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New Strategy For Attracting Companies In Cyprus

Cyprus government is implementing a new strategy for attracting companies to operate or expand their activities in the country as from January 2022.

President Anastasiades announced the new strategy stressing that its implementation will assist in adding value to the economy, create new job opportunities and connect education or training with the labor market.
The Minister of Finance Constantinos Petrides believes that this is a very competive program and added that the new strategy will offer tax incentives. Many European countries are already having their own similar programs.
An established Business Facilitation Unit will function as the point of contact for all companies of international interest, either operating in Cyprus or planning to operate in the country, as well as Cyprus businesses such as shipping companies, high-tech or innovation companies, Cypriot pharmaceutical companies or Cypriot companies operating in biogenetics and biotechnology fields.
The program will facilitate working permits for high skilled third countries employees.
The so-called Digital Nomad Visa will also be granted for people who wish to live in Cyprus but work in companies operating abroad. Third-country nationals who work remotely for employers outside Cyprus will benefit from the program too.
Tax incentives are related to income tax and not corporate tax. There is no European framework for income tax.