Nearly 2,000 companies registered in Cyprus through Business Facilitation Unit

Government spokesperson Konstantinos Letymbiotis on Friday stated that nearly 2,000 companies had registered with the Company Facilitation Unit since 2022, employing 19,000 skilled workers.

Letymbiotis, who was speaking at a press conference, added that 500 digital nomad visas were also granted.

The event, held by the Presidency in collaboration with the Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, and attended by over 100 investors, aimed to inform participants about government initiatives.

These initiatives were shaped by feedback received from a previous event in June. During the event, updates on the progress of the investment and talent attraction strategy implemented in 2022 were provided, along with new actions approved by the Cabinet this week, to strengthen the strategy further.

More specifically, Letymbiotis explained the strategy, detailing various actions aimed at strengthening the investment and talent attraction initiatives.

Firstly, the adoption and implementation of the Blue Card to facilitate the movement of workers within the European Union, with a focus on highly skilled employment. This measure aims to streamline labour mobility and attract top-tier professionals.

Secondly, the introduction of a new Housing Policy, notably the Built to Rent plan, alongside the revision of urban planning incentives. These efforts are geared towards increasing the construction and supply of housing units, addressing the growing demand for accommodation.

Thirdly, the implementation of the Law for the Facilitation of Strategic Investments is aimed at streamlining investment processes and fostering a conducive environment for strategic ventures.

Moreover, measures were outlined to ensure the smooth continuation of education for the children of investors and workers settling in Cyprus, emphasising the importance of maintaining educational standards for families relocating to the country.

Lastly, efforts were directed towards strengthening access to financing through the promotion of the creation of the National Development Agency and the establishment of the Cyprus Capital Financing Fund.

These initiatives aim to provide robust financial support mechanisms to facilitate investment endeavours and spur economic growth.

Letymbiotis underscored the importance of incorporating digitisation into the processes concerning company registrations and obtaining necessary permits for Renewable Energy Source (RES) projects.

The presentations were delivered by the Ministers of Finance, Interior, Energy, Trade and Industry, Labour and Social Insurance, and Education, Sports, and Youth. Additionally, the spokesperson highlighted that the gathering served as a platform to address and record additional requirements and obstacles encountered by investors, which will be taken into account by the government in its forthcoming policy debates.

Finally, it is noted that as part of the government’s policy to strengthen the country’s investment and business environment, the government will institutionalise this dialogue with foreign investors, as well as with Cypriot businesspeople, through the organisation of corresponding events.

“Attracting quality investments to our country is a priority for the government,” Letymbiotis said.

“The very positive performance of the Cypriot economy is supported by large investments but also creates a favourable environment for new quality investments,” he added.

“The goal remains that the great increase shown by the total contribution of investments in the last decade will continue,” he concluded.