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Cypriot bankers have expressed their satisfaction with President Christodoulides' recent visit to the United States, where he promoted Cyprus as an attractive destination for investment. The country's top financial figures are now calling for such missions to be institutionalized, ideally happening more than once a year, to create real, long-term results for the Cypriot economy.
They believe that coordinated outreach to major players in banking, tech, shipping, and energy is key to putting Cyprus on the radar of major Western investors.
Big ambitions, small country
According to an article by Kathimerini's Panayiotis Rougalas, attracting high-quality investments from the West is no easy task. While Cyprus does offer unique opportunities, its small size means it can't provide the scale some American investment giants are looking for. Still, bankers stress that the timing is right: Cyprus' economy is stronger than it has been in many years.
The country enjoys a top-tier investment rating from international agencies, has low unemployment, budget surpluses, healthy growth, and manageable debt. The current climate, they say, is welcoming for serious investors, especially those looking for a foothold in the European Union.
Positive feedback from the mission
All three CEOs from Cyprus' systemic banks—Bank of Cyprus, Hellenic Bank, and Alpha Bank Cyprus, who took part in the mission shared positive feedback with Kathimerini. They described the trip as an excellent fact-finding and networking opportunity and stressed the need for similar efforts to happen every year, in a structured way, by those driving the country’s business agenda.
A marathon, not a sprint
Michalis Louis, CEO of Hellenic Bank and a member of Eurobank Group, said these trips can truly open doors for investment opportunities. He emphasized that Cyprus stands out as an ideal base for companies: it’s an EU member, boasts a stable and safe economic environment, a well-educated workforce, a favorable tax regime, and excellent economic indicators.
Louis stressed that attracting meaningful U.S. investments is a marathon, not a sprint. It requires an organized and consistent approach to produce significant results.
“We’re ready to finance”
Charis Pouangare, Deputy CEO and Head of Business Banking at Bank of Cyprus, said the bankers didn’t promote their individual institutions during meetings, but rather Cyprus as a whole. He noted they met with major players across banking, energy, shipping, and tech, sectors where Cyprus can welcome new investment.
He added that Cypriot banks are ready to finance projects beyond those sectors too, including in education, health, trade, and tourism.
Pouangare concluded that such investment missions must happen at least once a year if Cyprus is to remain visible to Western investors.
Investment requires understanding
Miltos Michaelas, CEO of Alpha Bank Cyprus, emphasized the importance of trips like this, saying that Cypriots must go to the U.S. to truly understand the investment mindset there. “We’re too small a country to expect them to come to us first,” he said.
He described the trip as a strong first step, noting there’s definitely fertile ground for future investment. “It takes effort,” he said, “and we must understand what this market needs.” Michaelas stressed that the mission showcased the resilience and potential of Cyprus’ banking system.
Bad timing, big headlines
However, the timing wasn’t ideal. The mission coincided with former U.S. President Donald Trump’s bombshell announcement of new tariffs, which became a major talking point in meetings. The news also shook the markets, shifting attention away from Cyprus’ investment pitch.
While no direct impact on Cyprus was discussed, it was clear that a global slowdown in trade could hurt demand for Cypriot goods and services and, by extension, its growth prospects. Increased uncertainty also weighs heavily on the investment climate, not just for Cyprus, but globally.
Building on years of reform
Cypriot banks have been working to rebuild their reputation in the U.S. for years. Since 2017, they’ve conducted regular visits to America, often in coordination with the law firm Pillsbury Winthrop, to showcase reforms related to anti-money laundering (AML), sanctions enforcement, and regulatory compliance.
Those efforts paid off. Cyprus’ regulatory reputation has improved significantly, allowing these outreach trips to now focus more on attracting healthy, long-term investments. While compliance missions will continue every two years, the bankers say now is the time to institutionalize investment missions as well.
