On Tuesday, October 13, 2026, the Cyprus Council of Ministers decided on the future of the Rialto Theater in Limassol. The state will retain ownership of the historic building but lease it to the city’s municipality. The lease terms will follow the rules applied to state-owned properties transferred to local authorities. They will also determine how the theater is managed, operated, and funded.
Deputy Minister of Culture Klea Hadjistefanou-Papaellina said that Limassol Municipality must now appoint a new board of directors for the theater. This is expected to strengthen cooperation with the city’s cultural organizations and reinforce Rialto’s role in the cultural life of Limassol.
How much funding will be provided for the theater?
The state will continue to finance Rialto during a transitional period. According to the municipality’s request, the level of support will be:
- 2026 — €250,000
- 2027 — €125,000
- 2028 — €75,000
In total, the theater will receive €450,000 in state funding over three years. No government funding is planned after 2028. This means the municipality will need to determine a long-term financial model for the theater and ensure its continued operation after the transitional period ends.
What will happen to Rialto employees?
The theater has 12 permanent employees. According to the Deputy Minister of Culture, they will retain their current status and existing benefits provided they continue working for the company. The municipality will be responsible for forming a new board of directors and determining the organizational structure for managing the theater. One of its priorities will be to develop cooperation with local cultural organizations.
Transferring Rialto to municipal management is expected to create a closer connection between the theater and the city’s cultural life. At the same time, the state will remain the owner of the building.
The history of Rialto Theater in Limassol
The Rialto building was constructed in 1930 as a modern movie theater for its time. By the 1980s, the venue had fallen into decline. In 1991, the building was acquired by the Limassol Cooperative Bank. Following restoration work, the cinema reopened in 1999 as a cultural venue. In 2018, after the cooperative was dissolved, Rialto became state property.
In early October 2026, calls to transfer the theater to Limassol Municipality intensified. The government’s decision provides for the building to be leased to the city while remaining under state ownership. The municipality must now organize the theater’s management, appoint a new board of directors, and prepare its operations for the period after 2028, when state funding is set to end.