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Incentives on offer for businesses relocating to old Nicosia

A total of €700,000 in government incentives is being offered to businesses to start operations in or relocate their activities to Nicosia within the walls, the municipality has said.

The incentives are being offered under the interior ministry’s 2017-2020 scheme to rejuvenate Green Line areas with a maximum grant of €40,000 per business.

The scheme aims to:

  • Attract to Green Line areas new businesses with predetermined activities
  • Encourage existing businesses to move to areas covered by the scheme with the aim of upgrading neighbourhoods bordering on the Green Line.
  • Encourage businesses already operating in areas covered by the scheme to expand their premises

Beneficiaries are businesses irrespective of size, individuals (Cypriot citizens and EU nationals) and legal entities – companies, associations and foundations that are majority owned or controlled by Cypriot or EU citizens.

The scheme covers the following streets: Nicocleous, Phaneromenis, Mouson, Evripidou, Andreas Louka, Maria Synklitikis, Lefkonos, Asklipiou, Tryfonos, Ypsilanti, Christofide, Aischilou, Aristophanous, Trikoupi, Dionysiou, Alkiviadous, Lidinis, Municipality Square, Diogenous, Attalias, Soutsou, Tylirias, Piraieos, Isakiou Comninou, Eptanisou, Palias Electrikis, Tempon, Manis, Tritonos, Tethlasmenis, Pendadaktylou, Ermou, Ektoros and Ammochostou.

The subsidy is for 75 per cent of the budgeted expenditure for work on existing or new buildings with a maximum grant of €40,000 per business.

Applications must be submitted by November 30 to Nicosia Municipality. More information on the website of the municipality on www.nicosia.org.cy.

 

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