The Council of Ministers has revised the strategy aimed at attracting foreign businesses to Cyprus, Finance Minister Makis Keravnos announced. The revised strategy aims to further expand the presence of these businesses in Cyprus, emphasizing their role in creating new jobs, attracting know-how, and significantly increasing the value of the Cypriot economy.
“Recognizing the importance of this strategy, we have carefully reviewed it to increase its effectiveness,” the Finance Minister said, noting that the government has introduced a number of new measures.
For example, the validity of residence permits for employees of these companies should be revised when certain conditions change. The implementation of the Blue Card Directive, which simplifies the entry and residence requirements for third-country nationals, has also been included in the plan.
The issuance of entry visas for business travelers (visa card business) will be encouraged, which will allow the government to better meet the educational needs of children of foreign workers in Cyprus. Another important aspect of the strategy will be to address the housing problems faced by foreign companies. New housing incentives, such as the Build-to-Rent scheme, will be introduced and some urban development initiatives will be revised.
The Finance Minister expressed optimism that these measures will help make Cyprus an even more attractive destination for foreign businesses and investors.
He also announced the creation of the National Development Agency, which is expected to boost Cypriot startups and the business ecosystem. This agency, together with the Cyprus Direct Investment Fund, will try to close the financing gap for small and medium-sized enterprises and startups. The fund will have a capital of €37.5 million, of which the state will contribute €30 million, and will start operating in the first quarter of 2024.
The new measures are expected to:
- Make it easier for foreign businesses to set up and operate in Cyprus
- Attract more foreign investment to Cyprus
- Create new jobs in Cyprus
- Boost the Cypriot economy
The National Development Agency is expected to:
- Provide support to Cypriot startups
- Help Cypriot businesses grow and expand
- Promote innovation in Cyprus
The creation of the National Development Agency is a positive step for Cyprus. It shows that the government is committed to supporting the growth of the Cypriot economy and creating a more attractive environment for foreign businesses.
