Overview
Republic of Cyprus
Travel and tourism-related activities generate approximately 20 percent of ROC GDP. Tourist arrivals and tourism-related revenue are gradually returning to pre-COVID-19 numbers. Projects involving U.S. hotel brands not currently in the Cyprus market are expected to proceed as planned, some through U.S. investment funds. The most recent U.S. addition to the hospitality sector was Ramada by Wyndham. Tourism infrastructure is being upgraded and the Deputy Ministry of Tourism is re-evaluating the country’s tourism strategy to pursue new markets. An integrated resort casino - Europe’s largest – opened its doors in July 2023. A $1.2 billion Larnaca marina and port redevelopment is currently under construction. Although primarily a “sun and sea” destination, Cypriot government and tourism industry officials seek to diversify investment into new sectors such as medical, sports, or wellness tourism. Cyprus offers many advantages in this area, including a strategic location, expanding air connectivity, mild Mediterranean climate, existing high-standard hospitals, clinics with internationally educated doctors, and near-universal use of the English language.
Leading Sub-Sectors and Opportunities
Construction of Greenfield Tourism Projects:
In addition to acquiring existing tourism infrastructure, investors should consider prospects in constructing large, greenfield tourism projects in the following sub-sectors: seafront tourist developments, theme parks, retirement and rehabilitation centers, athletic tourism, medical and wellness tourism, agrotourism, cultural and religious tourism, wedding destination tourism, conventions, and golf courses combined with residential developments. Non-EU entities interested in constructing large greenfield development projects in Cyprus must be properly licensed in their country of origin.