New incentive scheme to be launched to attract high tech companies to Cyprus
Cyprus Government presented recently a new proposal for the attraction of businesses and digital nomads, placing an emphasis on domains related to High-tech, Research & Development and Shipping.
The establishment of this proposal has an attempt to make Cyprus an attractive investment destination in the wider region and Europe and is expected to come into force as from January 2022.
In general the suggested main pillars of the new proposal are as follows:
Employment of Non-EU Nationals:
Employment of Non-EU Nationals with a General Minimum salary of €2.500 for highly skilled employees, while a university degree or at least 2 years experience are required. The work permits will be issued within one month and will last up to 3 years. The maximum work permits for Non-EU Nationals per Company is 70% for a 5-year period. The Companies will need to be able to employ Non-EU Nationals as supporting staff with salaries below €2.500 (Maximum 30% of the total supporting staff of the entity).
Employment of family members:
Non-EU employee's spouses, who are employed in a Company operating under the provisions of the Business Facilitation Unit (excluding the supporting staff category) will also have immediate and free access to Cyprus labour market.
Digital Nomad Visa:
A new type of permit the so-called Digital Nomad Visa will be introduced for those who wish to live in Cyprus but work remotely for companies operating abroad. This Digital Nomad Visa will have a maximum quota of 100 applications. The visa will be granted for the period of 1 year with the right to renew it for another 2 years. The digital nomads' minimum threshold of funds coming from abroad (salary, bank statements, etc.) is €3.500, plus an additional 20% for the spouse and 15% for any minor.
Naturalization of Non-EU Nationals employed in Cyprus:
According to the new proposal, non-EU Nationals who are employed in Cyprus, will be able to apply for citizenship after 5 years of residency instead of 7. For those who have a very good knowledge of the Greek language with a proof of certification, will be able to apply for citizenship after 4 years.
Simplification of the process for obtaining Permanent Residency
The actual proposal provides a simple process for obtaining Immigration Permits and Long-Term residency permits. Relevant Regulations of the Aliens and Migration Law will be amended in order to speed up the process of the applications.
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