The suspicious suitcase was found on Sunday afternoon.
"Investigation of a suspicious object found near the Presidential Palace was completed. The Cyprus police bomb disposal unit used a controlled explosion, and it turned out that there were no explosives in it," the statement said.
Kathimerini Cyprus newspaper reported that the person who had left the suitcase was caught on surveillance cameras. The police are currently trying to establish their identity.
The suitcase contained clothes and wires, the newspaper said.