President aims to make Cyprus top choice for living and business

President Nikos Christodoulides on Thursday presented the progress of implementing Cyprus’ Strategy for Attracting Investment and Talent, which has been in effect since 2022, along with the new actions designed to improve and upgrade its implementation.

The presentation took place during an event at the Presidential Palace in Nicosia, which was attended by foreign investors who have been active in Cyprus in recent years.

Addressing the investors at the event, president Christodoulides stated that the goal is to make Cyprus one of the most attractive destinations for both living and business.

According to a statement, the event was organised by the presidency in collaboration with the Cyprus Investment Promotion Agency, more commonly known as Invest Cyprus.

The event, which was attended by over 100 investors, sought to inform them about the recent initiatives undertaken by the government to improve the business and investment environment in Cyprus.

During the event, the progress of implementing the Strategy for Attracting Investment and Talent in Cyprus, in effect since 2022, was presented, along with its reinforcement through new actions approved by the Cabinet of Ministers on February 7, 2024.

Additionally, the event provided an opportunity to further record the needs and challenges faced by investors in relocating their business headquarters to Cyprus, as well as their activities in the country.

In his opening remarks, president Christodoulides said that the modification of the strategy was mainly based on the needs of the investment and business community, as recorded during a roundtable discussion held last summer.

What is more, he highlighted the importance of maintaining stable economic conditions as a prerequisite for attracting investments, noting that Cyprus’ ranking on the investment scale by all rating agencies is a vote of confidence in the government’s prudent policies.

Furthermore, president Christodoulides outlined the key actions that are part of the 2024 annual governance programme.

In addition, Christodoulides assured investors that the government would continue to engage in continuous dialogue with them, aiming to make Cyprus one of the most attractive destinations for living, working, and conducting business.

Presenting the actions taken by the government as a result of the dialogue with investors were the Ministers of Finance, Interior, Energy, Commerce, and Industry, Labour and Social Insurance, as well as Education, Culture, Sports, and Youth.

The actions mentioned during the presentation included, among others, the new housing policy and the Build-to-Rent scheme, the option for electronic submission of applications to secure licensing for renewable energy projects, and the implementation of the strategic investments Law.

Finally, other updates included the progress on the Blue Card adoption, which regulates the working permits of non-EU nationals, as well as the amendment of the regulation on the age of children’s enrollment in schools, which seeks to ensure the smooth continuation of their education once they arrive to Cyprus.