Relocation of Highly Skilled Employees in Cyprus: an update in Numbers
According to Invest Cyprus, the national agency to attract foreign investment, since the commencement of the war in Ukraine nearly 9000 highly skilled Ukrainians were granted residence and work permits, and employed by high-tech companies either relocating to Cyprus or establishing a base in Cyprus.
As reported by news site Philenews, Invest Cyprus’ CEO, Marios Tannousis, stated that “in 2022, the total number of foreigners, including family members of those, obtaining a residence permit through the Business Facilitation Unit reached 24,000. In addition to the arrivals of Ukrainians, Russians and Belarusians, whose arrival in Cyprus is related to the war in Ukraine, a significant number of workers from Israel and Lebanon, a neighbouring country that has been troubled in recent years by the deep political, economic crisis made their way to the island.”
In 2022, 1640 companies received approval for registration in the Register of Foreign Interest Companies, which are active mainly in the fields of professional and financial services, energy and IT and communications.
Our firm possesses significant experience and has advised various Foreign Interest Companies in their registration, relocation and assistance with the granting of Cyprus permits for their employees.
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