Labor Minister urges debtors to utilize social insurance settlement scheme

On August 19, 2026, Cyprus Labor Minister Marinos Moussouttas urged all debtors, specifically highlighting football clubs with debts totaling €9.5 million, to join the government's settlement scheme for overdue social insurance contributions. The program is set to remain open until mid-September, and the Minister warned that a similar opportunity for such debt restructuring may not be available again in the near future.

Currently, approximately 1,500 to 1,600 applications have been submitted. The existing scheme allows debtors to settle their arrears in up to 54 installments, provided they remain current with their ongoing contribution obligations. As an incentive, those who choose to settle their debts in 27 installments instead of 54 will be eligible for a 50% reduction in the accrued surcharges, which otherwise stand at 3% monthly until 2027. Moussouttas emphasized that maintaining consistent and lawful payment behavior is an essential responsibility for all entities involved.