Cyprus Business Engagement Action Plan
On October 15, 2021, the Government of Cyprus presented its Action Plan to attract companies to operate or expand their activities in Cyprus. The aim is to establish the island’s reputation as a world center for business and trade.
The new strategy is in line with the guidelines of the European Commission and the Recovery and Resilience Fund, and its implementation is aimed at creating added value for the economy, as well as revising the country’s development model.
The key points of the Action Plan are summarized below:
1. Converting the existing accelerated business activation mechanism into a business facilitation unit.
2. Revised policy for issuing temporary residence and work permits to third country nationals.
3. The right to employment for family members of third country nationals who are part of the employment policy of third countries.
5. Digital nomad visa
6. Tax incentives
The action plan comes into force on January 1, 2022, with the exception of clauses 6-7, which require legislative regulation. The challenge is for the relevant law to be submitted to parliament by the end of December and approved in the first quarter of 2022.
The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.