"Steam ahead, make new ideas happen!"

The Cyprus Germany Business Association


CGBA Assistant Hire 2

Hiring: Social Media And Events Organization Assistant

The Cyprus German Business Association (CGBA) is looking for a social media and events organization assistant to support the association part-time, remotely (on location during events) and with flexible work hours. The role will also assist the Association in some administrative matters.

The ideal candidate has a good knowledge of the English and Greek language (German advantageous), excellent communication and organization skills and previous experience in digital marketing and/or an events planning/coordination role. Work experience in an association or non-profit organization will be an advantage. Applicants must be resident of Cyprus.

To apply for this flexi-job opportunity, please send your CV and contact details by July 20th to info@cyprus-germany.org.cy.




CGBA invites to its annual BEACH PARTY:
“Hello Summer! Networking by the sea”
23 June 2022, 19:00, NUSA Beach Bar. Larnaca

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Our event is generously sponsored by bbf: - Built.Better.Future 
and supported by the Cyprus Chamber of Commerce and Industry.

BEACH PARTY OF THE YEAR 2022! (Don`t miss this date!)

CGBA invites to its annual BEACH PARTY - “Hello Summer! Networking by the sea”.
Come and enjoy good food, chilled drinks and cool vibes at the beach, meet interesting people and make new connections.

Don’t forget your swim wear for a dip in the sea.

Date: Thursday, 23.06.2022
Starts: 19:00hrs
Location: Nusa Beach Bar, Piale Papa 11, 6028 Larnaca
On Google Maps

Dresscode: Casual - beachwear

Ticket: 15€
The ticket includes a local welcome cocktail and sumptuous BBQ buffet (including vegetarian options).
Drinks are not included and will be charged extra.

The event ticket is free for CGBA members and their spouse/partner.

Tickets must be purchased prior to the event.
Ticket sale:
Tickets are available for purchase until 23.06.2022 12:00hrs. Get your ticket on Fienta.
Tickets are on sale now.

Many thanks to our sponsor bbf: “Build.Better.Future.” for the generous support for this event.
“Bbf stands for healthy and sustainable buildings. We are constantly improving the quality of client’s life by creating healthy & fashionable living spaces that are easy to use and to maintain.”

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The impact on the economy of Cyprus of the current sanctions on Russia, introduced by the EU, the USA and some other countries, can be expected to remain on a moderate level in general, while some industries will be more exposed than others.

While there is much uncertainty about the impact of current sanctions as well as possible near future sanctions, the currents sanctions are expected to reduce the estimated 2022 GDP growth rate of Cyprus from 4,5% to 4.0%.

The value-added of Russian-related business transactions accounts for estimated 5.8% of GDP in 2022, stemming from an estimated value of €2.5bn of total transactions. The breakdown of expected total transactions of Russian-related business in 2022 yield as following (rounded): professional services: 40%, property sales: 22%, tourism: 21%, banking services: 9%, administrative services: 8%.

The important factor for the economy of Cyprus is the value added by Russian-related business, not the volume of transactions. Due to poor statistical services in Cyprus, value-added figures cannot be obtained.

The exposure of the banking sector to Russian-related business has decreased substantially since the crisis in 2013 and also as a result of increased tax transparency measures as well as changes of Russia’s tax legislation.

Based on the financial statements of 2021, the income generated by the two largest lenders from Russian-related business through their International Business Centres yielded €6.3mn for Bank of Cyprus and €2.1mn for Hellenic Bank, being 3% and 2% respectively of their overall operative income 2021.

Income generated by the same banks from Russian-related business from Global Corporate Banking yielded €2.1mn for Bank of Cyprus and €0.7mn for Hellenic Bank, being 1% of their overall operative income 2021.

As far as the two banks’ income from the construction and real estate industry is concerned, Bank of Cyprus generated €1.8mn and Hellenic Bank €1.7 mn, representing 1% and 2% respectively of the overall operational income 2021. Please note that these figures are assumptions, based on real estate sales.

In a worst case scenario, which is unlikely to happen as not all Russian-related business is related to Russia or sanctioned Russian individuals, the total loss of Russian-related income would be €8.5mn for Bank of Cyprus and €1.8mn for Hellenic Bank, representing 4% of the overall operational income 2021 of the former and 2% of overall operational income 2021 of the latter, and 28% of the 2021 profit of Bank of Cyprus and 6% of Hellenic Bank’s 2021 profit.

Both banks maintain high liquidity rates, while deposits related to Russians are at the lower end of single-digit percentages.

There is no significant impact expected on the construction and real estate sectors, as sales to Russians already slowed down substantially since the Citizenship by Investment programme had been cancelled.

The industry most affected is likely the tourism sector. During pre-COVID years, Russian arrivals in Cyprus made 33% of the total arrivals; these arrivals are not only Russian tourists though, but include traveling business people and private visitors as well.

Based on for how long the flight bans will continue, Russian tourists are hardly to be expected in significant numbers this year. Ukrainian tourists are not expected, except a small number, as Ukrainians will be busy with repairing the vast damage in the country, once the Russian invasion did come to an end.

Overall, at a national level, the impact of the current Sanctions on Russia seems to remain on a moderate level. This might change though, if more sanctions would be introduced.

Sources of figures in this article: Cyprus Ministry of Finance, Financial Statements of Bank of Cyprus and Hellenic Banl, Sapienta Economics Ltd.


CGBA, the Cyprus Germany Business Association, welcomes you to its 2022 kick-off event at the Gazebo Mare in Limassol, on 31.03.2022 at 19:00.

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Our event is generously sponsored by the Porsche Center Cyprus, (A.I. Motokinisi Limited),

and supported by
the Embassy of the Federal Republic of Germany
and the Cyprus Chamber of Commerce and Industry.

Building on the success of previous events, the theme for our 2022 kick off is “Disruptive Trends in Business”. The last two years showed us that as the world is changing and digitalisation and connectivity is key, we too need to change the way we work and do business. We are indeed in a time of great innovation in digital technology, so come and enjoy our selected speakers which will give you more insight into the future of work, the adaptation of augmented and virtual reality and why this needs smart connectivity.

The program has already shaped up to be excellent, and the networking opportunities will be indeed outstanding. We’re looking forward to an excellent meeting with great speakers from Cyprus and Germany. 
Find information on our speakers.

Registration of your participation is required. Tickets can only be bought online in advance, number of participations is limited.

Looking forward to meeting you!

Note: SafePass control at the door, COVID restrictions apply.





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Great Get Together of CGBA members after COVID restrictions since 15 months!

The members of the Cyprus Germany Business Association enjoyed their first physical Get Together after 15 months of COVID lockdowns and restrictions. The happiness on our faces is a clear evidence that Zoom calls just cannot replace personal interaction.

Mr Ulrich Peitz, Economic Counsellor of the GErman Embassy to Nicosia, honoured the Get Together with his much appreciated presence.

Our Get Together also functioned as an ideal platform for our new members to mingle with our "old" members. We welcomed our new members Paola Hadjilambri, representing the law firm Michael Kyprianos, Cristo Savidis, representing Coral Ship Management, and Elini Sofokleous and Kyriakos Christodoulou, representing Ernst and Young (EY).

Also present were Alexandros Ioannides, Andreas Ttafounas, Anthony Ashiotis, Beate Christeleit , Capt. Eberhard Koch (Vice/President), Christodoulos Stylianou, Costas Votsis, David Blabolil, Dirk Fry, Efi Athanasiadou, Irena Georgiadou (Vice-President), Joseph Tsirakkis, Karim Maataoui, Kikis Treppides, Maria Makridou, Marios Loucaides, Michael PnevmaticosSilke Rottler Dimitriou (German Embassy), Stefan Nolte (President), and Tatyana Koch.

Looking forward to many more events!

"Steam ahead, make new ideas happen!"

If you aren't yet, become a member of CGBA now. 

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