Over the last few years, the Government of Cyprus has been implementing the “CYPRUS VISION 2035”, a long-term strategy for sustainable growth aimed at establishing Cyprus as one of the world’s best countries to live, work, and do business. This vision focuses on developing a dynamic and competitive economy driven by research, scientific excellence, innovation, technological development, and entrepreneurship, positioning Cyprus as a regional hub in these fundamental areas.

Developing the technology and innovation ecosystem is central to the Cyprus Government’s objectives, leading to the introduction of a new strategy for attracting foreign companies and skilled talent to Cyprus. This strategy primarily targets high technology, shipping, pharmaceutical and R&I companies. It includes a series of new incentives concerning residency, taxation, and employment, implemented through a fast, simple, and streamlined procedure.

Over the last few years, Cyprus has attracted hundreds of companies and thousands of highly skilled professionals operating in these sectors, with the ICT sector alone marking an average of 15% year-on-year growth.