The Cypriot government on Tuesday approved a bill with tax incentives aimed at attracting talent and promoting headquartering in Cyprus, in line with the Strategy for Attracting Businesses for Activities and/or Expansion of their Activities in Cyprus approved by the Council of Ministers in October 2021.
Finance Minister Constantinos Petrides said the Ministry of Interior will table a bill granting visas and work permits to spouses of professionals relocating to Cyprus, as well as the operation of a One-Stop Shop.
“We are convinced that this program is one of the most competitive in the EU and already there is huge interest, particularly from high-tech companies which in recent years have selected Cyprus as the place to relocate their headquarters,” Petrides said, adding, “We are certain that this bill will further boost the development of this sector, which constitutes a strategic aim for the government.”
The draft law provides for the reduction of the minimum required salary from 100,000 to 55,000 euros per annum. For existing employees, it provides for a 50% tax break on remuneration from employment earning €55,000 p.a. exercised in Cyprus by an individual already in Cyprus.