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Foreign-Controlled Firms In Cyprus Punch Above Their Weight With More Than 40,000 Jobs

by THEFUTURE.TEAM

October 8, 2026

Foreign-controlled enterprises may represent only a modest slice of Cyprus’ business landscape, but their economic footprint is anything but small. In 2024, these firms accounted for 10% of employment in the country and generated €4.76 billion in value added, according to Eurostat.

A Small Group With Outsized Economic Impact

Eurostat’s data show that 681 foreign-controlled enterprises were operating in Cyprus across industry, construction and market services last year, employing 40,187 people. Together, they produced €4.76 billion in value added, underscoring the importance of internationally owned businesses to the Cypriot economy.

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That contribution is notable precisely because of the limited number of companies involved. In structural terms, foreign-controlled firms remain a small part of the market. In economic terms, they are major employers and significant value creators.

How Cyprus Compares Across The European Union

Across the European Union, 364,308 foreign-controlled enterprises employed 25.64 million people in 2024 and generated €2.68 trillion in value added. Although they made up just 1% of all market producer enterprises, they accounted for 16% of employment and 24% of total value added.

Most of these firms were controlled by institutional units from other EU countries, which made up 59% of the total. The remaining 41% were controlled from outside the bloc.

Cyprus sits near the middle of the pack on employment share. Foreign-controlled enterprises accounted for 10% of jobs in the country, the same as Italy and above Greece, where the figure stood at 8%.

Where Foreign Ownership Matters Most

Luxembourg recorded the highest share of foreign-controlled enterprises among EU member states, with such companies making up 28% of all enterprises. Estonia followed at 12%. In every other member state, the share was 5% or less, ranging from 0.3% in Poland and Italy to 5% in Croatia.

The contribution of foreign-controlled businesses to national output also varied sharply across the bloc. Ireland led with foreign-controlled enterprises responsible for 72% of value added, followed by Luxembourg at 62% and Slovakia at 50%.

At the lower end, foreign-controlled enterprises accounted for 15% of value added in France and 18% in both Italy and Germany.

Cyprus Versus Greece

Cyprus’ 681 foreign-controlled enterprises generated €4.76 billion in value added, according to Eurostat’s table covering industry, construction and market services. By comparison, Greece had 4,548 foreign-controlled enterprises employing 281,558 people and generating €22.31 billion in value added.

The contrast illustrates a broader pattern across Europe: foreign-controlled firms often represent a small share of the total business population, yet their role in jobs, investment and economic output is disproportionate to their numbers.

The Broader Policy Lesson

For policymakers, the data reinforce a familiar but important point. Economies that attract and retain foreign-controlled firms gain more than corporate presence alone; they secure employment, capital deployment and productivity gains that can ripple through the wider business ecosystem.

In Cyprus, that dynamic is especially clear. Fewer than 700 foreign-controlled enterprises employ more than 40,000 people and contribute billions to the economy, showing how global capital can shape a small open economy far beyond its numerical footprint.

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Wizz Air Named Second-Best Airline In Central Europe By Skytrax

by THEFUTURE.TEAM

October 8, 2026

Wizz Air has been named the second-best airline in Central Europe at the 2026 Skytrax World Airline Awards, as the low-cost carrier continues to expand its network and invest in the passenger experience.

Often referred to as the “Oscars of the aviation industry,” the Skytrax awards are based on an independent global passenger satisfaction survey. Airlines do not pay to enter, with the rankings intended to reflect travellers’ experiences directly.

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A Growing Network And A Focus On Customers

Wizz Air said the award reflects the work of more than 10,000 employees across its pilot, cabin crew, operational and office teams, representing more than 100 nationalities.

Chief Commercial Officer Ian Malin credited employees and passengers for the recognition, saying customer feedback continues to shape the airline’s efforts to improve its service while keeping air travel affordable.

Today, Wizz Air operates more than 1,000 routes across almost 50 countries with a fleet of 273 aircraft. In 2025, it carried 68.6 million passengers and operated nearly 335,000 scheduled flights.

€14 Billion Plan Targets The Passenger Experience

The Skytrax recognition comes as Wizz Air rolls out its €14 billion Customer First Compass programme, a three-year transformation plan covering product, pricing, service and communication.

The initiative aims to improve operational reliability, expand digital and self-service tools, introduce new products and strengthen support throughout the customer journey.

After the first year, Wizz Air reported a 99.5% average flight completion rate, while expanding its fleet and launching more than 345 new routes. New services include WIZZ Class, WIZZ Link and Disruption Assistance, alongside improvements to the MyJourney feature in the airline’s mobile app.

Cyprus Becomes Part Of The Expansion Strategy

Wizz Air’s growth is also visible in Cyprus, where the airline continues to expand its network from Larnaca and strengthen connections with major European destinations.

The carrier now serves almost 40 destinations from Larnaca and has increased frequencies to Barcelona, Thessaloniki and Yerevan. Its Athens service has also returned with two daily flights.

A new Larnaca-Madrid route launched three times a week on September 24, further strengthening connections between Cyprus and Spain. Wizz Air also added 57,500 seats from Larnaca for August and September in response to passenger demand.

Investing In The Next Generation Of Pilots

Wizz Air is also expanding its presence in Cyprus through its Pilot Academy. A recent open day in Nicosia attracted dozens of prospective candidates, with successful applicants expected to begin training in October.

For the airline, developing its workforce is part of the broader growth strategy, alongside network expansion and investment in customer service.

The Skytrax result adds another measure of recognition to that strategy, highlighting passenger satisfaction as Wizz Air continues to grow its network while competing on some of Europe’s lowest fares.