State to retain Rialto ownership and lease theatre to Limassol municipality
The cabinet approved leasing Rialto to Limassol municipality, with state funding set through 2028 and employment protections for its 12 permanent staff.
Limassol, Cyprus. The cabinet agreed on Tuesday to keep Rialto theatre under government ownership while leasing the historic venue to Limassol municipality. The arrangement will set clear rules for its management, operations and financing.
Municipal responsibilities and staff protections
Deputy Culture Minister Klea Papaellina said the lease would follow the terms applicable to properties assigned to local authorities.
According to Papaellina, the municipality is now tasked with selecting a new governing board, enabling cooperation with the municipality’s cultural organisations.
The theatre’s 12 permanent employees will retain their employment status and benefits provided they continue working for the company.
State support to end after 2028
Papaellina said government funding, reflecting the municipality’s request, would total €250,000 in 2026, followed by €125,000 in 2027 and €75,000 in 2028. No further state financial support will be available after 2028.
Demands for the municipality to take over Rialto had grown earlier this month.
From cinema to state-owned theatre
Built in 1930 as a modern cinema, Rialto went into decline during the 1980s. The Limassol cooperative bank purchased it in 1991, restored the building and reopened the venue in 1999.
Ownership passed to the state following the cooperative’s dissolution in 2018.
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