Here are the top business stories in Cyprus from the week starting November 3:
This has resulted in the creation of Cyprus’ third-largest bank, with total assets exceeding €6.6 billion.
The transaction was carried out through Alpha Bank Cyprus Ltd and other Alpha Bank Group entities, following the receipt of all required regulatory approvals.
The transfer was executed in accordance with the Cyprus Transfer of Banking Business and Securities Law, and as of October 31, 2025, Alpha Bank Cyprus has assumed the assets and liabilities transferred under the agreement, completing a deal first signed on June 24, 2025.
At the same time, Director General Stelios Chimonas told MPs that the Cyprus registry has grown by around 20 per cent since September 2023, while the number of companies under the Tonnage Tax System rose by 4.5 per cent.
The 4 per cent rise in revenues compared with the 2025 budget, he said, reflects the effectiveness of strategies implemented to strengthen Cypriot shipping.
According to the Annual Action Plan for 2026, the Deputy Ministry employs 155 people, including 94 women and 61 men, operates three administrative directorates, six overseas shipping offices, and 29 departments and services.
Its mission is the sustainable development of Cyprus as a maritime state, reinforcing both the economy and the Republic’s international standing.
The change, which occurred on October 30, 2025, triggered a mandatory notification to both the issuer and the Central Bank of Ireland.
The notification was submitted using the Standard Form TR-1 for major holdings and was received by the issuer on October 31, 2025.
The filing cited the acquisition or disposal of voting rights as the reason for the disclosure.
According to Eurostat, the share of working individuals at risk of poverty was notably lower for women at 7.3 per cent, compared to 9.0 per cent for men.
In Cyprus, the rate stood at 7.3 per cent overall, slightly below the EU average.
However, the gender distribution in Cyprus diverged from the European pattern, with the rate higher among women (8.5 per cent) than among men (6.3 per cent).
This places Cyprus among the few EU countries where working women face a greater risk of poverty than their male counterparts, alongside Czechia, Latvia, and Luxembourg.
According to an announcement following a board meeting, the total amount of the dividend is set at €2,109,096.
This corresponds to €0.05 (5 cents) per each fully paid ordinary share.
The dividend will be paid to the shareholders of the company that will be registered in the CSE records by November 11, 2025, which is the record date.
Speaking during the inauguration of new student residences in Nicosia, a project completed with EU financing under the Recovery and Resilience Plan (RRP), Keravnos said the plan will bring around €1.2 billion to Cyprus by 2026.
It is being implemented through 135 measures, reforms and investments, divided into five policy axes, and involves more than 70 public and broader public sector bodies, aiming to meet 271 milestones and objectives.
According to the minister, Cyprus has already received €568m for the first five grant tranches and pre-financing, corresponding to 53 per cent of the total €1bn in grants available to the island.
The summit, co-organised by CIFA and Invest Cyprus, brought together a global audience of fund managers, institutional investors, policymakers, and service providers to examine the future of the alternative investment landscape.
According to the association, the event, which was held on Monday, provided a strategic platform for dialogue on growth of drivers, regulatory trends, innovation, and cross-border cooperation.
Speaking at the 21st Annual Economist Conference, Patsalides acknowledged that the Cypriot economy remains remarkably resilient.
However, he underlined that the Eurozone as a whole is growing at a rate of around one per cent, which he described as “low”.
“It is obvious that the Eurozone and the European Union in general must redefine themselves and become more competitive,” Patsalides said.
He added that numerous studies, including the Draghi report and others, have put forward proposals on how to achieve this.
Based on the Harmonised Index of Consumer Prices (HICP) data for October 2025, the annual inflation rate for Cyprus was significantly lower than the euro area average, standing at 0.3 per cent.
This figure for Cyprus marks an increase from the 0.0 per cent annual inflation recorded in both August and September 2025.
The monthly rate of inflation for Cyprus in October 2025 was 0.2 per cent.
The overall tax-to-GDP ratio, which is the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), stood at 40.4 per cent in the EU in 2024, representing an increase from 39.9 per cent in 2023.
In the euro area, the tax-to-GDP ratio also increased from 40.5 per cent in 2023 to 40.9 per cent in 2024.
In absolute terms, revenue from taxes and social contributions increased by €387 billion in the EU compared with 2023, to stand at €7.28 trillion in 2024.
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.
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.
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.
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.
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 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.
CBC governor Christodoulos Patsalides said that “the adoption of the digital euro is becoming imperative as digital payments are increasing rapidly and the world is becoming more and more digital”.
He mentioned that negotiations for the proposed legislation are underway in the European Council and European Parliament.
The process is expected to be completed within 2026, with the contribution of the Cypriot Presidency of the Council during the first half of that year.
Patsalides first referenced the European Central Bank (ECB) Governing Council’s decision last week to proceed to the second and final part of the digital euro project’s preparation phase.
This decision follows the successful completion of the first part, which began in November 2023 and laid the foundation for a possible issuance of the euro area’s common currency in digital form.
The summit, which took place with the support of Eurobank, explored global trends in alternative investments and opportunities for cross-border cooperation shaping the new era of international funds.
Representing Eurobank, Panayiotis Chrysostomou, Manager of Banking Services and Representative Offices, International Business Banking, took part in the panel “India & Cyprus – Building Bridges in Alternative Investments”, which formed part of the broader Strategic Dialogue: The India Dimension.
The discussion highlighted Cyprus’ emerging role as a strategic gateway for Indian fund managers seeking entry into the European market, while also examining cross-border fund structuring, tax efficiency, institutional capital flows, and innovation in financial services.
The event, now in its 45th year, drew more than 40,000 tourism professionals from over 180 countries, confirming the British capital’s central role as a global hub for the travel industry.
Koumis said that the messages received were overwhelmingly positive, explaining that the island’s record-breaking summer performance is set to continue into 2026.
“The messages, I would say, are only positive as the high number of visitors brought record performances that will certainly continue into 2026,” he said.
“What is now more important for us is to increase visitor numbers during the winter period. I believe that during the summer we have reached our peak,” he added.
Total expenditure on social protection benefits in the EU reached €4.92 trillion according to early estimates for 2024 released on Friday by Eurostat. This marks a 6.9 per cent increase compared with the previous year of 2023.
Data showed that social protection benefits expenditure represented 27.3 per cent of the EU’s Gross Domestic Product. Eurostat also reported that this percentage indicates a 0.6 percentage points increase compared with 2023.
The situation in Cyprus shows its expenditure on social benefits was considerably below the EU average, reaching 19.13 per cent of GDP in 2024. This figure for Cyprus is an increase of 0.34 percentage points from the 2023 level of 18.79 per cent of GDP.
In terms of absolute value, Cyprus’ social benefits expenditure for 2024 stood at €6.65 billion. This is a decrease of approximately 3.44 per cent from the 2023 expenditure of €6.89 billion.
The event, which will take place at Nuevo Campo in Latsia, will begin at 8:30am and is designed to raise awareness among primary school pupils about the importance of saving and financial responsibility.
According to the CBC, the programme will include four thematic workshops aimed at sixth-grade pupils from schools across all districts.
These workshops will be led by secondary school teachers and trainers from Junior Achievement Cyprus, an organisation with extensive experience in delivering financial education and entrepreneurship programmes to young people.
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