A New Plan To Attract Skilled Workforce, Innovation, Investors And Companies

The Cyprus government presented recently, this October, a new strategy to attract employees and companies in the country, giving an emphasis on high-tech, research, innovation, shipping, and pharmaceutical companies. The implementation of the strategy is anticipated to start in January 2022, giving enough time for the interested individuals and companies to prepare.

The new proposals take into consideration best practices from other European countries and aim to establish Cyprus as a Sustainable Business and Trade center of the broader Middle Eastern region and Europe.

In general, the proposals suggest, amongst others, the following:

Business Facilitation Unit

The evolution of the Business Facilitation Unit with more Responsibilities such as company and company name registrations, registration in the Social Insurance register, the VAT, and income tax registers. The unit will also provide guidance for licensing facilities/offices and operating in Cyprus and