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2020 Cyprus Country Report

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

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Tourism<br />

Sector Profile<br />

not just to the above-mentioned existing and<br />

growing markets, but also to new markets such<br />

as India and the Far East. The growing appeal<br />

of tying the knot in <strong>Cyprus</strong> is largely due to the<br />

availability of civil marriages, making it an attractive<br />

wedding venue for mixed-faith and secular<br />

couples. <strong>Cyprus</strong> is also looking at opening new<br />

inroads into the billion-dollar global market of<br />

honeymoon tourism, renewal of vows, celebrations,<br />

romantic and special events.<br />

Capitalising on its ideal climate and clean<br />

waters, health and wellbeing holidays to <strong>Cyprus</strong><br />

are also on the rise. The recent creation of several<br />

exclusive spa retreats to pamper the visitor, as<br />

well as a number of large-scale projects open<br />

for investment in the fields of rehabilitation and<br />

other wellness services, have all driven interest in<br />

this niche areas. The wellness segment has been<br />

identified as one of the key growth areas and FDI<br />

targets by the government. These plans are perfectly<br />

aligned with global trends, as the wellness<br />

market has seen tremendous growth of over 6%<br />

annually. Medical tourism is also experiencing<br />

some growth due to <strong>Cyprus</strong>’ world-class reputation<br />

for high-quality private healthcare in a technologically<br />

advanced environment. Cosmetic<br />

surgery, diagnostic tests and fertility treatment<br />

top the list as the most popular procedures for<br />

medical tourists from the UK, Germany, the<br />

Netherlands, Middle East and Russia.<br />

EXPANDING CONNECTIVITY<br />

With continuous efforts to open new markets,<br />

connectivity is a key aspect of ensuring growth<br />

in this sector. In the long-term and in a bid to<br />

decrease its dependency on a handful of traditional<br />

markets, like the UK, Russia and Germany,<br />

<strong>Cyprus</strong> is focused on diversifying and opening<br />

new markets, such as the Middle East and<br />

other central and northern European countries.<br />

Another target is to attract visitors from long-distance<br />

destinations such as the US, Canada, Korea,<br />

Japan and China, who are likely to travel in the<br />

wider region visiting more than one country<br />

during their holiday.<br />

Over 80 airlines fly from <strong>Cyprus</strong> to around 40<br />

countries and 120 destinations, and the two international<br />

airports handle around 11 million passengers<br />

annually. <strong>Cyprus</strong> has managed to improve<br />

its connectivity to the rest of Europe even amidst<br />

the corona crisis with Hungary’s Wizz Air announcing<br />

its plans to make Larnaca its 28th base<br />

from July <strong>2020</strong> and to launch 11 new destinations<br />

to seven European countries from Larnaca.<br />

Stationing two Airbus A320 aircraft will provide<br />

one million seats on sale from Larnaca this year,<br />

underlining the fact that the airline sees the potential<br />

and the demand for low-cost travel in<br />

<strong>Cyprus</strong> as a rapidly developing tourist destination.<br />

IDEAL PORT OF CALL & HOMEPORTING HUB<br />

Prior to the pandemic, <strong>Cyprus</strong> was gaining a<br />

steady momentum in reviving its status as an attractive<br />

port of call for cruise ships exploring the<br />

Eastern Mediterranean region. Evidence of this<br />

was the fact that cruise line companies have been<br />

increasing the capacity and frequency of their calls<br />

to the island and <strong>Cyprus</strong> has regained its position<br />

in their East Med itinerary planning. Moreover,<br />

a British operator TUI (Marella Cruises) has im-<br />

Visiting<br />

<strong>Cyprus</strong> during<br />

Corona<br />

To facilitate travel<br />

arrangements to <strong>Cyprus</strong><br />

and to ensure all necessary<br />

information required by<br />

the health authorities are<br />

submitted, the <strong>Cyprus</strong><br />

government has created a<br />

constantly updated online<br />

portal where you can<br />

complete all the necessary<br />

formalities in a quick and<br />

easy way and receive your<br />

authorisation to fly. For<br />

more information and to<br />

plan your journey visit<br />

www.cyprusflightpass.gov.cy<br />

140 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>

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