Thousands of Foreign Companies Focus on Cyprus

Cyprus’ efforts to attract foreign companies have yielded impressive results, with some 8,000 applications received in the past two years, said Interior Minister Nikos Nouris.

At the VIII Best Legal Conference in Limassol, the minister said 5,475 applications had been submitted in 2021, with the number reaching 7,883 by August.

Nouris attributes the boom to initiatives taken by the government, which he said are “creating new opportunities for both existing and new businesses looking to move to Cyprus.”

He presented the laws and regulations put in place to facilitate and expedite the movement of companies to the island, and facilitated the hiring of skilled staff from third countries.

The incentives given by the Home Office fall under a new strategy for attracting business and talent, a new development licensing policy, and a new licensing and local plans policy.

Nouris said of the one-stop mechanism set in 2020 to reduce red tape. business In Cyprus, it developed into a Business Facilitation Unit under the Ministry of Commerce.

The Digital Nomad Visa scheme is working to make it easier for skilled employees and their families to move to Cyprus from third countries.

It allows third-country nationals who are self-employed or salaried abroad and working remotely from Cyprus to be entitled to a digital nomad residency permit for up to one year, renewable for an additional two years.

Digital nomads can bring their families in Cyprus.

Initially, the quota for such permits was 100, but was raised to 500 due to the popularity of the scheme.

By August, 127 non-EU citizens had applied and been granted digital nomad visas.

By the end of 2026, existing foreign companies will be able to hire workers from third countries without any restrictions, but from 2027 the maximum number of such employees will be less than the company’s total workforce. 70%.

Nouris noted the expedited construction permit application: electronic submissionsaid 4,080 applications had been submitted, of which 3,327, or 82%, were approved.

He hoped that by the end of the year parliament would approve a bill facilitating strategic investments worth more than 20 million euros.

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https://www.financialmirror.com/2022/09/22/thousands-of-foreign-firms-eye-cyprus/ Thousands of Foreign Companies Focus on Cyprus