Business news from Ukraine

Business news from Ukraine

There currently around 28,000 Ukrainian refugees in Cyprus, according to Ambassador of Republic of Cyprus to Ukraine

There are currently around 28,000 Ukrainian refugees in Cyprus, which is one of the highest figures in the world in relation to the island’s population. This was stated by the newly appointed Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.

“We understand that the war has forced many Ukrainians to leave their homes. Cyprus has become a safe haven for them, and we are proud to be able to provide them with support,” the diplomat said.

According to him, Ukrainian refugees in Cyprus have access to free medical care, can use the state education system, and also receive support in employment and social benefits. “Our government is doing everything possible to ensure that Ukrainians integrate into Cypriot life as quickly and comfortably as possible,” Firillas emphasized.

He stressed that Cyprus will continue to support Ukraine and the Ukrainian people by providing both humanitarian aid and political support on the international stage.

 

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Cyprus is ready to expand cooperation with Ukraine in field of rehabilitation programs for citizens

Cyprus is ready to expand cooperation with Ukraine in the field of rehabilitation programs for citizens affected by the war. This was stated by the Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.

“Cyprus is known not only as a resort country, but also for its modern medicine and high-quality rehabilitation services. We want to use this potential to help Ukrainians who need treatment and recovery from injuries and psychological trauma,” the diplomat said.

According to him, Cyprus already has a number of medical centers and clinics specializing in physical rehabilitation, post-operative recovery, and psychological support. “We are interested in creating joint programs with Ukrainian partners that will allow our medical institutions to accept more patients from Ukraine,” Firillas emphasized.

The ambassador added that this cooperation could include both the treatment of military and civilians, as well as training programs for Ukrainian doctors and rehabilitation specialists. “Our task is to ensure that Ukrainians receive quality care and support during the most difficult time for them,” he concluded.

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Cyprus has named main countries buying real estate: British in lead, Ukrainians in 9th place

According to data from the Cypriot Ministry of Internal Affairs presented to parliament, as well as reports from Cypriot media, foreign buyers purchased more than 37,000 properties on the island between 2021 and 2024.

Top 10 buyer countries (2021–2024)

  1. United Kingdom — about 11,800 properties.
  2. Russia — approximately 4,924 properties.
  3. Greece — about 4,657 properties.
  4. Israel — 3,909 properties.
  5. Lebanon — 2,078 properties.
  6. China — 1,226 properties.
  7. Germany — in the top 10 (without specifying the number).
  8. Romania — in the top 10 (without specifying the number).
  9. Ukraine — consistently in the “second five”, approximately 9th place; Ukrainians are particularly noticeable in Limassol and Paphos.
  10. Belarus — in the top 10 (without specifying the number).

The statistics show some regional characteristics, for example, in Paphos, the British traditionally lead (~4,500 properties), in Limassol, the Russians lead (~2,500), followed by the British and Israelis. In Larnaca, the British, Lebanese, and Israelis are active, while in Nicosia, a significant portion of transactions are carried out by Greeks and British.

Since 2021, foreigners have purchased more than 37,000 properties, while Cypriot citizens have purchased more than 200,000. Transactions involving foreigners are concentrated in Limassol and Paphos (about 60% of all transactions).

The main trends in the Cyprus residential real estate market are:

  • Price growth: in 2024, the total volume of transactions reached a record €5.7 billion; the cost of apartments in Nicosia and Larnaca increased by 7-10% over the year.
  • Shift in demand: foreign buyers are increasingly choosing the mid-range segment instead of ultra-expensive villas, focusing on residence permit programs and rentals.
  • Leading locations: Limassol and Paphos remain key centers of interest, but the share of transactions in Nicosia and Larnaca is growing.
  • Rental market: high demand for long-term rentals in cities with universities and IT offices; rental yields are around 3.5–4% per annum.

Experts predict further growth in interest from citizens of Israel, Lebanon, and Ukraine, as well as a possible revival of Chinese investors as currency restrictions ease.

Source: http://relocation.com.ua/cyprus-named-the-main-countries-buying-real-estate-with-the-british-leading-the-way-and-ukrainians-in-ninth-place/

 

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New Ukrainian ambassador to Republic of Cyprus appointed

Ukrainian President Volodymyr Zelensky has appointed Serhiy Nizhinsky as Ukraine’s Ambassador Extraordinary and Plenipotentiary to the Republic of Cyprus. The relevant decree No. 511/2025 has been published on the website of the head of state.

Prior to his appointment to Nicosia, Nizhinsky held a number of positions in the executive branch and diplomatic service. He has experience working in the Ministry of Foreign Affairs, including in positions related to human rights, European integration, and international humanitarian cooperation. In 2020–2021, he also served as Deputy Minister of Social Policy of Ukraine.

Nizhinsky replaced Ruslan Nymchynsky, who previously represented Ukraine as ambassador to Cyprus.

Diplomatic relations between Ukraine and Cyprus were established on February 19, 1992.

The Ukrainian Embassy in Nicosia has been operating since 1999.

 

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Cyprus deprives Ihor Kolomoisky of citizenship

Ukrainian businessman Ihor Kolomoisky and seven other people have lost their “golden passports of Cyprus” after the republic’s authorities confirmed that they were obtained through fraud, misrepresentation and concealment of material facts, the Cypriot newspaper Phileleftheros reports.

“The decision, made on April 9, 2024, mentions that both before and after naturalization, he (Kolomoisky) was and remains a dubious person, and his naturalization has created and is creating a huge risk to the reputation of the Republic of Cyprus,” the newspaper writes.

It is noted that the key role in the decision was played by the fact that in his application for exceptional naturalization Kolomoisky did not mention anything related to the case of tax evasion in Russia, which was investigated by the Russian authorities in 2008, while his naturalization as a Cypriot took place two years later, in June 2010.

It is emphasized that Kolomoisky, in addition to his Cypriot citizenship, has also held Israeli and Ukrainian citizenship since 1995. At the same time, it is reported that he is being prosecuted in Ukraine on a number of episodes, as well as that the US State Department has banned him, his wife and children from entering the United States in 2021 due to his involvement in corruption during his tenure as head of the Dnipro Regional Administration.

“After an investigation by the Independent Commission, it was found that Kolomoisky was involved in serious crimes that attracted wide international attention from public and private entities with significant negative comments and accusations of fraud involving huge sums of money,” the newspaper states.

Source: https://interfax.com.ua/

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Cyprus has extended until March 4, 2025 temporary protection status for citizens of Ukraine

The Republic of Cyprus has extended until March 4, 2025 the temporary protection status for persons who already have this status.

“The Ministry of Interior informs all interested parties that, based on the relevant decision of the Council of Ministers, the right to temporary protection is automatically extended for one year for those persons who have obtained such a right in Cyprus, i.e. until March 4, 2025”, – stated in the official announcement of the Refugee Service on the relevant website.

And it is specified that “thus, for those who have already received temporary protection, there is no need to submit a new application to the Refugee Service or to issue a new biometric residence permit at the Department of Population and Immigration.

Those who wish to apply for temporary protection for the first time must apply either electronically at http://www.moi.gov.cy/asylum or in person at the Refugee Service head office in Nicosia.

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