The total stock of foreign direct investment (FDI) in Cyprus reached €365.07 billion in 2024, according to Incoming Foreign Direct Investment positions published this week by the Central Bank of Cyprus (CBC).

Of this total, €83.46 billion originated from the Russian Federation, accounting for 23% of all foreign direct investment in the country.

Investments originating from the 27 EU member states accounted for 20% of total FDI, amounting to €74.36 billion. The largest share among EU countries came from Luxembourg, with €32.1 billion (representing 9% of total FDI and 43% of EU-originated investments), followed by the Netherlands with €6.9 billion (2% of the total and 9% of EU FDI).

The United States followed with €66.57 billion (18%), while the United Kingdom accounted for €17.17 billion (5%). Foreign direct investment from Ukraine stood at €10.64 billion, representing 3% of the total.

Foreign direct investments of €8.4 billion originated from the Cayman Islands, €2.4 billion from the British Virgin Islands, and €3.5 billion from the Marshall Islands.

In addition, €5.1 billion came from Israel, while €7.6 billion originated from other countries in the Near and Middle East.

Compared with previous years, Central Bank data indicate a downward trend in foreign direct investment in Cyprus.

Total FDI declined from €489.4 billion in 2022 to €394 billion in 2023, before falling further to €365 billion in 2024.

Of the €124 billion decline recorded between 2022 and 2024, €52 billion was attributed to reduced investment from Russia (from €135.7 billion in 2022 to €83.46 billion in 2024).

On a year-on-year basis, the largest increase was recorded in foreign direct investment from Luxembourg, which rose by €10 billion.

In contrast, the largest decreases were recorded in investments from the United States (-€15.1 billion), Switzerland (-€14.7 billion), and the United Kingdom (-€10 billion).