Cyprus introduces a new plan to attract foreign companies to operate or expand their activities to the island.
The innovations will take effect on January 1, 2022.
Who will be able to participate in the new program:
- Foreign companies and organizations operating in the Republic of Cyprus, or foreign companies / organizations intending to operate in the Republic of Cyprus and having independent offices in Cyprus.
- Cyprus shipping companies.
- Cypriot high tech / innovative companies.
- Cypriot pharmaceutical companies or Cypriot biogenetics and biotechnology companies.
Briefly about what the main changes will affect:
Employment of third country nationals
The existing employment policy for third-country nationals will be revised, expanded and simplified. Employment of third-country nationals will be permitted provided that the number of foreign employees in the company does not exceed 30% of the total number of personnel.
Simplification and acceleration of the procedure for issuing work permits, pensions
Highly qualified third-country nationals will be issued work permits on an expedited basis.
Introductions Digital Nomad Visa
The beneficiaries will be third country nationals who are self-employed/freelancers or employees working remotely using ICT with employers / clients outside Cyprus.
Thanks to such a visa, third-country nationals will be able to stay in the country for up to one year with the right to renew for another two years.
Tax incentives
New highly qualified employees from third countries with a salary of 55,000 euros per year will be exempt from taxes at a rate of 50%.
Naturalization
According to the new plan, foreign employees will be able to apply for citizenship after 5 years of residence and work in Cyprus instead of the current 7. And those who pass the exam in Greek language perfectly will be able to get a passport after just 4 years of living and working in Cyprus.
