More than 400 workers look to Cyprus for relocation

By George Pirishis

A large number of people based in Russia who work for companies registered in Cyprus have expressed an interest in moving to the island, non-profit organisation TechIsland has said.

With more than 137 member companies, TechIsland has 7,000 employees of various nationalities in nine different technology sectors.

In particular, according to market sources, employees who work remotely seem to be particularly concerned about the issue of security and are looking for ways to come to Cyprus.

However, due to the airline restrictions in place, the issue is to find ways for the employees to reach Cyprus.

A TechIsland source said the plan is to fly them to Armenia, obtain the required permits and then fly to Cyprus.

The same source said more than 400 people are expected to arrive in Cyprus in the coming days.

There are also reportedly requests to major audit companies in Cyprus, such as the Big 4, for the transfer of their work and employees to our country.

The Cyprus Employers and Industrialists Federation (Oev) in a recent letter to Interior Minister Nicos Nouris said it had received a number of inquiries from businesses operating in the wider war-torn region about the possibility of their urgent relocation to Cyprus.

Most of these companies are of Ukrainian interests, while some are of Belarusian or Russian interests and “the intentions are either total or partial relocation and come from entities” that already have a presence in our country and others that do not yet have activities in Cyprus. According to information, the ministry is not negative towards these requests.

Moreover, a source in the services sector indicated there was an interest from Ukrainian companies since last January to transfer their headquarters or part of their operations to Cyprus.

The same person suggested that the aim is to build a sustainable model of attracting companies to Cyprus and not something opportunistic.

“I can state that Cyprus has now become a very important alternative destination for foreign companies that want to move either their headquarters to Cyprus or part of their operations,” he concluded.