29.10.2022
The government’s strategy to attract foreign talent and digital nomads is considered a success.
This week, the Department of Vital Registration and Migration reported that since the government’s strategy to attract businesses and talent went into effect in January this year, it has received 9,090 relocation applications from international companies, with 97% of those applications processed.
In addition, the agency noted significant interest in the government digital nomad visa, exceeding initial expectations.
As a result, the government changed its original plan to issue a maximum of 100 such visas, instead increasing the number to 500 visas.
As explained earlier, the digital nomad visa is valid for one year, however, holders can extend it for another two years.
“Our intention is to make Cyprus a successful, reliable and competitive destination, ready to provide an environment in which any investor can thrive,” Interior Minister Nikos Nouris said during his speech at an event hosted by the Cyprus Chamber of Commerce and Industry in Paphos.
The event looked at Cyprus’ business relationship with China and future investment opportunities, how business attraction schemes relate to immigration and residency regulations, and how the countries can further strengthen their business cooperation.
In his greeting, which was read by the prefect of Paphos, Mary Lambrou, Nouris spoke about the development of Chinese Cypriot relations, noting that Nicosia is committed to continuing this positive momentum.
In addition, Nouris said the Home Office has decided to broaden the scope of the fast-track planning permit process to include larger, more complex projects in order to facilitate and expedite investment.
Speaking at the event, Director of the Department of Civil Registry and Migration, Maria Adamidou, said the new strategy has resulted in “an impressive increase in interest from foreign companies to relocate to Cyprus”.
Moreover, Adamidou said that the increased interest from businesses wishing to relocate or expand their activities to Cyprus is evident when comparing the number of applications for residence permits and work permits from foreign companies submitted to the department over the past two years.
“The number of applications submitted has more than doubled in the first nine months since the adoption of the new strategy,” Adamidou said.
“In more detail, in 2021, 5,475 applications were submitted, and from January 2022, when the new business attractiveness strategy came into force, until the end of September 2022, our department has already received 9,090 applications, of which 97% have already been processed. ” she added. She then stated that in addition to facilitating the employment of third-country nationals, the new strategy also encourages family reunification.
In 2021, she noted, there were 4,242 applications for family reunification permits, 204 of which were for spouses’ access to work. In the first 9 months of 2022, 4,653 family reunification applications were submitted, of which 291 related to spouses returning to work.
Adamidou then mentioned digital nomad visas, which are also part of the new strategy, stating that they were put forward at a difficult and critical period for Cyprus given the situation created by the Covid-19 pandemic.
“Third-country nationals who are already self-employed or working abroad and working remotely from Cyprus are eligible to apply for a ‘digital prefecture’ residence permit for up to one year, renewable for an additional period of two years , she explained, noting that digital nomads can also be accompanied by their family members who receive a guest residence permit in the Republic of Cyprus.
“Initially, the percentage for such permits was set at 100, but it has since increased to 500 due to the popularity of the project,” Adamidou added.
In addition, Adamidou said that in cooperation with the Ministry of Research, Innovation and Digital Policy, a plan for talented entrepreneurs from outside the EU, called the Cypriot Startup Visa, has been extended until May 31, 2024.
“The Government, the Ministry of the Interior and the Department of Civil Registry and Migration will continue to work tirelessly in collaboration with the social partners, public and private sectors to promote Cyprus as an ideal place to set up and develop a business,” said Adamidou.
“Our top priorities are to get rid of bureaucracy and implement fast and smooth processes,” she concluded.
