Foreign-controlled enterprises accounted for 10% of Cyprus jobs in 2024

Nicosia, Cyprus. Foreign-controlled enterprises accounted for 10 per cent of employment in Cyprus in 2024 and generated €4.76 billion in value added, according to Eurostat. Their contribution to the economy was significant despite their relatively limited number.

Foreign-controlled enterprises in Cyprus

There were 681 foreign-controlled enterprises operating across industry, construction and market services in Cyprus, employing 40,187 people.

Cyprus and Italy both recorded foreign-controlled enterprises accounting for 10 per cent of employment. Greece had a slightly lower share, at 8 per cent.

Contribution across the European Union

Across the European Union, 364,308 foreign-controlled enterprises employed 25.64 million people and generated €2.68 trillion in value added in 2024.

These businesses represented just 1 per cent of all market producer enterprises in the EU but accounted for 16 per cent of employment and 24 per cent of total value added.

Of the EU’s foreign-controlled enterprises, 59 per cent were controlled by institutional units based in other EU countries, while the remaining 41 per cent were controlled by units based outside the bloc.

Share of enterprises by member state

Luxembourg had the highest proportion of foreign-controlled enterprises, at 28 per cent of all enterprises, followed by Estonia at 12 per cent.

In every other EU member state, the proportion was 5 per cent or less, ranging from 0.3 per cent in Poland and Italy to 5 per cent in Croatia.