Four A320 aircraft arrived at the St Athan airfield, Vale of Glamorgan, on Sunday and a fifth is expected to fly to Wales in the next week.
Cyprus Airways, the national carrier, shut down suddenly on Friday after the EU Commission said the Cypriot government had breached subsidy rules.
The planes belong to a leasing company.
There had been speculation in newspaper reports on Tuesday that the jets were being 'hidden' in the UK to avoid claims from EU officials or creditors.
Cardiff Aviation says after maintenance the planes are expected to fly for a new airline under different livery.
"It's good business for us," said Cardiff Aviation's managing director Ray Raoufi.
"They will go into our hanger when we have a slot for them and they will have maintenance," he said.
"It's an opportunity for the local economy and will help to create jobs," said Mr Raoufi.
"We were joking that we now have more aircraft than Cardiff Airport."
The jets are currently parked on an old runway at St Athan.
Cardiff Aviation was started by the heavy rock band's lead singer in 2012.
A Welsh aviation company co-owned by Iron Maiden frontman Bruce Dickinson is looking after a fleet of Airbus jets following the demise of Cyprus Airways.