends and infrastructure, there were 398 ATMs operating in Cyprus by December 2024, compared with 397 in June 2024, 398 in December 2023, 401 in mid-2023, 392 at the end of 2022, and 416 in June 2022.

The figures show that while the network has remained broadly stable, the total number of machines has actually declined over the two-year period.

The findings come amid ongoing concern in Parliament about limited ATM access in remote communities, particularly for elderly residents who rely on cash.

The Cyprus Stock Exchange (CSE) has announced that it will proceed with the delisting of European Medium-Term Notes (EMTN) due to the securities having matured and been repaid.

According to the announcement, this is due to an official request from the Finance Ministry.

The specific securities affected are the European Medium-Term Notes with an expiry date of 2025, carrying an interest rate of 4.25 per cent and identified by the code EMTN1125.

The delisting of the notes will take place on November 7, 2025.

Prior to the delisting, the notes will be placed under a suspension of trading starting from November 4, 2025, and continuing until November 6, 2025 (inclusive).

Cyprus is stepping up preparations ahead of taking over the Presidency of the Council of the European Union in the first half of 2026, with ministries and public services working at full speed to ensure everything is ready on time.

With thousands of delegates expected to arrive for high-level meetings and conferences, the Deputy Ministry of Tourism has announced its fifth public tender, this time to secure hotel rooms in the Limassol district. 

This latest competition follows earlier calls through the government’s Electronic Procurement System for accommodation in Nicosia, Larnaca and Paphos, forming part of a broader effort to guarantee adequate capacity and quality standards across all host cities.  

According to the tender documents, the chosen contractor will be responsible for providing conference facilities, rooms, catering and related services for the events to be held under the Cyprus EU Presidency. 

Deputy Minister of Tourism, Costas Koumis feels optimistic for the next tourist season following a series of meetings he held with tour operators and airlines at the World Travel Market (WTM) in London.

He noted that “the main goal for us now is to increase visitors during the winter season, something we are working very hard to achieve.”

Held at the Excel Centre, the WTM is one of the largest global tourism events, featuring more than 5,000 exhibitors from 180 countries and drawing around 45,000 industry professionals.

Cyprus once again maintained a strong presence, promoting the island as a year-round destination.

According to his statements, Koumis said that “all his meetings were completed with complete satisfaction, noting that the messages for the next season were extremely optimistic.”

The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus–China Business Association are organising a high-level China-Cyprus business engagement later this month, according to an announcement from the chamber released this week.

The event, featuring business-to-business (B2B) meetings and networking, will be held on November 20 at the Hilton Nicosia in cooperation with the Embassy of the People’s Republic of China in Cyprus.

The day is set to begin with speeches & remarks from 16:30 to 17:30, followed by the main B2B meetings from 18:00 to 20:00.

“The incoming Chinese delegation will include representatives from government-affiliated institutions, business chambers, state-linked organisations, leading universities, and private enterprises from multiple provinces,” the chamber stated.

The number of registered unemployed reached 7,099 persons on the last day of October, according to figures released on Wednesday by the Cyprus Statistical Service (Cystat).

This represents a decrease of 682 persons, corresponding to a drop of 8.8 per cent, when compared to the same month of the previous year.

Based on the seasonally adjusted data which reflect the trend of unemployment, the number of registered unemployed for October 2025 decreased to 9,476 persons, compared to 9,671 in the previous month.

The Cyprus Composite Leading Economic Index (CCLEI), compiled by the Economics Research Centre (CypERC) of the University of Cyprus, recorded a year-on-year increase of 2.0 per cent in October 2025, according to the centre’s latest report.

The increase mirrors the 2 per cent rise recorded in September and follows a 2.1 per cent increase in August, based on revised figures.

According to the CypERC, the stability of the index’s growth rate in October reflects a balance between positive and negative trends among the economic indicators that comprise it.

The report noted that the strengthening of the Economic Sentiment Indicator (ESI) in both Cyprus and the euro area, alongside continued growth in tourist arrivals, retail trade activity, and property sales contracts, supported the overall rise in the index.

Lidl Cyprus on Wednesday announced upcoming management changes set to take effect in early 2026, marking a new chapter in the company’s leadership.

According to the company’s official statement, Martin Brandenburger, Chief Executive Officer and Chairman of Lidl Hellas and Lidl Cyprus, will step down from his position at the end of February 2026, following four successful years at the helm.

Beginning March 1, 2026, Brandenburger will assume the role of Chief Executive Officer of Lidl Italy and Lidl Malta, continuing his career within the Lidl Group.

Miltos Forozidis, currently serving as Chief Operations Officer of Lidl Hellas and Lidl Cyprus, will temporarily take over as Chief Executive Officer from March 1, 2026.