On the 15th of October 2021, the Minister of Finance, Mr. Constantinos Petrides, on behalf of the Republic of Cyprus, unveiled the Action Plan and Strategy aimed at attracting companies to establish and expand their operations in Cyprus.
The plan offers a range of incentives, including streamlined residency and employment processes, favourable taxation, and the simplification and digitisation of procedures, all designed to position Cyprus as a prime investment destination.
This comprehensive strategy consists of twelve (12) targeted actions across five (5) key pillars, incorporating best practices from other European countries. The aim is to make Cyprus a sustainable business and trade hub both in Europe and globally.
Special emphasis is placed on sectors such as Emerging Technologies, Shipping, Innovation, Research and Development, Biogenetics, and Biotechnology, while remaining open to companies from all industries that choose Cyprus as the base for their global operations.
The Action Plan will officially come into effect on the 1st of January 2022. For more details, please click here.
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