New measures to attract foreign investment and enhance business activity in Cyprus

The Ministry of Finance has announced new measures designed to attract foreign investment and enhance business activity in Cyprus.

Commencing in Q1 of 2022, new policies will be implemented facilitating: (1) Employment of third-country nationals who are employed by foreign interest companies/businesses, as well as for Cyprus companies who add value to the Cyprus economy; (2) Employment of third-country nationals with either a minimum gross monthly salary of €2,500, or a maximum gross monthly salary of €2,500; (3) Family re-unification rights of third-country nationals belonging to the Business Facilitation Unit; (4) Simplifying and fast-tracking the process of granting work permits; (5) Digital Nomad Visas; (6) Tax incentives for employees; (7) Other tax incentives; and (9) Citizenship.

See our detailed update here.