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Cyprus is preparing to send a business delegation to the United States later this month in an effort to attract fresh American investment, with President Nikos Christodoulides expected to take part in the visit.
Announcing the plans on Monday, November 2, Christodoulides said the mission would be organised in cooperation with the US Government, following increased interest from American companies in investment opportunities in Cyprus.
Speaking at the annual general assembly of the Association of Large Investment Projects in Nicosia, the President said the visit would give American businesses an opportunity to learn more about the island's investment potential. He added that attracting productive, high-quality investment remains a government priority, with similar business missions already organised in other countries.
The announcement came as the President outlined the Government's efforts to encourage investment, improve the business environment and address the country's housing shortage.
Government commits more than €300m to housing
Christodoulides announced that plans are under way to construct 460 homes on state-owned land, in cooperation with private construction companies. The project is expected to involve investment exceeding €70 million.
The development forms part of a government housing programme worth more than €300 million, which the President described as a priority for supporting young people and families.
He said increasing the supply of residential properties, making better use of public land and encouraging cooperation between the public and private sectors would be essential to improving access to affordable housing.
The Government is also offering planning incentives and using building density rights as a state asset to encourage the construction of additional homes.
Christodoulides called on property developers and investors to contribute their expertise and financial resources to the effort, arguing that private-sector involvement would be important in delivering sustainable housing solutions.
Licensing reform and tax changes target investors
The President also outlined measures intended to make Cyprus more attractive to businesses and international investors.
These include simplifying and digitising licensing procedures, speeding up approvals and expanding the role of the Business Facilitation Centre, which assists companies involved in strategic developments.
The tax reform that came into force on January 1, 2026, was also presented as part of the Government's strategy to improve business competitiveness and encourage productive investment.
Christodoulides said the Government wanted companies to operate in a stable and transparent environment, with clear rules that allow them to plan investments with confidence.
He added that economic growth should be measured not only through financial indicators but also through the quality of jobs created and improvements to people's everyday lives.
Developers call for changes to strategic project rules
The Association of Large Investment Projects used the assembly to call for changes to the approval framework for major developments, arguing that the current system is preventing projects from progressing.
Association president Andreas Demetriades said only one application had been approved for strategic development status, despite the relevant legislation being passed in 2023 and the fast-track licensing system becoming operational in late 2024.
He identified several obstacles, including the requirement for developers to secure financing covering at least 50% of a project at an early stage, before obtaining all essential permits.
Restrictions affecting changes in investors and the documentation required under the system were also described as factors discouraging participation.
Demetriades called for consultations with investors and industry representatives to identify practical changes that would make the approval process more effective.
He also urged the Government to review how the 2026 tax reform is affecting businesses, investment and the property market, introducing adjustments where necessary.
Other priorities raised by the Association included incentives to increase the supply of affordable housing, measures to reduce energy costs and improvements to the country's energy security.
On tourism, Demetriades called for integrated tourist villages to be recognised as strategic development projects. He also urged authorities to resolve long-standing planning issues affecting major investments, including golf course developments.
€8bn portfolio across major developments
The Association's 16 members are involved in projects with a combined value exceeding €8 billion, covering marinas, casinos, golf courses, universities, medical centres, tourism complexes and technology and research parks.
Demetriades said investors were not seeking preferential treatment, but needed predictable regulations, faster decisions and a stable operating environment to turn investment proposals into completed developments.
He also argued that Cyprus should use the international visibility gained through its Presidency of the Council of the European Union to attract concrete investment opportunities, promoting the island as a secure European business base in the Eastern Mediterranean.
Cyprus Chamber of Commerce and Industry president Stavros Stavrou also stressed the importance of maintaining a reliable investment environment.
He said major residential, commercial and tourism developments contribute to infrastructure improvements, employment and the country's international competitiveness. However, sustaining investor interest requires cooperation between public authorities and businesses, alongside continued improvements to the regulatory framework.
The assembly concluded with honorary awards presented to Theodoros Aristodemou, a member of the Association's board of directors, and Giannos Papadopoulos, its planning consultant, in recognition of their longstanding contributions.
