Tour Operator’s Insolvency Leaves Holidaymakers Stranded in Cyprus

June 4, 2024

Some 800 tourists remain in Cyprus and await news about their return home after Germany’s third largest tour operator, FTI Touristik GmbH, announced insolvency proceedings on Monday. FTI Touristik is part of the FTI Group active in Germany, Austria, Holland, Switzerland, and Poland.

Philokypros Rousounides, director general of the hoteliers’ association PASYXE, said that FTI cooperated with 160 hotels on the island, but that the company’s bankruptcy will not have a significant impact on the market, despite its share of 30,000 tourist bookings a year, out of nearly 4 million arrivals. He added that the stranded holidaymakers are covered by a special fund and will not need to pay more to return home.

“However, Germany was a market we were targeting for an increase in tourist arrivals this year,” Rousounides said, having already lost holidaymakers during the past year from Russia and Ukraine, as well as Israel, because of the ongoing wars in these countries.

Repatriation Efforts Underway

According to news reports, the German Foreign Ministry said that the tourism industry and the German Travel Security Fund (DRSF) will manage the repatriation and support of affected tourists, providing consular support if needed to ensure their safe return.

In April, a consortium of investors stepped in after a prolonged and intricate process that started prior to the coronavirus pandemic that impacted travel, airline, and cruise companies around the world. However, despite last-minute efforts, bookings underperformed.

Cyprus’s Deputy Minister for Tourism, Costas Koumis, said that, “this is definitely a negative development for the tourism of our country, as it comes at a time when we were trying to strengthen the German market and additionally because every loss now counts due to the pressures that the hotel industry receives more broadly.”

“The volume of losses in terms of total arrivals for the tourism of our country is not particularly large. But it is certainly a serious loss for the hotel companies that had cooperation with this tour operator,” Koumis said.

A support website has been established at www.fti-group.com/en/insolvency, along with a hotline at +49 (0) 89 / 710 45 14 98, with all relevant information available in both German and English.

tourist bookings
The insolvency of FTI Touristik GmbH has significantly impacted tourist bookings in Cyprus, leading to a notable decline. Many travelers have canceled or postponed their trips due to uncertainties, affecting local businesses and the broader tourism sector. The industry is now seeking alternative partnerships to mitigate losses.

Can tourist bookings be affected by the insolvency of major tour operators like FTI Touristik GmbH?

Send a request and get a free consultation:

Business Cyprus News

April 2025
Cyprus Economic Growth Indicator Stable in June Amid Lease Trends
The year-over-year growth rate of the Cyprus Composite Leading Economic Index remained stable in June. This stability is attributed to opposing trends within the economic indicators. The University of Cyprus noted these findings in their monthly report, highlighting the importance of lease agreements in the market.
Tourism Sector Sees Growth with New Hotel and Entertainment Leases
A surge in investment for tourism development, including hotels and entertainment venues, is underway. Efforts focus on upgrading staff, food, and service quality. Tourist arrivals have increased by 8% annually, supported by favorable planning policies. Leasing opportunities are also expanding.
Businesses in Cyprus Seek Lease Adjustments Amid Heatwave Challenges
A major tech firm has signed a 10-year lease for a new office space in downtown San Francisco. The move aims to accommodate the company's expanding workforce and foster innovation. This strategic decision reflects the firm's commitment to growth and its confidence in the city's business environment.

Cyprus visa guide

  • Travel visa basics
  • Cyprus application process
  • Check visa status
  • Online visa verification
    Thanks for the apply!
    We will get back to you within 1 business day
    You can schedule a call time at your convenience now:
    In the meantime, you can get a free consultation
    with our AI-assistant