Cyprus Business Insights: Paphos Tourism, Building Permits, Financial Developments, and PwC’s Role
The President of the hoteliers association (Pasyxe), Thanos Michaelides, highlighted the untapped potential of Paphos to attract higher-income tourists and boost overall visitor numbers. Speaking to the Cyprus News Company (CNA), Michaelides emphasized the importance of targeted promotional campaigns and diversification of tourism source markets to reduce reliance on specific regions.
Finance Minister Makis Keravnos commended the establishment of a national sanctions implementation unit, reinforcing Cyprus’ commitment to global standards. The ministry’s collaboration with international entities underscores the country’s dedication to combatting illicit financial activities.
Recent data from the Cyprus Statistical Service (Cystat) revealed a decrease in building permits issued in March 2025 compared to the previous year, indicating a shift in construction trends. PwC Cyprus’s sponsorship of the Invest Cyprus International Investment Awards highlights the country’s attractiveness to foreign investors and its diverse economic landscape.
On the regulatory front, the Cyprus Securities and Exchange Commission (CySEC) issued updates to cryptoasset providers in line with the European Banking Authority’s guidance on electronic money tokens (EMTs). This regulatory clarity aims to enhance compliance and consumer protection within the digital asset space.
Cyprus’ active engagement in online cultural activities and news consumption underscores its digital connectivity within the EU. However, the country’s interest rates for deposits and real estate loans slightly lag behind the eurozone averages, reflecting the evolving financial landscape.
As Cyprus navigates economic shifts and regulatory advancements, stakeholders across various sectors must adapt to capitalize on emerging opportunities and sustain growth amidst global challenges.
