Cyprus: A Growing Tech Hub in accordance with Official Data
Cyprus is emerging as a regional tech powerhouse, with the sector now contributing over €8 billion to the economy, according to the recent study by KPMG Cyprus.
As a consequence, thousands of foreign professionals have relocated to the island, drawn by government initiatives like the establishment of the Business Facilitation Unit, the digital nomad visa program, and work permits issued to third-country nationals employed by Companies of Foreign Interests.
Between January 2023 and August 2024, over 48,000 residence permits were issued, nearly 21,000 to tech employees.
According to the data released by the Minister of Interior, Constantinos Ioannou, during a parliamentary session, in 2023, 12,239 employees were registered with foreign interest companies, while between January and 26 August 2024, the figure reached 8,758. Residence permits granted to family members under reunification totalled 15,864 in 2023 and 9,189 in 2024. Additionally, 1,559 dependents were recorded as visitors in 2023, compared to 603 in 2024. Altogether, 48,212 individuals, including employees and their families, received residence permits during this period.
This influx is also driving demand for legal services in immigration, corporate structuring, and compliance, which we have experienced firsthand through assisting our clients with the establishment of Companies of Foreign Interests, relocation, work permit applications for their employees, and employment law matters.
Our firm has significant expertise and experience in assisting with the relocation of tech companies in Cyprus. This can be evidenced by our successful track record and, of course, by our happy clients. Our services include, but are not limited to;
- Incorporating a Cyprus company of foreign interests,
- Applying for permits for a Foreign Interests Company with the Cypriot Business Facilitation Unit (BFU),
- Registration of a Foreign Interests Company with the Cyprus Migration Department,
- Assistance with the employment and/or relocation of foreign employees and their applications with the Civil Registry and Migration Department,
- Assistance with the family reunification of employees of a Company of Foreign Interests, and
- Assistance with EU Blue Card applications.
Inquiries are welcome; please contact us via email at info@zambartaslegal.com or via telephone at +357 22262108.