The Ministry of Finance has announced new measures designed to attract foreign investment and enhance business activity in Cyprus.

Commencing in Q1 of 2022, new policies will be implemented facilitating: (1) Employment of third-country nationals who are employed by foreign interest companies/businesses, as well as for Cyprus companies who add value to the Cyprus economy; (2) Employment of third-country nationals with either a minimum gross monthly salary of €2,500, or a maximum gross monthly salary of €2,500; (3) Family re-unification rights of third-country nationals belonging to the Business Facilitation Unit; (4) Simplifying and fast-tracking the process of granting work permits; (5) Digital Nomad Visas; (6) Tax incentives for employees; (7) Other tax incentives; and (9) Citizenship.

See our detailed update here.