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AmCham Cyprus Calls For Deeper U.S. Ties With Five-Point Agenda

by THEFUTURE.TEAM

October 8, 2026

Chamber Urges Action On Visa-Free Travel, Tax, Social Security And Direct Air Links

The American Chamber of Commerce in Cyprus is calling on policymakers in Nicosia and Washington to deepen economic and strategic cooperation, proposing a five-point agenda focused on trade, investment, mobility and connectivity.

In a policy paper titled “Strengthening Cyprus-United States Bilateral Relations,” AmCham Cyprus says bilateral ties have entered a period of “accelerated strategic cooperation” driven by shared interests in security, energy, technology, economic development and regional stability. The chamber argues that this momentum should now translate into practical measures that make Cyprus more attractive to U.S. businesses and investment.

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Visa-Free Travel For Cypriot Citizens

AmCham Cyprus’ first priority is Cyprus’ entry into the U.S. Visa Waiver Programme, which would allow Cypriot citizens to travel to the US without visas for short stays.

The chamber points to Cyprus’ 2.16% visa-refusal rate, below the programme’s 3% threshold, as well as upgraded biometric passports, stronger digital data-sharing capabilities and new security legislation. Beyond tourism and travel, AmCham says visa-free access would reduce barriers for business executives, academics and other professionals while making Cyprus more attractive as a regional base for U.S. companies.

A Modernised Tax Treaty

The second proposal calls for an updated Cyprus-U.S. double taxation treaty. Signed in 1984 and entering into force in 1986, the current agreement predates major changes in digital commerce, cross-border services and international tax rules.

AmCham says a modern treaty would provide greater tax certainty, reduce administrative barriers and strengthen Cyprus’ position as a regional headquarters and services hub. Shipping, energy, ICT, financial services and fintech could particularly benefit from clearer rules on withholding taxes, dispute resolution and digital business activity.

Social Security Agreement

A Cyprus-U.S. social security, or totalisation, agreement is another priority. Such agreements prevent workers from paying contributions in both countries while helping preserve pension rights when employees move between jurisdictions.

AmCham argues that a deal would reduce costs for businesses and employees, improve labour mobility and make it easier for U.S. companies to deploy staff to Cyprus. The benefits could be particularly relevant to globally mobile workers in sectors including energy, technology, defence and finance.

Direct Flights Between Cyprus And The U.S.

The chamber is also pushing for direct commercial air links between Cyprus and the United States. Discussions have already taken place with a U.S. carrier, but AmCham says passenger demand remains below the roughly 500 travelers per day generally needed to support a long-haul route.

Despite the challenge, direct connectivity could significantly improve business and tourism links, reduce travel times and strengthen Larnaca and Paphos as gateways to the Eastern Mediterranean.

U.S. Preclearance At Cypriot Airports

The fifth proposal is a feasibility assessment for a U.S. Customs and Border Protection preclearance facility at Larnaca or Paphos. Under such an arrangement, passengers would complete U.S. immigration and customs procedures before departure and arrive in America as domestic passengers.

AmCham notes that preclearance facilities already operate at 15 international locations under bilateral agreements. A facility in Cyprus could make its airports more attractive to airlines, support new long-haul routes and reduce pressure on U.S. ports of entry.

A Broader Economic And Strategic Partnership

Together, the five proposals are intended to strengthen Cyprus’ role as a business and strategic hub in the Eastern Mediterranean while deepening its relationship with the United States.

AmCham Cyprus says progress on visa access, taxation, social security, air connectivity and preclearance would improve mobility, support investment and strengthen security cooperation. The chamber also said it is ready to work with the Cypriot government and U.S. counterparts to advance the agenda.

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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.