Strategically located in the eastern Mediterranean, Cyprus has been a robust investment hub throughout the years, an infallible European partner providing targeting, innovative business solutions and an enthralling destination for relocating international corporate headquarters. A significant increase, more than 50 % of worldwide business mobility to the island has been observed during 2022 as the total number of jobs surges to almost 80%. This refers to highly specialized corporations operating in various sectors aimed to provide top quality products and services by exploiting new technological advancements.
In an effort to continue and cement financial cooperation and investment opportunities, the government has recently adopted a series of initiatives for facilitating strategic developments in the Republic of Cyprus.
For instance, the Council of Ministers has announced the following investment scheme:
- Investments to the amount of 20 million euros of which at least 75% must originate from primary funds.
- The creation of at least 80 permanent jobs of any type or 50 new jobs with an annual salary in the Republic of Cyprus of more than 1.5 million euros and
- Investments in capital and creation of new jobs as follows:
Investment of 15 million euros of which at least 75% must come from primary funds and the creation of 30 new permanent jobs.
- Anchor Company Investment, for example, a well-known multinational of international reputation company, which will develop business activity in Cyprus and is registered in relevant international lists FORBES 2000, NASDAQ500, FTSE 350.
Furthermore, the Council of Ministers has promoted main reforms simplifying the licensing process and restraining the bureaucracy for these strategic investments. A short illustration of these measures is indicated as follows:
a) Creation of a Strategic Developments Sector in the Department of Urban Planning and Housing of the Ministry of the Interior, under which the Project Management and Licensing Department will operate.
b) Creation of a statutory mechanism that will determine an investment as a strategic one for the Cypriot Economy according to objective criteria outlined in the Law and Regulations.
c) Creation of a Project Manager service to evaluate each strategic development and be the point of reference and contact of the applicant with the licensing authorities.
d) Issuance of urban planning and building permit by the Strategic Developments Sector, within a maximum period of one year.
e) Prior fixing of binding timetables for the issuance of all permits required for the implementation of a strategic development project. The competent services will be bound in this regard through the conclusion of a Memorandum between the Ministry of Interior and the co-competent Ministries.
To this end, Eurofast is fully armed with highly competent and dedicated professionals to furnish its clients with the best tailored strategic investment-oriented solutions and guide them through all the licensing process.
For further information or assistance, please contact our Legal department at our Eurofast office in Nicosia, Cyprus at nicosia@eurofast.eu