Cyprus tourism budget to face a reduction of 15 million euros in 2027

The Cypriot Deputy Ministry of Tourism is set to see its budget decrease by approximately €15 million in 2027, according to figures recently submitted to Parliament. The approved budget for 2027 stands at €59.45 million, representing a significant drop from the €74.24 million allocated for 2026. Despite this decline, the expenditure remains higher than the figures recorded in 2024 and 2025, which were €51.6 million and €51.3 million, respectively. Projections for 2028 and 2029 suggest a stabilization of spending at around €60 million per year.

The budget reduction is largely attributed to the conclusion of one-time costs associated with Cyprus' Presidency of the Council of the EU in 2026, which required substantial operational funding. Additionally, the decrease reflects the completion of several development schemes funded through the Recovery and Resilience Plan, including grants for hotel upgrades and rural tourism revitalization. Specific allocations for enlightening campaigns are also seeing a slight adjustment, moving to €26.9 million from €27.7 million in the previous year. These fiscal adjustments are part of the state's Medium-Term Fiscal Framework.