In 2024, Cyprus had 681 enterprises under foreign control. These were companies registered on the island but controlled by an ultimate owner or institutional unit located in another country. The companies operated in industry, construction and various market services. Despite their relatively small number, their impact on the economy was significant. Altogether, they:
- provided employment for 40,187 people;
- generated €4.76 billion in value added for Cyprus;
- accounted for around 10% of jobs within the relevant segment of the Cypriot economy.
Eurostat specifically notes that the 10% figure does not refer to everyone employed on the island, but only to enterprises covered by this statistical dataset — market producers. It therefore cannot be interpreted directly as the share of all jobs in the Cypriot economy. The figures are particularly interesting in the context of Cyprus’s development as an international business hub. In recent years, the island has been actively attracting foreign companies, professionals and investment, while Limassol remains one of the main centers of international business.
How Cyprus compares with the European Union
Across the EU, there were 364,308 enterprises under foreign control in 2024. They employed 25,635,679 people, while their combined value added reached €2.68 trillion. Foreign-controlled companies represented only 1% of all market enterprises in the EU. Of these, 59% were controlled by companies or institutional units based in other EU countries, while 41% were controlled by entities from outside the EU.
Despite their small share in terms of the number of enterprises, foreign businesses accounted for 16% of employment in the EU and generated 24% of total value added. Cyprus ranked toward the lower end of the European table in terms of employment share, with foreign-controlled enterprises accounting for 10% or less of jobs. The same figure was recorded in Italy, while in Greece the share was 8%. By comparison, foreign-controlled companies accounted for 45% of jobs in Luxembourg and 28% in Ireland, Slovakia and Romania.
Where foreign businesses play an especially large role
Differences between EU countries are visible not only in employment but also in the number of companies. The highest shares of foreign-controlled enterprises were recorded in:
- Luxembourg — 28%;
- Estonia — 12%;
- Croatia — 5%.
In all other EU countries, the figure was 5% or lower. The lowest shares were recorded in Poland and Italy, at just 0.3%. The contribution of foreign companies to value added varies even more widely. The leaders were:
- Ireland — 72%;
- Luxembourg — 62%;
- Slovakia — 50%.
At the other end of the ranking were France at 15%, and Italy and Germany at 18% each. This shows that a relatively small number of foreign companies can have a much greater economic impact than their number alone might suggest.
Cyprus remains attractive to international business
Cyprus’s figures are especially important in the context of the island’s continuing economic internationalization. International companies create jobs not only directly within their own organizations, but also support demand for offices, housing, professional services, transportation, education and other sectors.
Eurostat updated the relevant database on October 8, 2026. It contains 2024 data on the number of enterprises, employment, turnover, investment and value added. For Cyprus, this is another indication of how significantly the structure of the economy has changed in recent years: international companies remain an important source of jobs and economic activity, particularly in services, construction and business-related sectors. Further efforts to attract foreign companies are directly linked to issues such as housing affordability, infrastructure and the quality of the urban environment — especially in Limassol, where a significant share of international business is concentrated.