articles | 04 November 2021 | ServPRO

Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24

On 15 October 2021, the Minister of Finance of the Republic of Cyprus, Mr. Konstantinos Petridis, has given a Press Conference which marked the launch of the Action Plan for Attracting Companies to Operate and Expand their Activities in Cyprus.

This Action Plan marks a notable development of the promotion of Cyprus as an international business centre and comprises of the following:

1. Business Facilitation Unit for active and prospective companies interested in conducting business activities in Cyprus

2. Employment of 3rd country nationals to simplify the procedure for employing third country nationals in eligible companies

3. Family members of 3rd country nationals to have free and direct access to the employment market

4. Work permit procedure simplification to expedite the process for granting work permits under Category E

5. Social insurance benefits through the increasing number of bilateral agreements between the Republic of Cyprus and third countries

6. Digital Nomad Visa (100 beneficiaries) for people residing in Cyprus and being employed abroad

7. Tax incentives and exemptions for investments in innovative businesses, for employees in Cyprus, and for R&D

8. Cypriot citizenship by naturalisation applications to be examined in priority after 7 years or residing and employed in Cyprus

9. Peripheral actions supplementary to the Action Plan for start-ups, innovation and high-tech companies, corporate spin-offs, campaigns for qualified workforce abroad, license issuing for strategic investments, branding, marketing and communication aspects, judicial reform actions, modernising the corporate legal framework, and upgrading the ICT and broadband connection infrastructure

10. HR and workforce improvements starting from universities in cooperation with the labour market, refined school programs to promote positive sciences, and enhance the skills and competences of employees

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