European Commission Calls for Harmonisation of Credit Purchasers Directive

The European Commission has issued a call to Cyprus and 11 other EU member states to fully transpose the Directive on credit servicers and credit purchasers into national law. This directive aims to standardise operations for credit purchasers and servicers across the EU, ensuring borrower rights are protected. Cyprus, along with Belgium, Bulgaria, Spain, Italy, Lithuania, Hungary, the Netherlands, Austria, Poland, Portugal, and Finland, must address this compliance issue within two months or face potential referral to the Court of Justice of the European Union.

Background and Significance

The Directive 2021/2167 is pivotal in facilitating a cohesive operational environment for credit purchasers and servicers throughout the EU. It mandates these entities to act with fairness and professionalism, ensuring that borrowers are not subjected to harassment or undue influence. The harmonisation of these rules is essential for maintaining a stable financial environment and safeguarding consumer rights.

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Infringement Procedures and Compliance

The European Commission’s infringement procedures include sending letters of formal notice to member states that fail to comply with EU legislation. This recent notice to Cyprus and the other 11 states is part of a broader package addressing various compliance issues across the EU. Should the states fail to meet the requirements within the specified timeframe, the Commission may escalate the matter, potentially leading to judicial proceedings and fines.

Broader Implications

This call for harmonisation extends beyond credit purchasers. The Commission has also addressed non-compliance in areas such as the Bank Recovery and Resolution Directive and waste collection and recycling targets, highlighting ongoing challenges in achieving uniform regulatory standards across the EU. For Cyprus, aligning with these directives is crucial not only for legal compliance but also for maintaining investor confidence and fostering a stable economic environment.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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