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Invest Cyprus satisfied with ‘highly constructive’ investor meeting in Nicosia

Investors and other business leaders at the Presidential Palace in Nicosia
Investors and other business leaders at the Presidential Palace in Nicosia

National investment promotion agency Invest Cyprus on Friday expressed satisfaction with the meeting held on February 8 at the Presidential Palace, which aimed to provide support to foreign investors in Cyprus, describing it as “highly constructive”.

The meeting, attended by president Nikos Christodoulides, as well as several government ministers, showcased the commitment of the government to address the needs and challenges faced by over 100 foreign investors operating in Cyprus.

The agency noted that this gathering marked the second in a series, offering a platform for fruitful discussions between the president, ministers, and foreign investors on the island.

During the meeting, the president and ministers outlined the government’s initiatives aimed at facilitating the activities and residence of foreign investors in Cyprus.

Central to the discussion was the progress in implementing the Investment and Talent Attraction Strategy launched in 2022.

Additionally, new measures were presented, receiving approval from the Cabinet on February 7, 2024.

“The event provided a valuable opportunity to identify further needs and challenges faced by investors in relocating their business headquarters to Cyprus and engaging in business activities within the country,” the agency said.

Eugenios Evgeniou, president of Invest Cyprus, said that the meeting was “highly constructive, emphasising that it allowed foreign investors to directly learn about the initiatives undertaken by Cyprus to enhance the business climate and support their activities in the country from the President and Ministers themselves”.

Evgeniou also reiterated Invest Cyprus’ commitment to standing by foreign investors, advocating for their concerns, and ensuring their satisfaction with their presence in Cyprus.

On their part, investors expressed their satisfaction with the government’s assistance in addressing various issues.

The agency also noted that the investors conveyed their gratitude to Invest Cyprus for its practical support and contribution to resolving their challenges.

 

President Christodoulides

During the meeting, President Christodoulides, addressing the investors, stated that the goal is to make Cyprus one of the most attractive destinations for living and conducting business.

He highlighted that the modification of the strategy was primarily based on the needs of the investment community, as identified during a roundtable discussion held last summer.

President Christodoulides assured investors that the government would maintain a continuous dialogue with them, aiming to position Cyprus as one of the most appealing destinations for living, working, and engaging in business activities.

president nikos christodoulides 2
President Nikos Christodoulides

Government ministers

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

The highlighted actions included the new Housing Policy and the Built to Rent plan, and the option for electronic submission of applications for licensing Renewable Energy Sources projects, the implementation of the Strategic Investments Law.

They also provided an update on the progress made in terms of adopting the Blue Card, affecting third country nations, as well as the amendment of the school enrollment age regulation.

“These measures aim to ensure the smooth continuation of education for foreign workers’ children in the country,” the agency said.

 

Minister of Finance

Speaking at the event, Minister of Finance, Makis Keravnos, stated that the government has revised the strategy for attracting foreign companies and talents “to improve its efficiency and address key issues affecting foreign companies and their employees”.

Describing the changes in the strategy, Keravnos mentioned that the government is amending rules to allow companies to remain on the Business Facilitation Unit’s registry even if they no longer meet certain eligibility criteria. This move aims to facilitate business activity.

Additionally, Keravnos also introduced the Blue Card, which regulates the entry and residence conditions for highly skilled third-country nationals across all EU countries.

Furthermore, Keravnos mentioned the issuance of a type C entry visa with a business designation, allowing foreign visitors to enter Cyprus for business purposes without the right to work.

He also highlighted adjustments made for children of third-country national employees to continue their studies in Cyprus based on their education level and age.

The government has also adopted measures to ease the licensing process for establishing private schools to meet the needs of foreign workers’ children in Cyprus.

Keravnos also spoke on the modification of existing regulations to allow state land to be used for educational institutions.

Describing the results of the strategy to date, Keravnos mentioned that over 1,984 companies have registered with the Business Facilitation Unit, employing more than 19,000 specialised employees.

Additionally, more than 13,250 family reunification licenses have been granted, and Cyprus has achieved the maximum number of 500 permits for digital nomads.

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