Cyprus Positioned As A Top-Tier Investment Spot, Says CEO Of Invest Cyprus

by THEFUTURE.TEAM

January 14, 2025

According to Marios Tannousis, CEO of Invest Cyprus, Cyprus continues to solidify its position as a premier destination for global investment. Invest Cyprus plays a pivotal role in guiding businesses through every stage of their investment journey.

In a recent press release, Invest Cyprus detailed Tannousis’ participation in a high-level dialogue with ministers from Greece, Egypt, and Cyprus last week at the Trilateral Summit in Cairo. The discussions centered on fostering bilateral and trilateral cooperation, unlocking funding opportunities, and strengthening economic ties between the three nations.

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Speaking on the topic, “Business Opportunities and Activities in Egypt, Cyprus, and Greece,” Tannousis spotlighted Cyprus as a standout investment destination within the EU. He highlighted its economic stability, bolstered by EU membership, and reiterated Invest Cyprus’ commitment to facilitating seamless support for investors aiming to tap into the island’s potential.

Joining Tannousis in presenting the investment landscapes of their respective countries were Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), and Marinos Giannopoulos, CEO of Enterprise Greece. Together, they outlined opportunities and actionable insights for businesses eyeing expansion in the region.

Tannousis underlined the significance of regional partnerships, stating, “By forging strategic alliances between Cyprus, Greece, and Egypt, we are building a collaborative platform that fosters sustainable growth and mutual prosperity, providing businesses with a foundation to succeed and expand in this dynamic region.”

The Trilateral Summit underscored the critical role of regional collaboration in addressing shared challenges and driving economic development. As reaffirmed in the press release, Invest Cyprus remains a cornerstone in the effort to attract international investment, ensuring Cyprus stays at the forefront of economic opportunity in the Eastern Mediterranean.

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EU Adopts New Package Travel Rules With 14-Day Refund Requirement

by THEFUTURE.TEAM

April 3, 2026

The Council of the European Union adopted updated rules on package travel, introducing stricter requirements for refunds, transparency and consumer protection across member states. Updated provisions revise the existing directive and define obligations for travel providers offering bundled services such as flights, accommodation and transfers.

Clarifying The Package Travel Directive

The updated directive clarifies the definition of package travel and excludes certain linked travel arrangements from its scope. Coverage applies to services sold as a single product, including combinations of transport, accommodation and additional services. This revision standardizes how travel products are classified and clarifies rights and obligations for both providers and consumers at the point of purchase.

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Enhancing Transparency And Consumer Rights

New rules require providers to disclose key information before and during travel, including payment terms, visa requirements, accessibility conditions and cancellation policies. These disclosures aim to reduce disputes and improve consumer awareness. Defined refund timelines include a 14-day period for cancellations due to extraordinary circumstances and up to six months in cases of organiser insolvency. The measures address gaps identified in earlier versions of the directive.

Ensuring Accountability And Trust In Travel Services

Organisers must implement complaint-handling systems and provide clear information on insolvency protection under the updated framework. These provisions aim to improve accountability across the travel sector. Previous disruptions, including the collapse of Thomas Cook and travel restrictions during COVID-19, exposed weaknesses in refund processes and consumer protection. Updated rules respond to those issues.

Implications For Cyprus And The Broader Industry

Tourism accounts for approximately 14% of Cyprus’s GDP, with package travel playing a central role in visitor flows. Major operators such as TUI and Jet2 provide structured travel offerings that support demand. Such operators contribute to revenue stability and help extend the tourism season by securing transport and accommodation in advance. Greater regulatory clarity may support continued sector growth.

A Model For Future Consumer Protection

Clearer rules on vouchers, refunds and insolvency protection now apply across the European Union. These measures aim to reduce consumer risk in cross-border travel. Implementation across member states will determine the impact on both consumers and travel providers. The framework may influence future regulatory approaches in the sector.

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