The Minister of Finance announced on February 7^th, 2024, the revision of the Strategy for attracting foreign businesses and talent to Cyprus.

The revised Strategy aims to increase the presence of foreign businesses and talent in Cyprus, create new job opportunities, bring expertise and boost the economy of Cyprus.

Aspects of the Revised Strategy

Some of the main aspects of the revised Strategy are:

1. The amendment of the requirements relevant to the registration of foreign interest companies in the Business Facilitation Unit’s Registry.
2. The implementation of the Blue Card Directive, which establishes the conditions of entry and residence of highly qualified non-EU nationals in EU Countries.
3. The issuance of entry visas to business travellers, for the purpose of conducting business activities, without having the right to work.
4. The adoption of measures to meet the educational needs of children of third-country nationals in Cyprus.

Other Initiatives Under the Revised Strategy

The Minister of Finance has further announced several other initiatives, including the establishment of the National Development Agency, which are expected to improve the business environment and support innovation and entrepreneurship.

Next Steps

Further guidance and announcements are expected during the first quarter of 2024.

Should you wish to find out more, contact our team at info@paraschou.com.cy.