Foreign direct investment in Cyprus totaled €365.07 billion in 2024, with 23 percent originating from Russia, the Central Bank of Cyprus has said.
Russian investment amounted to €83.46 billion. EU member states accounted for 20 percent of total FDI, or €74.36 billion. Luxembourg held the largest share among EU countries with €32.1 billion — 9 percent of total FDI and 43 percent of EU‑sourced investment — followed by the Netherlands with €6.9 billion.
The United States contributed €66.57 billion, or 18 percent, while the United Kingdom accounted for €17.17 billion, or 5 percent. Investment from Ukraine reached €10.64 billion.
Other major sources included the Cayman Islands (€8.4 billion), the British Virgin Islands (€2.4 billion) and the Marshall Islands (€3.5 billion). Israel accounted for €5.1 billion, and countries in the Near and Middle East contributed €7.6 billion.
The central bank said FDI has continued to decline over the past two years, falling from €489.4 billion in 2022 to €394 billion in 2023 and €365 billion in 2024.
Of the €124 billion drop between 2022 and 2024, €52 billion came from reduced Russian investment, which fell from €135.7 billion in 2022 to €83.46 billion last year.
Compared with 2023, the largest increase came from Luxembourg, which added €10 billion in new investment. The biggest declines were recorded from the United States (€‑15.1 billion), Switzerland (€‑14.7 billion) and the United Kingdom (€‑10 billion).
The central bank said the data aims to clarify the true origin of foreign investment entering Cyprus.