Ukraine businesses express interest in moving HQs to Cyprus

A number of Ukraine-based companies have expressed an interest in headquartering their business in Cyprus, according to the Employers and Industrialists Federation (Oev).

Speaking to news outlet Stockwatch, Oev’s Michalis Antoniou said they have been queried by companies operating “in the broader war zone” as to the possibility of a fast-track transfer of their headquarters to the island.

Most of these businesses belong to Ukrainian interests, he said, while others are Belarusian, and some Russian.

They are interested in either “a partial or whole relocation to Cyprus.”

Some of these entities already have a presence in Cyprus, while others do not.

“From the exploratory contacts that are ongoing, it turns out that it is of vital importance to quickly issue licences and enable the stay and employment of their staff in Cyprus, since most of these workers are nationals of the aforementioned countries,” Antoniou said.

Oev has asked the interior ministry to propose to the cabinet a fast-tracking of such requests, by temporarily bending the rules and perhaps issuing tourist visas for these individuals in the first place.

Once these people are allowed into Cyprus, and once public services in their respective countries function properly, they would be able to secure the necessary documentation for work and residency here.

But if red tape gets in the way, in terms of normal procedures for the employment here of non-EU nationals, these companies would lose interest in Cyprus and turn to other EU countries for headquartering.