Cyprus Showcased As The Prime Investment Hub At The London Conference

by THEFUTURE.TEAM

November 12, 2024

Cyprus’s investment potential and strong economic ties with the UK were highlighted at the 8th annual business conference organized by the GB-CY Business Association in London. Key speakers from government and investment bodies supported the event, underscoring Cyprus’s appeal as a destination for investment.

Costas Hatzipanayiotou, Permanent Secretary of the Work and Social Insurance Ministry, represented the Cypriot government, emphasizing Cyprus’s “transformative journey” towards creating a thriving and resilient economy. This journey focuses on enhancing business-friendly policies, fostering financial stability, and advancing the country’s green transition to boost competitiveness.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Lia Riris, Deputy Director General of Invest Cyprus, highlighted the nation’s economic growth, projecting a 3% increase in GDP for this year and next. She also pointed out that Cyprus ranks 37th in the Global Innovation Index out of 133 countries, signalling its commitment to innovation.

Dr Kyriacos Kouros, the High Commissioner of Cyprus to the UK, noted that Cyprus has emerged as a stable and strategically important player for Europe amid global uncertainty. He praised the long-standing commercial ties with the UK as a pillar of bilateral cooperation.

Conference organizer Savvas Kyriakides commended the Cypriot government’s commitment to strengthening these investment ties further, reflecting Cyprus’s growing role as a strategic and resilient investment destination in the region.

The Future Forbes Realty Global Properties

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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.

Breaking news