Cypriot parliamentary committee investigates multimillion-euro losses from yacht mooring projects

On September 10, 2026, the Cypriot Parliamentary Audit Committee held a session to discuss an Audit Office report regarding six yacht mooring sites authorized in 2018. Members of Parliament characterized the situation as a major scandal, alleging that state losses from unpaid fees have exceeded €5 million. These smaller mooring projects, each with a capacity of up to 150 vessels, were intended to be developed by private entities in locations including Pegeia, Alaminou, Cha Potami, Pachyammos, and Softades.

During the session, lawmakers criticized the previous administration, with DIKO MP Chrysanthos Savvides alleging that land was sold under the former President Nicos Anastasiades in a manner similar to the citizenship-by-investment program. The projects have stalled for eight years, yet some entities retained rights and permits that have significantly increased in value. While the economic operators were required to pay annual fees ranging from €75,000 to €262,000, many requested suspensions of payment pending the issuance of necessary development permits. The Ministry of Tourism sought guidance from the Legal Service, which issued an opinion in 2021 regarding the activation of management licenses.