Dorita Yiannakou
Greek business activity in Cyprus has been steadily strengthening in recent years, with a noticeable rise in investments and the relocation of skilled professionals to the island, a trend that reflects renewed confidence in the Cypriot economy.
The active presence of Greek entrepreneurs in Cyprus is not new. However, following the financial crisis period of 2013–2015, which led to a more cautious and inward-looking business climate, Greek companies began to return more dynamically to the market, leaving a significant footprint across multiple sectors of the economy.
Today, that presence is growing again. Investment flows are increasing, companies are expanding operations, and more executives are moving to Cyprus to work in banking, retail, technology, and other sectors.
But despite this growing footprint, one element was missing: a structured voice representing Greek professionals on the island.
That gap is now being filled by the newly established Association of Greek Professionals in Cyprus (SELEK), which operates under the umbrella of the Cyprus Chamber of Commerce and Industry.
The association aims to promote, represent, and connect Greek professionals working in Cyprus; strengthen cooperation among them; and build a more coordinated professional community with both social and business dimensions.
SELEK is designed as a network of individuals rather than companies. Its founding members currently number 25 Greek nationals who are permanently based and active in Cyprus. The association has appointed Konstantinos Daltas as president and Konstantinos Kosmas as vice president.
Mapping a growing but “unseen” community
Despite the visible rise in Greek business activity, one surprising gap remains: there is no clear official record of how many Greek professionals are active in Cyprus or in which sectors they operate.
SELEK says one of its first priorities will be to map and organize this community, creating a reliable registry and filling what it describes as a long-standing information gap.
The idea is that once the community is properly documented, it will be easier to identify needs, challenges, and opportunities and to design targeted initiatives for support and collaboration.
The association also gains institutional backing through its link with the CCCI, giving it access to key decision-making channels. Additional support from the Embassy of Greece in Cyprus further strengthens its diplomatic and institutional reach.
Building a structured bridge between Greece and Cyprus
SELEK’s core mission is to support the professional, business, scientific, and social interests of Greeks working in Cyprus.
It also aims to build stronger cooperation between members and create formal links with institutions in Cyprus, Greece, and the European Union.
Through conferences, training initiatives, and participation in European and national programs, the association hopes to generate added value for its members while also strengthening the broader contribution of the Greek professional community to the Cypriot economy.
At the same time, it seeks to deepen collaboration between Greece and Cyprus, creating a cross-border network that can support investment, innovation, and knowledge transfer.
Challenges: small market, tight networks, and adaptation
Greek professionals in Cyprus face several structural challenges.
The small size of the Cypriot market limits rapid scaling and often pushes businesses toward early international expansion. In some sectors, strong competition also makes it difficult for new players to enter or differentiate themselves.
Another key factor is the importance of local networks. While Cyprus is considered business-friendly, access to opportunities often depends heavily on personal and professional relationships, something that can be a hurdle for newcomers from Greece.
There are also practical adaptation issues, including differences in business culture, operational practices, and market behavior. In some cases, companies also face staffing constraints due to limited availability of highly specialized talent.
Cyprus as a strategic gateway
In recent years, Cyprus has also attracted a wave of major Greek investments across banking, retail, food production, and technology.
In the banking sector, the acquisition of AstroBank by Alpha Bank was completed in 2025, following earlier consolidation moves involving Hellenic Bank and Eurobank Cyprus.
In retail, the Greek-led partnership of Politikos, Fais and Notos acquired four ERA department stores from Ermes Departments Stores Plc, part of the CTC Group owned by the Siakolas group.
The year also saw the sale of Superhome Center DIY to Vasilitsi DIY Ltd. and businessman Filaretos Kaltsidis, while supermarket chains Papantoniou Supermarkets were integrated into Sklavenitis Cyprus.
In the food industry, Hellenic Dairies (Greek Milk Industry) invested more than €70 million through its subsidiary Olympus Foods Cyprus, acquiring a 49% stake in the historic dairy producer N.T. Kouroushis Ltd.
Separately, Olympos Dairy expanded into Cyprus through the acquisition of A. Hadjipieris Ltd via its subsidiary Omiros Dairies Cyprus.
In technology and retail, the Sfakianakis Group entered the Cypriot market through its tech arm Electroline in partnership with Chinese multinational BYD.
