Parliament Endorses Cyprus Academy Budget, Setting Stage For Strategic Growth

Balanced Budget Backing A Government Initiative

The Parliamentary Plenary approved a balanced budget of €570,000 for the Cyprus Academy of Sciences, Letters and Arts for the fiscal year ending December 31, 2026. The budget will be fully financed through a government grant, which remains the academy’s only source of revenue.

Focused Allocation For Administration And Development

The approved framework allocates €566,500 to administrative expenses and €3,500 to development activities. The slight increase compared to the previous year reflects the addition of three administrative positions. Academy President Achilleus Aimiliandis said the higher level of state funding allows the institution to strengthen staffing capacity and improve day-to-day operations while supporting its longer-term objectives.

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Inter-Ministerial Review And Required Amendments

The budget was submitted by the Ministry of Education, Sports and Youth to the Ministry of Finance in September 2025 for review. Following an assessment by the Public Administration and Personnel Department, several amendments were requested before the proposal proceeded to the Council of Ministers, reflecting standard oversight procedures applied to public-sector budgeting.

Building Renovation Plans Deferred

The approved budget does not include funding for the renovation of the property granted to the academy by the Holy Metropolis of Cyprus and Tillyria. A previous feasibility study estimated renovation costs at around €1.3 million plus VAT, with completion expected to take approximately two years. The project remains outside the scope of the current fiscal plan.

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Cyprus Strengthens Its Case As A European Chess Hub After FIDE President’s Visit

by THEFUTURE.TEAM

October 20, 2026

Cyprus is sharpening its position on the European chess map, with the island’s rising profile now drawing attention at the highest levels of the sport.

Fide Leadership Backs Cyprus’ Chess Ambitions

International Chess Federation (FIDE) president Timur Turlov, who also leads Freedom Holding Corp and Freedom24, met President Nikos Christodoulides at the Presidential Palace in Nicosia on Monday to discuss the future of chess development in Cyprus. The talks centered on the island’s growing importance in European chess and the momentum built since Freedom became general partner of the Cyprus Chess Federation in 2023.

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“In three years, Cyprus has become one of Europe’s chess hubs, and we want to keep building on that,” Turlov said. “It was important for us to present our plans for chess on the island to the President, and we are grateful for his time and attention to the game.”

A Broader Strategy For Growth

Turlov was elected FIDE president on September 26 at the federation’s congress in Samarkand. His 2027–2030 programme calls for roughly €30 million in funding over four years to support global chess development, including an annual development fund of €6.2 million, nearly four times the current budget.

The proposed funding is designed to expand competition opportunities, strengthen youth development, improve chess education, support coaches and arbiters, accelerate digital tools, and promote women’s chess.

Cyprus Has Become A Proven Host For Major Events

Since Freedom became the federation’s general partner in 2023, Cyprus has hosted 26 tournaments, including stages of the FIDE Women’s World Grand Prix in Nicosia in 2023 and 2025. The island also welcomed the 2026 Candidates Tournament, which featured a €1 million prize fund and brought top international players to Cap St Georges Hotel and Resort.

For Cyprus, that event carried symbolic weight. It was the first time in the country’s chess history that the world’s leading contenders had competed on the island, underscoring its emergence as a credible destination for elite international chess.

Building A Pipeline For The Next Generation

The local ecosystem is also expanding at the grassroots level. The Freedom24 Chess Academy opened in Limassol on March 1, 2025, under the leadership of International Master Artem Sadovsky. Its mission is to develop competitive players capable of representing Cyprus on the international stage.

According to the Cyprus Chess Federation, around 2,000 people in Cyprus now play chess actively, most of them children. That matters: a sustainable chess economy, like any successful sports ecosystem, depends not only on marquee tournaments but also on a steady pipeline of young talent, coaching infrastructure and institutional support.

As Cyprus continues to invest in the game, it is increasingly positioning itself not just as a host nation, but as a serious contributor to the future of European chess.

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