The Government is planning a business mission to the United States, in which the President himself will take part, at the end of November, aiming to attract American investments to Cyprus, as increased interest from American companies is being recorded, President Nikos Christodoulides announced on Monday.
In his address at the annual General Assembly of the Association of Large Developments in Nicosia, the President said that the mission will take place in cooperation with the US Government, in order to present the opportunities and prospects that Cyprus offers.
“We are seeing particular, increased investment interest from American companies,” he said, adding that the visit is part of the Government’s efforts to attract high-quality and productive investments. As he noted, business missions to various countries have already taken place.
Construction of 460 homes on state land
President Christodoulides also referred to the Government’s housing policy, announcing that, in cooperation with the private construction sector, the construction of 460 homes on state land is being promoted, with an investment exceeding €70 million.
As he said, the Government is investing a total of more than €300 million in housing policy, recognising that access to decent and affordable housing is a social priority and a fundamental prerequisite for supporting young people and families.
He added that addressing the housing issue requires increasing the supply of residential units, utilising state land and close cooperation between the public and private sectors. In the same context, he said that the Government is using the building coefficient as a state asset and granting urban planning incentives to increase the number of available homes and ease the problem.
The President called on the construction and investment sectors to contribute to this effort, noting that “the expertise, investment capacity and experience of the businesses in your sector can contribute decisively” to increasing the supply of homes and creating sustainable solutions.
Referring to the country’s economic performance, he said that the positive results and growth prospects confirm the resilience and dynamism of the Cypriot economy, despite the environment of international uncertainty and serious challenges.
The Government’s aim, he said, is to preserve and further strengthen this dynamism through responsible economic policy, prudent fiscal management and continuous reforms.
“For us, and we prove this through actions, growth is not assessed only through economic indicators, but also through the opportunities it creates, the quality jobs it offers and, of course, its contribution to improving citizens’ everyday lives,” he said.
President Christodoulides placed particular emphasis on improving the business environment and removing distortions that delay the implementation of investments and affect the country’s competitiveness.
In this context, he referred to the simplification, digitalisation and acceleration of licensing procedures, as well as the operation of the Business Service Centre for the support of strategic developments, to reduce bureaucracy and serve businesses more effectively.
At the same time, he noted that the tax reform, which came into force on 1 January 2026, aims, among other things, to strengthen the competitiveness of Cypriot businesses and create more favourable conditions for productive investments and growth.
“Our clear goal and pursuit is to create an environment in which businesses can plan with certainty, invest with confidence and grow with prospects,” he said. He added that what is needed is to attract investments that create well-paid jobs and enhance the added value of the Cypriot economy.
He also stressed the importance of dialogue with the Association of Large Developments, noting that the experience and knowledge of market needs can contribute to shaping more effective policies and addressing long-standing distortions.
He further noted that the State and the business community have distinct but complementary roles, highlighting the need for a joint effort towards a more productive, competitive and resilient economy.
“We continue to work for a stable, competitive and transparent institutional framework that encourages healthy entrepreneurship and the attraction of productive and high-quality investments,” he said, while also calling on businesses to seize opportunities with responsibility, long-term planning and respect for society and the environment.
Cyprus Chamber of Commerce and Industry (CCCI): A stable and predictable investment environment is a prerequisite for implementing large developments
The President of CCCI, Stavros Stavrou, stressed the importance of maintaining a stable, transparent and predictable investment environment, as well as the need to accelerate the implementation of strategic projects, in his address at the annual General Assembly.
Stavrou said that large developments are an integral part of Cyprus’ economic progress, as they include residential, tourism, commercial and mixed-use projects, contributing to the upgrading of infrastructure, the attraction of investments and the creation of thousands of jobs. At the same time, as he noted, they strengthen the competitiveness of the economy, create new business opportunities and enhance Cyprus’ international image as an investment and business destination.
He pointed out that, despite international uncertainty and ongoing challenges, Cyprus continues to attract the interest of investors seeking stability, reliability and growth prospects. To maintain this dynamism, he said, continuous effort, adaptability and cooperation among all stakeholders are required. He added that CCCI remains a firm supporter of initiatives to improve the business environment and attract high-quality investments, promoting evidence-based proposals to strengthen growth and productivity.
Association of Large Investment Projects: Only one application approved as a strategic development project
The need to revise the framework for strategic development projects was underlined by the President of the Association of Large Developments, Andreas Demetriades, noting that, to date, only one application has been announced as approved for a development to be designated as such a project.
Demetriades said that, although the relevant law was passed in 2023 and the fast-track licensing procedure was implemented at the end of 2024, its use remains limited. As he said, the requirement to secure at least 50% financing at an early stage, before all essential permits have been obtained, as well as the limited flexibility regarding investors’ entry and exit and the required documentation, act as deterrents. He called for substantive consultation with investors and productive stakeholders in order to remove the practical obstacles.
The Association’s President also called for an assessment of the impact of the tax reform on entrepreneurship, investments and the real estate sector after the first period of its implementation, with targeted corrections where necessary. At the same time, he set as priorities addressing the shortage of affordable housing, through incentives to increase the residential stock, as well as reducing energy costs and strengthening energy security.
Referring to tourism, he called for the category of integrated tourist villages to be established as strategic development projects, while he underlined the need to resolve outstanding issues that have been delaying the promotion of large developments for years, including golf courses. He said that Cyprus should also leverage the international visibility it gained through the Presidency of the Council of the EU, turning it into concrete economic and investment opportunities by promoting its position as a safe European business base in the Eastern Mediterranean.
Demetriades said that the Association’s 16 members manage developments with a total value of more than €8 billion, including marinas, casinos, golf courses, universities, medical centres, tourist resorts and technology and research parks. As he noted, the business community is not asking for preferential treatment, but for clear rules, speed in decision-making, stability and predictability, so that investment intentions can be turned into real projects.
At the Assembly, honorary distinctions were awarded to two individuals for their long-standing contribution to the Association. Specifically, Theodoros Aristodemou, a member of the Association’s Board of Directors, was honoured for his contribution, as was Yiannos Papadopoulos, the Association’s Urban Planning Consultant, for his long-standing support.
