Action Plan For Attracting Foreign Companies

In October 2021, the Cypriot Minister of Finance, Mr. Konstantinos Petrides, introduced an action plan for attracting foreign companies to operate or enlarge their business in Cyprus (the "Action Plan"), with the aim of making Cyprus a sustainable business hub.

The core provisions of the Action Plan are summarily mentioned below:

1. Business Facilitation Unit

The current fast track business activation mechanism will be transformed into a business facilitation unit. This unit will be operating as the main contact for all corporate entities of international interest, being the corporate entities which are functioning within Cyprus or desiring to operate in the island, as well as the Cyprus corporate entities which operate in particular areas of economic activity such as shipping companies, hightech/innovation companies, pharmaceutical companies and companies operating in the fields of biogenetics and biotechnology (the "Companies of International Interest").