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President conveyes to foreign investors his vision

05/11/2021 14:07

President of Cyprus Nicos Anastasiades conveyed to foreign investors the vision of the Government to establish the country as a prosperous, reliable and competitive business hub, keen on providing the conditions under which any investor can thrive, addressing the roundtable discussion for attracting business and talent to Cyprus.

Referring to the new strategy of Cyprus to attract foreign companies in Cyprus, he said that emphasis was placed on the fields related to, amongst others, High Technology, Shipping, Innovation, Research and Development, without, excluding any companies or businesses that choose Cyprus as the country of their operations.

“The implementation of the Strategy and the establishment and operation of international companies in Cyprus will offer high and sustainable added value to the economy, through the creation of new jobs and increased demand for domestic services, but will also help redefine the country`s development model”, he said.

At the same time, he stressed, it was expected to positively reinforce an emerging and highly performing sector of the economy, that of University Education, as it will gradually lead to the alignment of education and training with the demands of the economy and the labour market.

The President said that in recent years, several international companies of high added value have chosen Cyprus as their country of operations, residence and employment, appreciating the comparative advantages Cyprus has to offer, such as its talented human resources, its geographical location and the easy access to the European, Middle Eastern and African markets, its strong European legal framework and its transparent tax regime and the various support services it offers.

He pointed out that according to the latest report of the Institute for Management Development for the World Competitiveness Centre 2020, Cyprus’ ability to attract and facilitate foreign direct investment and the adaptability of its policies, have yielded remarkable results. Particularly, Cyprus has been named the most improved country, climbing eleven spots and ranking 30th globally.

“The above results clearly show that over the years, Cyprus has evolved into a key destination for international business and investment in the region, with significant potential to become a world-class hub” he said. 

Referring to the new Strategy which will enter into force on January 1st, 2022, he said that the incentives include, inter alia the transformation of the existing Fast Track Business Activation Mechanism into a Business Facilitation Unit, the revision, broadening and simplification of the employment policy of third country highly skilled nationals and the simplification and speeding up of the process for granting Long Term Resident Status.

At the same time the incentives include, as he said, the introduction of Digital Nomad Visa for third-country nationals that are self – employed or salaried employees and work remotely, new tax incentives to existing or new non domicile employees, as well as investments in research and innovation companies and the right to apply for naturalization after five years of residence and work in the Republic, instead of seven that is valid today.