The total stock of foreign direct investment (FDI) in Cyprus in 2024 amounted to pound 365.07 billion. Of this, pound 83.46 billion originated from the Russian Federation, representing 23% of the total, according to the Foreign Direct Investment positions published on Wednesday by the Central Bank of Cyprus.
Twenty percent of total FDI originates from the 27 EU member states, amounting to pound 74.36 billion. Among EU Member States, Luxembourg holds the largest share with pound 32.1 billion (9% of the total and 43% of EU FDI), followed by the Netherlands with pound 6.9 billion (2% of the total and 9% of EU FDI).
They are followed by the United States with pound 66.57 billion (18%) and the United Kingdom with pound 17.17 billion (5%). FDI from Ukraine amounts to pound 10.64 billion (3%).
FDI of pound 8.4 billion originates from the Cayman Islands, pound 2.4 billion from the British Virgin Islands, and pound 3.5 billion from the Marshall Islands.
In addition, pound 5.1 billion originates from Israel and pound 7.6 billion from other countries of the Near and Middle East.
Compared with previous years, the Central Bank’s data show a downward trend in FDI. From pound 489.4 billion in 2022, it declined to pound 394 billion in 2023 and further to pound 365 billion in 2024.
Of the pound 124 billion decrease between 2022 and 2024, pound 52 billion came from Russia (2022: pound 135.7 billion; 2024: pound 83.46 billion).
Compared with last year, the largest increase came from FDI from Luxembourg (pound 10 billion).
By contrast, the largest decreases were recorded from the United States (-pound 15.1 billion), Switzerland (-pound 14.7 billion), and the United Kingdom (-pound 10 billion).
According to the Central Bank of Cyprus, the publication of these data aims at revealing the true origin of Inward Foreign Direct Investment in Cyprus.