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Cyprus announces grants for businesses in British Bases

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Cyprus announces grants for businesses in British Bases

Akrotiri

    Cyprus is launching a new grant program to spur business activity within the British Sovereign Base Areas, the government announced on Wednesday.

    The scheme, approved by the cabinet, aims to create a level playing field for Cypriot citizens and promote entrepreneurship, particularly among young people and women. It targets businesses in the manufacturing, services and tourism sectors.

    Grant funding will range from 60% to 70% of eligible investment costs, capped at €120,000 per enterprise. Young men and women aged 18-29 will qualify for the higher grant intensity.

    The program is funded by a €500,000 allocation from the state budget. Specific application details, including deadlines, will be announced in a forthcoming call for proposals.

    The initiative highlights efforts to bolster economic activity within the British Base Areas, which cover about 3% of Cyprus’ landmass.

    The Ministry of Energy, Commerce and Industry (MECI) will announce a specific application window shortly, with details on their website, particularly the Service for Industry and Technology section. Applications will be accepted exclusively through the MECI online grant system.

    For further information, interested parties can contact the Ministry at +357 22867178/156/317/109/194.

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