Cyprus Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in cyprus, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Travel and Tourism
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Overview

Republic of Cyprus

Travel and tourism-related activities generate approximately 20 percent of ROC GDP. Cyprus tourism broke previous records in 2024, with tourist arrivals surpassing 4 million for the first time, increasing revenue to €3.2 billion, up 7.3 percent compared with 2023.  2025 tourist arrivals and revenue are expected to outdo 2024 totals.

The United Kingdom remained the top source of tourists, followed by Israel, Poland, and Germany. The ROC’s two main airports, Larnaca and Paphos, are currently implementing expansion projects to accommodate the increasing number of tourist arrivals. 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. A new luxury hotel, to be operated by Marriott Bonvoy, is almost complete in Nicosia and is expected to open in January 2026.  

To make Cyprus a year-round destination, tourism infrastructure is being upgraded, with increased development of new hotels and residential complexes especially in the currently underdeveloped mountain areas, creating business opportunities for U.S. companies. In the city of Larnaca, potential tenders for a marina and a port redevelopment could offer an opportunity to U.S. companies to compete. Marinas and golf course resorts are developing throughout the ROC. Although primarily a “sun and sea” destination, Cypriot government and tourism industry officials seek to diversify investment into new sectors including 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 the near-universal use of the English language.

Leading Sub-Sectors and Opportunities

Construction of Greenfield Tourism Projects:

In addition to acquiring existing tourism infrastructure, investment opportunities exist 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.

Resources

Republic of Cyprus Statistical Service data on tourism
Association of Large Investment Projects

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