Nikos Nouris, Minister of the Interior of Cyprus, in his speech at the eighth Best Legal conference in Limassol, shared the results of the implementation of a fundamentally new strategy for attracting business for the state. Thus, according to the minister, thanks to the introduction of new rules for relocating entrepreneurs and companies, more and more representatives of international business are planning or are already engaged in moving their headquarters to the island.
The updated procedure for the prompt launch of a business attracts foreign companies
In 2020, for the first time in Cyprus, the so-called business start-up mechanism was introduced. In 2021 already, within the framework of the program for obtaining a residence permit for foreigners who came to work or engage in entrepreneurial activities on the island, built around the mentioned mechanism, 5475 applications were accepted and processed. In August 2022, under the same program, applications for obtaining a residence permit in Cyprus were already submitted for 7883 employees of international companies - and it is not the end of the year yet.
In 2022, the program has changed slightly. Now, a department especially organized for this purpose, formed on the basis of the Ministry of Energy, Trade and Industry of Cyprus, is engaged in receiving and processing applications. A separate department had to be created due to the increased flow of incoming applications.
Along with the introduction of new rules for relocation, the country has also somewhat revised its migration policy for representatives of international business. Through the review, the direct movement to Cyprus of employees who are located and are citizens of countries outside the European Union will become easier. In addition, there will be employment opportunities for the relatives of displaced employees. In 2021 alone, representatives of the relevant ministries and departments received more than 4,000 applications for TRP from relatives of people who already have a temporary residence permit working in Cyprus. As of August 2022, more than 4.5 thousand such applications have been submitted.
Under the new rules, valid until 2026, international companies registered in Cyprus will have the right to hire any number of qualified employees from among citizens of countries outside the EU. Obtaining any additional permissions for this will not be necessary, only registration with the department dealing with these issues.