Cyprus’ construction sector posted modest growth at the start of 2026, while construction costs continued to rise at a faster pace, according to figures released by the Statistical Service of Cyprus (Cystat).

Production Growth Remains Tepid

The Index of Production in Construction, based on 2021 as the reference year, reached 120.74 points in the first quarter of 2026, up 0.7% compared with the same period a year earlier.

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The data indicate that construction activity continued to expand during the quarter, albeit at a moderate pace.

Output Prices Continue To Advance

Price pressures remained stronger than output growth. The Output Prices Index in Construction rose to 129.46 points in the first quarter, increasing 3.0% from the previous quarter and 4.7% year on year.

The figures suggest that construction costs continued to rise despite relatively modest gains in overall production.

Activity And Costs Continue To Diverge

Taken together, the latest Cystat data point to a sector where prices are increasing more quickly than construction activity. While output continued to grow in early 2026, the pace remained considerably slower than the rise in construction prices.

Cyprus’ Chief Scientist, Demetris Skourides, has been ranked among the world’s leading LinkedIn creators in GovTech and the public sector, a recognition he says reflects Cyprus’ growing presence in global conversations on research, innovation and digital transformation.

A Ranking That Points Beyond Personal Reach

According to a post on his LinkedIn account, Skourides ranked 25th globally among the Top 200 LinkedIn creators in GovTech and the public sector. He also placed first in Cyprus in the category and seventh overall on LinkedIn in the country.

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The ranking, which included a Favikon score of 87.3, measures professional influence and visibility on the platform.

Cyprus As The Larger Story

Skourides described the recognition as part of a broader effort to raise Cyprus’ international profile rather than a personal achievement.

“Cyprus is small. Its ambition is not,” he wrote, adding that the recognition belongs to everyone helping position the country as a hub for research, innovation and digital transformation.

His comments reflect Cyprus’ broader strategy to strengthen its reputation as a regional centre for technology, entrepreneurship and digital government.

A National Strategy Built Around Innovation

Appointed Chief Scientist for Research, Innovation and Technology in September 2023 by President Nikos Christodoulides, Skourides is responsible for supporting policies that strengthen research, innovation, technological development and entrepreneurship. He also chairs the board of the Research and Innovation Foundation (RIF).

The government’s Research and Innovation Strategy 2024–2026 places innovation at the centre of economic competitiveness and public-sector modernisation.

Recent indicators suggest progress. According to the Research and Innovation Foundation, Cyprus climbed to 34th place in the StartupBlink Global Startup Ecosystem Index 2026, rising six positions year on year. The country’s startup ecosystem grew by 62.7% and was valued at $4.2 billion, while Limassol entered the global top 200 startup cities ranking for the first time, placing 191st.

Progress Remains Uneven

Despite those gains, challenges remain. The European Commission’s 2026 Digital Decade Country Report found that AI adoption among Cypriot businesses is still relatively low, although it noted that initiatives such as the National AI Strategy and the Pharos-CY AI Factory Antenna could accelerate adoption.

Communication As A Leadership Tool

Skourides argued that visibility is increasingly tied to credibility, partnerships and investment, particularly in fields such as artificial intelligence and GovTech.

“Technology is not the destination,” he wrote. “People are.”

He added that innovation only creates value when it improves people’s lives and that digital transformation succeeds only when citizens experience tangible benefits. In his view, communication has become an essential part of public leadership because people are more willing to embrace change when they understand it.

A Wider Cyprus Story

Skourides dedicated the recognition to Cyprus’ wider innovation ecosystem, thanking researchers, entrepreneurs, educators, public servants, businesses and policymakers for helping strengthen the country’s international profile.

“The future will not wait,” he said. “Neither,” Skourides added, “should Cyprus.”

Gas And Renewables Continue To Expand

Europe’s energy transition continued to gather pace in 2025, with natural gas and renewable energy both recording growth while coal and petroleum products extended their long-term decline, according to preliminary Eurostat figures.

Natural gas supply rose 2.3% from 2024 to around 13.1 million terajoules, marking a second consecutive year of growth after a sharp contraction in 2023. Renewable energy supply also increased, climbing 1.4% to 11.5 million terajoules despite a significant drop in hydropower generation. Nuclear energy remained broadly stable, with supply edging up 0.2% to 650,648 gigawatt-hours.

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Coal And Oil Continue Their Long Decline

Coal continued to lose ground across the EU, falling to its lowest level since records began in 1990. Brown coal supply declined 7.7% to 184,741 thousand tonnes, while hard coal fell 3.2% to 107,072 thousand tonnes. Petroleum products also remained on a downward path, with supply decreasing 2.8% year on year to 448,656 thousand tonnes, reinforcing the bloc’s gradual shift away from carbon-intensive fuels.

Renewables Remain The Leading Electricity Source

Renewables continued to dominate electricity generation, accounting for 47.2% of total EU output in 2025, although their share slipped by 0.5 percentage points from the previous year. Fossil fuels represented 29.6% of electricity generation after increasing by 3.2%, while nuclear energy accounted for the remaining 23.2%.

Within the renewable mix, wind remained the largest source, contributing 37.5% of renewable electricity, followed by solar at 27.5% and hydropower at 25.9%. Solar posted the fastest growth, with output surging 24.6%, highlighting its expanding role in Europe’s clean energy transition. Hydropower, meanwhile, fell 11.8%, reflecting the impact of weaker rainfall and lower reservoir levels.

Wide National Gaps Remain Across The Bloc

Significant differences persist among member states. Denmark generated 92.4% of its electricity from renewable sources in 2025, ahead of Austria (83.1%) and Portugal (82.9%).

Cyprus remained among the bloc’s weakest performers, with renewables accounting for 19.2% of electricity generation, well below the EU average of 47.3%. Malta (16.2%), the Czech Republic (16.6%) and Slovakia (17.8%) also ranked near the bottom.

The figures highlight the uneven pace of Europe’s energy transition, with progress continuing across the bloc but varying widely depending on national energy policies, grid capacity and available natural resources.

Homeownership has long been one of the foundations of financial security and social stability in Cyprus. For many households, buying a home is more than a financial transaction; it is a long-term investment and an important milestone.

Rising living costs, fluctuating interest rates and more complex lending procedures have made the journey to homeownership increasingly challenging. In response, Bank of Cyprus is expanding its digital mortgage services to make the application process faster, more transparent and easier to navigate.

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A Digital Approach To A Traditional Goal

The bank’s Your Home Hub platform brings together mortgage information, repayment calculators and digital services in one place, helping prospective buyers estimate monthly payments, compare financing options and better understand each stage of the process.

Customers can also submit Digital Housing Loan applications through Internet Banking or the Mobile App for First Home, Green Home and Holiday Home mortgages. In many cases, applications receive a response within 24 hours.

Digital tools are complemented by personalised support, with customers able to book appointments with specialised mortgage advisers whenever additional guidance is needed.

What Your Home Hub Provides

Designed as a practical planning tool, Your Home Hub offers:

• Loan repayment calculators
• Information on purchase-related costs
• Guidance on required documentation
• Updates throughout the application process
• Information on mortgages, insurance and related services
• Direct access to the Digital Housing Loan application

The platform aims to help buyers make more informed financial decisions before taking on a mortgage, supporting both responsible borrowing and long-term financial stability.

Choosing The Right Mortgage

Selecting a mortgage is one of the most important financial decisions a buyer will make. Rather than focusing solely on interest rates, borrowers should choose a loan that best matches their financial circumstances and long-term plans.

Bank of Cyprus offers financing for first homes, holiday homes, land purchases, renovations and investment properties, including Green Home mortgages with more favourable terms for energy-efficient properties.

Start With A Clear Assessment

Before applying, prospective buyers should assess three key factors:

• Net monthly household income
• Available down payment
• Ability to comfortably manage a long-term financial commitment

Establishing a realistic budget remains the most effective way to avoid financial pressure later.

Understand The Main Mortgage Types

Borrowers can generally choose between fixed and variable interest rates.

A fixed-rate mortgage provides stable monthly repayments over an agreed period or for the life of the loan, making budgeting easier. A variable-rate mortgage moves with market conditions, offering the potential for lower repayments but also exposing borrowers to future rate increases.

What Should Shape The Decision

When comparing mortgage options, buyers should consider:

• Whether monthly repayments leave enough room for everyday expenses, savings and unexpected costs.
• The repayment period, as longer terms reduce monthly instalments but increase the total interest paid.
• Their ability to absorb potential interest-rate increases when choosing a variable-rate mortgage.
• Additional benefits, including preferential Green Home rates and discounts available through the bank’s pronomia Loyalty Scheme, subject to terms and conditions.

Compare Beyond The Interest Rate

Interest rates are only one part of the equation. Buyers should also compare the annual percentage rate (APR), loan term, fees, repayment flexibility and additional benefits, such as loyalty discounts or reward programmes.

Before making a decision, it is worth considering plans, including family needs, career changes and long-term financial goals. Speaking with a specialised adviser can also help identify the most suitable financing option.

Loan Solutions At A Glance

Bank of Cyprus offers mortgage solutions tailored to different homeownership needs:

First Home Mortgage

• Up to 80% financing
• Repayment period of up to 35 years
• Fixed and variable interest-rate options
• No arrangement or documentation fees

Green Mortgage

• Up to 80% financing for a first home and up to 70% for a holiday home
• Repayment period of up to 35 years
• Variable-rate discount of up to 0.20%
• No arrangement or documentation fees
• Designed for energy-efficient properties

Holiday Home Mortgage

• Up to 70% financing
• Repayment period of up to 35 years
• Flexible interest-rate and repayment options

Renovation And Energy Upgrade Loans

Available for renovations and energy-efficiency improvements, including insulation, photovoltaic systems, heating and cooling upgrades.

• Up to 80% financing for a first home and up to 70% for a holiday home
• Repayment period of up to 35 years
• Flexible interest-rate and repayment options

Investment Mortgage

• Up to 60% financing
• Maximum repayment period of 20 years
• Repayment structure based on expected rental income

Financing Beyond The Mortgage

Moving into a new home often brings additional costs, from furniture and appliances to everyday household expenses.

To help cover these needs, Bank of Cyprus offers QuickLoans from €500 to €15,000 with no arrangement or documentation fees. Applications can be completed online without guarantees, while digital signatures further simplify the process where applicable.

Customers planning to purchase a vehicle can also apply digitally for QuickCar Loans ranging from €2,500 to €50,000 for new or green cars, subject to eligibility criteria and applicable terms.

Why Home Insurance Matters

Financing is only one part of homeownership. Protecting the property is equally important, helping households prepare for unexpected events that could affect both the home and family finances.

Genikes Insurance offers a range of home insurance plans, from basic cover for fire, lightning and explosion to more comprehensive protection that includes earthquakes, storms, floods, water damage, malicious acts and third-party liability.

Additional benefits may include replacement-value compensation, temporary accommodation, loss-of-rent cover and 24-hour emergency assistance.

A Partner For The Full Homeownership Journey

Buying a home is a long-term financial commitment that requires careful planning as well as access to the right financing and protection.

Through its Book an Appointment service, Bank of Cyprus connects customers with specialised advisers who can help identify the most suitable combination of mortgage and insurance solutions. Together with Your Home Hub, the service is designed to make every stage of the home-buying process more transparent and easier to manage.

Cyprus is exploring a new way to diversify its tourism offering, with factories, dairies, wineries and even quarries potentially becoming visitor attractions under plans being developed by the Nicosia Tourism Board.

Turning Production Into An Experience

The initiative aims to transform working production facilities into tourism destinations, allowing visitors to see how local products are made while discovering Cyprus’ industrial heritage. Industrial tourism is already well established in several European countries, where both active factories and historic production sites attract thousands of visitors each year.

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“It is important that we begin building authentic experiences linked to the history of the country,” Sotiris Christoforou, an officer at the Nicosia Tourism Board. He added that the initiative could also help introduce younger generations to different industries and career opportunities.

A Tourism Model Built Around Local Strengths

Although Cyprus lacks large-scale heavy industry, officials believe several sectors are well suited to this type of tourism, particularly food production. Ideas under consideration include guided visits to halloumi producers, wineries, dairies, food manufacturers and ice cream factories.

Christoforou noted that Cyprus’ three major ice cream producers: Papafilippou, Heracles and Regis, have been operating since the 1950s and could offer visitors a unique perspective on the island’s industrial and cultural development.

Potential routes could also include mines, quarries and the Troodos UNESCO Global Geopark, which received UNESCO Global Geopark status in 2015.

Balancing Tourism And Industry

Opening production facilities to visitors will require careful planning. Organisers are examining issues such as health and safety, visitor management and the certification of specialised guides to ensure tourism activities do not interfere with day-to-day operations.

For participating businesses, the initiative could provide more than an additional revenue stream by strengthening brand visibility and creating closer connections with consumers.

Part Of A Wider European Project

The proposal forms part of the four-year IndusTour project, funded through the Interreg Europe programme and co-financed by the European Union.

As part of the initiative, Nicosia recently hosted the Industrial Tourism Conference: Enhancing Visitor Experiences and Promoting Local Businesses, bringing together tourism experts, researchers and public authorities from Cyprus, France, the Czech Republic, Poland, Serbia and Denmark.

According to Christoforou, the current phase focuses on analysing successful industrial tourism models across Europe to identify practices that could be adapted locally. If implemented, the initiative could broaden Cyprus’ tourism offering while giving local manufacturers a new platform to showcase their products and heritage.

Nearly 1 million people have collectively lost $3.8 billion after buying President Donald Trump’s $TRUMP memecoin, according to new analysis from cryptocurrency analytics firm Nansen.

Per The New York Times, Nansen’s review of publicly visible blockchain transactions found that 988,905 accounts were in the red as of the end of June. That means roughly two-thirds of all $TRUMP buyers have lost money on the token, underscoring just how steep the decline has been for one of the most politically charged crypto assets on the market.

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A Token That Has Collapsed From Its Peak

On Sunday, $TRUMP was trading at $1.69, according to CoinMarketCap, down nearly 98% from its high of $75.35. For investors who entered near the top, the reversal has been brutal.

Trump launched the memecoin three days before his inauguration in 2025, adding a new layer to his already deepening involvement in digital assets. He had previously co-founded the crypto startup World Liberty Financial with his sons, and its WLFI token has also fallen sharply in value.

Trump’s Crypto Windfall Contrasts With Investor Losses

Despite heavy losses among retail investors, the token has generated substantial income for Trump. In his latest financial disclosure, the president reported earning $636 million from the $TRUMP memecoin, according to The New York Times. That accounted for nearly half of the $1.4 billion in cryptocurrency-related income he disclosed over the past year.

The figures have also drawn renewed attention to the administration’s approach to digital assets. The Securities and Exchange Commission has said memecoins do not fall under securities regulations and has withdrawn several enforcement actions against cryptocurrency companies, including a case involving Gemini, TechCrunch reported.

A White House spokesperson defended the administration’s policy, telling The New York Times that “President Trump proudly made the United States the crypto capital of the world.”

Robotex Cyprus 2026 attracted thousands of visitors to the University of Cyprus Sports Centre on June 27 and 28, reinforcing its position as the island’s largest robotics and STEAM event.

A National Platform For Innovation

The ninth Robotex Cyprus Educational and Sports Robotics Competition brought together around 700 participants, including school pupils, university students and adults, who competed in more than 20 robotics challenges designed to test engineering, programming, problem-solving and teamwork skills.

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The event also highlighted the government’s focus on digital innovation. Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou addressed participants through a message delivered by the ministry’s Director of Cybersecurity, Marios Tziapouras. Research and Innovation Foundation Vice-President Andreas Efstathiou also attended, reflecting the organisation’s role as Diamond Sponsor and its support for developing Cyprus’ innovation ecosystem.

Opening remarks were delivered by Chrysis Georgiou, Chairman of the University of Cyprus Department of Computer Science, and Fotini Georgiou, a member of the Robotex Cyprus Scientific Committee and board member of IET Cyprus, representing the event’s co-organisers.

Cyprus Strengthens Its International Role

Robotex International CEO Nathan Metsala attended the festival, highlighting Cyprus’ long-standing role in the competition’s global network. Cyprus was the first country to establish Robotex as a national competition, while Metsala announced that the 2026 Robotex International finals will be hosted in South Korea—the first time the event will take place outside Estonia.

Winning teams from Cyprus have now qualified for the international finals, continuing the country’s strong record in recent editions of the competition.

Robotics Meets Real-World Challenges

This year’s primary school teams developed projects under the theme “Sustainable Development, Green Island,” with many incorporating artificial intelligence to tackle environmental challenges.

Across the two-day event, competitors took part in disciplines including Line Following, Folkrace, Maze Solving, Bowling, Archery, SUMO robot battles, Rally and robotic shot put, alongside two drone competitions focused on autonomous flight and programming.

The annual Girls Firefighting competition also returned, supporting greater participation of girls in STEAM education.

Technology Beyond The Competition

Alongside the contests, visitors explored a wide range of interactive exhibits and hands-on activities. STEAM Cyprus showcased Drone Soccer, while the Planetarium team introduced new demonstrations focused on space, astronomy and AI applications.

The programme also featured the popular Human versus Robot chess challenge, organised with the KAISSA Chess Club, where SenseRobot competed against visitors of different ages and skill levels.

Throughout the weekend, participants experienced virtual reality, 3D printing and robotics demonstrations, while Robo.com.cy presented two Cyprus-developed products, Kypruino and RoboRover Core, and operated the technical support centre for competing teams.

A Growing Ecosystem

Robotex Cyprus was organised by the Cyprus Computer Society in cooperation with the University of Cyprus, the Cyprus Youth Organisation and IET Cyprus, under the auspices of the Deputy Ministry of Research, Innovation and Digital Policy.

Support came from a broad network of public and private organisations, including the Research and Innovation Foundation, the Bank of Cyprus, XM, Neapolis University, Novatex Solutions, ZEBRA Consultants, NETinfo and ICDL. Organisers also confirmed that secondary school students will continue to have access to scholarship opportunities through partnerships with several universities.

With growing international recognition, strong participation and an expanding focus on artificial intelligence and real-world problem solving, Robotex Cyprus continues to evolve beyond a robotics competition into one of the country’s leading platforms for nurturing future engineers, innovators and technology leaders. The next milestone for this year’s winners will be the Robotex Cyprus Awards Ceremony in October.

Cyprus recorded a wider current account deficit in the first quarter of 2026, even as the European Union as a whole posted a stronger external balance, according to figures released by Eurostat on Friday.

Cyprus Deficit Reaches €1.3 Billion

Eurostat said Cyprus registered a current account deficit of €1.3 billion in the first quarter of 2026, compared with €0.8 billion in the fourth quarter of 2025 and €1.0 billion in the same period a year earlier.

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The latest figures continue a volatile trend over the past year. After narrowing to €0.4 billion in the second quarter of 2025 and just €0.1 billion in the third quarter, the deficit widened again during the final quarter of the year before increasing further at the start of 2026.

EU External Surplus Strengthens

Across the EU, the seasonally adjusted current account surplus increased to €113.4 billion, equivalent to 2.4% of GDP, from €99.2 billion, or 2.1% of GDP, in the previous quarter. That also marked an improvement from the €104.9 billion surplus, or 2.3% of GDP, recorded in the first quarter of 2025.

According to Eurostat, stronger balances in services and primary income more than offset a weaker surplus in trade in goods.

Mixed Signals Across Key Accounts

Goods surplus declined to €66.7 billion from €89.0 billion in the fourth quarter of 2025, while the services surplus rose to €52.1 billion from €43.9 billion.

Primary income recorded the sharpest improvement, shifting from a €4.3 billion deficit in the previous quarter to a €25.3 billion surplus in the first quarter of 2026.

Not all components were strengthened. The secondary income deficit widened to €30.7 billion from €29.4 billion, while the capital account deficit increased to €3.8 billion from €3.2 billion.

Largest Surpluses And Deficits With Trading Partners

The EU recorded its largest current account surpluses with the United Kingdom (€72.8 billion) and Switzerland (€38.7 billion) during the first quarter. Additional surpluses were generated with Brazil (€11.1 billion), Canada (€10.1 billion), Hong Kong (€6.9 billion), Russia (€3.5 billion), and Japan (€3.2 billion).

China remained the bloc’s largest source of deficit at €66.3 billion, followed by the United States (€15.8 billion), offshore financial centres (€1.5 billion) and India (€1.1 billion).

Investment Flows Remain Active

Investment activity also remained robust during the quarter. Direct investment assets increased by €27.1 billion, while liabilities rose by €30.4 billion, resulting in net direct investment inflows of €3.3 billion.

Portfolio investment generated net inflows of €128.8 billion, whereas other investment recorded net outflows of €123.1 billion.

Member State Performance Varies Widely

Based on available non-seasonally adjusted data, 16 EU member states recorded current account surpluses in the first quarter of 2026, while 10 posted deficits. Figures for France were unavailable.

Germany recorded the largest surplus at €61.8 billion, followed by the Netherlands (€26.3 billion), Ireland (€17.4 billion), Denmark (€9.2 billion), Spain (€8.9 billion), Sweden (€8.8 billion) and Austria (€7.3 billion).

Among countries with current account deficits, Greece posted the largest shortfall at €6.6 billion, ahead of Romania (€5.3 billion), Croatia (€3.4 billion), Bulgaria (€2.4 billion) and Cyprus (€1.3 billion).

Some destinations are remembered for where they are. Others for how they make us feel.

Life by the Mediterranean has a quality of its own. Defined by light, open horizons and a slower pace, it encourages a way of living where time is measured less by the clock and more by the moments that matter. It is this philosophy that inspired :eden coast.

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With the unveiling of :eden coast, bbf: introduces an exceptional collection of beachfront villas in Geroskipou, Paphos, where architecture is conceived as a natural extension of its surroundings. Every residence has been designed to honour the coastline, allowing the sea, the light and the changing seasons to become the defining elements of everyday life.

At :eden coast, luxury reveals itself with quiet confidence so nothing feels excessive. It is expressed in generous space, carefully composed proportions, enduring materials and an effortless relationship between interior and exterior. Expansive glazing welcomes the Mediterranean sky indoors, while private gardens, terraces and pools encourage a life lived as much outside as within.

Few locations offer such a natural balance between tranquillity and connectivity. Set along a quieter stretch of Paphos’ coastline, :eden coast enjoys the rare privilege of beachfront living away from the crowds, where the landscape remains unspoilt and the rhythm of the Mediterranean shapes every day. Yet the cultural richness of Paphos, its vibrant dining scene, international airport and every modern convenience are all within easy reach, allowing residents to retreat into complete serenity without ever feeling removed from the world around them.

Beyond the residences, a carefully curated collection of wellness and leisure experiences extends this philosophy. Landscaped gardens, elegant swimming pools, spaces dedicated to movement and wellbeing, and thoughtfully designed communal areas encourage a slower, richer way of living. They are not amenities in the conventional sense; they are an expression of a lifestyle shaped by balance, privacy and quiet sophistication.

“Our ambition was never simply to create beautiful residences. It was to create a place where architecture, landscape and everyday life exist in complete harmony—a place that feels as though it has always belonged to the coastline,”

says Artem Burtsev at bbf:.

In a world that rarely slows down, :eden coast offers something increasingly rare: the freedom to live at a different pace. Here, mornings begin with the sea, nature sets the rhythm of the day, and the energy of Paphos is always within easy reach. It is a place where tranquillity and connectivity exist in perfect balance, allowing residents to experience the Mediterranean not as a destination, but as a way of life.

For more information:
edencoast.cy
+357 26 962 365

Cyprus and Sweden have signed a protocol revising their bilateral double taxation agreement, a move designed to bring the treaty into line with OECD tax standards and deepen cooperation on transparency and information exchange.

The protocol was signed on behalf of the Republic of Cyprus by Finance Minister Makis Keravnos, while Swedish Ambassador Martin Hagstrom signed for Sweden, according to a statement from the finance ministry.

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A Modernised Treaty Framework

The ministry said the protocol updates the original 1988 Convention for the Avoidance of Double Taxation with respect to taxes on income. The revised text incorporates the minimum standards of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, adds provisions relating to bilateral tax treaties and introduces mutually agreed language governing the exchange of tax information.

According to the ministry, Sweden encountered constitutional obstacles that complicated the implementation of the Multilateral Instrument (MLI), the OECD-led mechanism designed to quickly and automatically embed BEPS measures into existing tax treaties. As a result, Cyprus and Sweden opted to conclude a separate protocol to secure the relevant amendments.

Why The Agreement Matters

Once both countries complete their domestic ratification procedures, the protocol will enter into force. For Cyprus, the deal is part of a broader effort to expand and update its tax treaty network, a policy the government says supports inward investment and reinforces the country’s standing as an international business hub.

“The updating, maintenance and expansion of the existing network of double taxation avoidance agreements, which are of the highest economic and political importance, aims to further strengthen and attract foreign investment and promote Cyprus as an international business centre,” the finance ministry said.

The ministry added that such agreements also help to “advance tax transparency, fairness and compliance in line with international standards.”

Part Of A Wider Treaty Expansion Strategy

The Cyprus-Sweden protocol follows a series of recent treaty-signing efforts as Nicosia accelerates its international tax diplomacy. In June 2026, Cyprus signed a double taxation agreement with the Hong Kong Special Administrative Region of the People’s Republic of China, creating a framework for tax cooperation, tax information exchange and the prevention of tax evasion and avoidance. The ministry said at the time that the agreement would support investment and trade between the two jurisdictions.

“The agreement creates a modern and reliable framework for tax cooperation that is expected to facilitate business activity and strengthen investment flows as well as trade transactions,” the ministry said then.

Earlier in 2025, Cyprus also concluded similar agreements with Vietnam and Curacao, underscoring a deliberate strategy to broaden its treaty network, reduce tax uncertainty for cross-border investors and strengthen its position as an international centre for business and capital flows.