New strategy announced Cyprus to attract companies to establish operations in the country.
“…the new strategy offers further tax incentives and it corrects some distortions in labour issues and in the immigration regime.” Minister of Finance, Constantinos Petrides.
Key points for employment and immigration to Cyprus:
The new strategy will facilitate working permits for high skilled third countries employees, with a minimum gross monthly salary of €2,500, while a university degree, title, equivalent qualifications or certificates of relevant experience are also needed.
The maximum work permits for third-country nationals per company is set at 70% of all employees over a period of five years.
The spouses of third country national employee will also have access to the country’s labour market.
Digital Nomad Visa for people who wish to live in Cyprus but work in companies operating abroad.
Tax exemptions that apply to foreign high skilled employees in the Republic is extended for a period of 17 years.
Existing tax exemption is also being extended to cover new residents-employees with a yearly salary from employment of €55,000 or more with a tax exemption of 50%.
Existing employees have the opportunity to extend the benefit from 10 to 17 years. Beneficiaries are persons with income between €55,000- €100,000.
These tax incentives also apply to Cypriots who have lived abroad for at least ten years and wish to repatriate to the Republic.
The right to submit an application for naturalisation after five years of residence and work in the Republic or after four years if they have a recognised certificate of very good knowledge of the Greek language.
Also
to attract companies in the country, placing an emphasis on high-tech, research and innovation companies.
“The emphasis is on domains related to High Technology, Shipping, Innovation, Research and Development, Biogenetics and Biotechnology, without excluding any other companies that choose Cyprus as their place of business.” Cypriot President Nicos Anastasiades
Emerald Zebra - Tech & Finance, Cyprus for attraction, recruitment and retention of new employees.
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