A new grant scheme aimed at revitalising the walled city of Nicosia opened for applications on 25 September 2025, and will remain active until 26 December 2025. The initiative seeks to breathe new life into the historic centre by boosting local economic activity and creating new jobs.
The scheme is open to both property owners and tenants who either operate or intend to start a business within the walled city. It offers financial support of up to €80,000 per project, covering 60% of eligible expenses, with a minimum investment threshold of €20,000, making it accessible to small and medium-sized enterprises, as well as young entrepreneurs.
Who Can apply?
Applications are accepted from individuals (Cypriot or EU citizens) and legal entities, including companies, associations, and foundations
Funding can be used for a wide range of activities, including:
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Renovation or remodelling works (construction, electrical, plumbing, mechanical)
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Equipment and infrastructure, such as furniture, electronic devices, lighting, product displays, security and fire safety systems
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Consultancy or study fees, provided the consultants are registered with ETEK (Cyprus Scientific and Technical Chamber)
Types of businesses supported
The scheme is notably flexible, supporting a broad spectrum of business activities, from cultural and creative sectors to retail and professional services. Suggested business types include:
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Innovation centres
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Architectural offices, museums, art studios
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Bookshops and printing/copy centres
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Gyms and fitness studios
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Hair salons, beauty institutes, barbershops
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Pet shops, greengrocers, mini markets
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Professional offices and affordable co-working spaces for rent
This grant scheme complements ongoing efforts by the Republic of Cyprus and the Municipality of Nicosia to revive the old city centre. By encouraging new business ventures, the project aims to restore cultural vibrancy and economic activity to the narrow streets of the capital’s historic core.