Cyprus’ policy to provide incentives and tax breaks to high-tech companies are gaining traction, as 7,000 work permits have been granted to those with highly specialised skills.
Evgenios Evgeniou, President of the Investment Promotion Agency (Invest Cyprus), said Cyprus had enacted a series of tax breaks to attract high-tech firms.
“The number of work permits issued in 2022 to highly specialised staff for companies approved by the Deputy Ministry of Research and Digital Policy was processed through the Ministry of Commerce’s fast track service amounts to 7,000,” Evgeniou said.
He added: “These people live, work and get paid here, consume and send their children to schools, contributing to the Cypriot economy.”
Evgeniou highlighted the importance of this ecosystem to grow further and acquire a critical mass linked with the local labour market.
The ecosystem “will begin transferring knowledge through these people to Cypriots and connect with our schools and universities.”
“This is something we are building gradually, it is growing, and if we stay focused, I believe we will yield greater results in the future”.
He also pointed out that efforts to attract technology companies are yielding particularly positive results, recalling data by the FDI Intelligence, which show an impressive increase in software and information technology investments close to 600% in the first half of 2022, compared with the same period of 2019.