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