Revision of the Strategic Plan Aimed at Attracting Foreign Businesses to Cyprus

On February 7, 2024, following the meeting of the Council of Ministers of Cyprus, the Minister of Finance Mr. Makis Keravnos announced that the Council of Ministers approved the revision of the strategy of attracting foreign companies.

According to the Ministry of Finance, the new actions that have been included in the strategy concern;

– The review of the validity period of the residence permits of these companies when certain conditions are changed

– The implementation of the blue card directive, which is related to the condition of entry and residence permits of third-country nationals,

– The issuance of entry visas for visitors with the purpose of travel (visa card business), and

– The provisions to facilitate the educational needs of the children of foreign workers in Cyprus.

What is also being promoted are the new build-to-rent housing incentives and the revision of some urban planning incentives aiming to deal with housing problems faced by foreign companies.

The Minister of Finance further announced the government’s intention to establish a National Development Agency, which, in conjunction with the Equity Fund, will seek to cover gaps observed in the financing of small and medium-sized and start-up businesses.

The relevant proposal to establish a National Development Agency is expected to be submitted within March for approval by the Council of Ministers.

Further announcements are expected to be made soon.

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