Government strategy to attract foreign talent and digital nomads viewed as a success
The Civil Registry and Migration Department this week said that it has received 9,090 applications for relocation from international companies since the government’s strategy for attracting businesses and talent came into force in January of this year, with 97 per cent of those applications having already been processed.
In addition, the department noted that there is considerable interest in the government’s digital nomad visa, surpassing initial expectations.
As a result, the government has altered its initial plan of issuing a maximum of 100 such visas, instead revising this number upwards to a cap of 500 visas.
As it has been previously explained, the digital nomad visa is applicable for a single year, however, holders can extend them for a further two years.
“Our intention is to establish Cyprus as a successful, reliable and competitive destination, ready to provide the conditions under which any investor can thrive,” Interior Minister Nicos Nouris said during his address at an event held by the Cyprus Chamber of Commerce and Industry (Keve) in Paphos.
The event examined Cyprus’ business relations with China and the possibility of future investments, how business attractiveness schemes pertain to immigration and residence regulations, as well as how the countries can further strengthen their business cooperation.
In his greeting, which was read by Paphos Prefect Mary Lambrou, Nouris spoke on the development of Cyprus-China relations, saying that Nicosia aspires to continue this positive dynamic.
Moreover, Nouris stated that the Interior Ministry has decided to expand the scope of the fast-track planning permission process to include larger and more complex developments in order to facilitate and speed up investment.
Speaking at the event, Civil Registry and Migration Department director Maria Adamidou, said that the new strategy has led to an “impressive increase in interest from foreign companies to relocate to Cyprus”.
Moreover, Adamidou said that the increased interest from businesses wishing to relocate or expand their activities to Cyprus becomes apparent when one compares the number of applications for residence and work permits from foreign companies submitted to the department over the past two years.
“The number of applications submitted has more than doubled in the first nine months since the adoption of the new strategy,” Adamidou said.
“In more detail, 5,475 applications were submitted in 2021, while from January 2022 when the new business attractiveness strategy came into force and until the end of September 2022, our department has already received 9090 applications, with 97 per cent already processed,” she added.
She then stated that in addition to facilitating the employment of third-country nationals, the new strategy also encourages family reunification.
In 2021, she noted, 4,242 applications for family reunification permits were submitted, 204 of which concerned spouses’ access to work.
During the first 9 months of 2022, 4,653 applications for family reunification were submitted, of which 291 related to spouses’ access to work.
Adamidou then referred to the digital nomad visas, which are also part of the new strategy, saying that they were put forth during a difficult and critical period for Cyprus, taking into account the situation created by the Covid-19 pandemic.
“Third-country nationals who are already self-employed or employed abroad and work remotely from Cyprus have the right to apply for a “digital prefecture” residence permit for up to one year, which can be renewed for an additional period of two years,” she explained, noting that digital nomads can also be accompanied by members of their family, who receive a visitor’s residence permit in the Republic of Cyprus.
“Initially, the percentage for such permits was set at 100, but it has since increased to 500, due to the popularity of the project,” Adamidou added.
Furthermore, Adamidou said that in collaboration with the Ministry of Research, Innovation and Digital Policy, the plan for talented entrepreneurs from outside the EU, referred to as the Cyprus Startup Visa, has been renewed until May 31, 2024.
“The Government, the Ministry of the Interior and the Civil Registry and Migration Department will continue to work tirelessly, in cooperation with social partners, the public and private sectors to promote Cyprus as an ideal destination for establishing and developing a business”, Adamidou said.
“Our main priorities are to set aside red tape and introduce fast and smooth processes,” she concluded.
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