The Government of Cyprus has developed “CYPRUS VISION 2035”, a long -term strategy for sustainable growth for the Island. Its main objective is to transform Cyprus to be one of the world’s best countries to live, work and do business in. This will be achieved by becoming a dynamic and competitive economy, driven by research, scientific excellence, innovation, technological development and entrepreneurship, and a regional hub in these fundamental areas. Vision 2035 builds on and enhances Cyprus’ comparative advantages towards becoming a sustainable regional business hub, a leader in sustainability and a high-tech capital in Europe.

Developing the Technology and Innovation Ecosystem is central in the Cyprus Government’s objectives and has thus introduced a new strategy for attracting foreign companies and skilled talent to Cyprus. The strategy mainly focuses on high technology, shipping, pharmaceutical, innovation, and research and development companies. This strategy included a series of new incentives concerning residency, taxation, and employment, through a fast, simple, and streamlined procedure.

Cyprus has always been an attractive jurisdiction for international Groups that wanted to establish an alternative base. Over the past few years, we are witnessing a strategic shift, with numerous companies enhancing their presence in Cyprus, creating strong substance with staff and local operations. The new set ups cover a wide range of corporations, from startups to international conglomerates, in a number of sectors such as ICT, shipping, investing and financial services, funds etc