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Cyprus opens its doors to skilled labor

Cyprus opens its doors to skilled labor

Nicosia’s policy of granting tax incentives to foreign technology companies is yielding results, Cyprus’ Investment Promotion Agency (Invest Cyprus) Chairman Evgenios Evgeniou said last week, stressing that 7,000 work permits have been approved this year for highly skilled individuals who chose to work in Cyprus.

“Indicatively, in 2022 the number of work permits granted to highly skilled individuals for companies approved by the Ministry of Research and Digital Policy and passed through the unilateral department of the Ministry of Commerce stands at around 7,000,” Evgeniou told a press conference held by Invest Cyprus.

He said these people are already in Cyprus (or in the process of doing so), they live, work and get paid there, consume there, send their children to schools there and contribute to the Cypriot economy.

He stressed, however, that the most important thing is that this ecosystem – when it grows further and reaches a critical size – will begin to connect more effectively with the local labor market. “That is to say, the transfer of knowledge from these people to Cypriot workers will begin to be linked to our educational institutions, our universities, our schools,” he added.