Regulations
DANGER
Before your first flight, study the rules — even if you are sub-250g, even if you are confident in your skills.
Do I need to take an exam?
Short answer: yes.
Long answer: Formally, for sub-250g drones (even with a camera), you do not need to take an exam — it is enough to obtain a registration number and mark it on the drone. However, when operating the drone you are still required to follow aviation rules. That means you will need to study them anyway, and once you do, it is usually reasonable to just obtain the certificate.
The rules also contain many non-obvious details that can help you avoid legal issues in the future.
For tiny whoops (under 50 grams with battery), whether to label the drone and whether to take the exam is ultimately a personal decision.
Official resources
The official Cyprus drone authority website. Here you can register as a pilot, take the A1/A3 exam, and find all relevant local regulations. It also contains up-to-date information on no-fly zones.