NICOSIA, Cyprus, Feb. 4, 2021 /PRNewsCentre/ — Cyprus is offering an enticing deal for tech companies and ICT specialists to put down roots in the island. Named as the most improved country in the IMD World Competitiveness Centre 2020 report, the country has made unprecedented moves to secure its future as both an established international business centre and an emerging tech hub.
Through the new Immigration Framework initiative, companies are entitled to employ up to 15 third country nationals as directors and middle management executives and any number of qualified third country nationals, who possess wanted ICT skills. New incentives cover many ICT specialists, including software and system engineers; ICT and enterprise solution architects; machine learning engineers; web developers and designers; cyber security specialists and AI, robotics and big data specialists.
The initiative complements existing national strategies to integrate innovative tech that include generous fiscal incentives to attract IT start-ups and regional headquarters and is being spearheaded by Invest Cyprus, the national investment promotion agency. The authority acts as the first point of contact for all foreign investors and international companies looking to relocate or expand their business to Cyprus.
George Campanellas, Chief Executive of Invest Cyprus, said that the impact of the coronavirus meant many tech companies were choosing to move to more cost efficient and less crowded countries that offered a better lifestyle alongside strong telecommunication and digital infrastructures.
"The world is changing and with Europe fast becoming a tech haven for talent and companies, Cyprus provides a very safe and attractive destination for tech firms and non-EU investors," he said.
"We are now taking enquiries from tech companies on a daily basis. We have visited California and other tech hubs in the US, and cities in Israel, Ireland and Eastern Europe countries and we can see that Cyprus is well positioned to become among the top European destinations for setting up regional headquarters and development centres."
Effectively, the new Immigration Framework to support tech companies moving to Cyprus means there are no restrictions on the maximum duration of stay of third country nationals and employees with residence and employment permits have direct access to family reunification with their spouse and minor children, provided that the necessary conditions of the relevant legislations are met.
Cyprus’s geographic location makes it easily accessible to Europe, the Middle East, North Africa, and North America, and its low corporate tax rate has already attracted several major international ICT companies. These include NCR, a world leader in consumer transaction solutions that picked Cyprus as the preferred location to host its MENA operations; Amdocs, a leading multinational software and services provider; Wargaming, a world-renowned video game developer; and Viber, the popular online communications platform.
Full details on the new initiatives package can be found on the Invest Cyprus website at www.investcyprus.org.cy.
About Invest Cyprus
Invest Cyprus (Cyprus Investment Promotion Agency) is the national investment authority of Cyprus dedicated to attracting and facilitating foreign direct investment into the country.
SOURCE: Invest Cyprus