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The Cyprus Chamber of Commerce and Industry (KEBE) is calling for key revisions and broader strategic planning in the government’s “Minds in Cyprus” tax bill, aimed at attracting talent from the Cypriot diaspora.
In its official submission during the consultation process, KEBE recommends two central amendments: reducing the required period of non-residency from seven to five years, and removing the mandatory recognition of academic degrees by KY.S.A.T.S., the national body for higher education accreditation. Instead, it proposes using internationally accepted directories like UNESCO or Times Higher Education, or implementing a fast-track “whitelist” of global universities.
KEBE argues that the current KY.S.A.T.S. requirement is outdated and may deter highly qualified professionals with degrees from top institutions such as Harvard or Oxford. The chamber emphasizes that degree recognition should only apply when legally required for regulated professions.
Beyond these legislative adjustments, KEBE stresses that tax breaks alone are insufficient. Drawing on a small-scale study and media feedback, the chamber outlines a comprehensive framework to reverse the brain drain, including infrastructure investment, creation of R&D positions, employer hiring incentives, and targeted support for returning families.
The proposal urges the government to adopt a national strategy aligned with Cyprus’s innovation goals. KEBE advocates for gradual reintegration through project-based work, improved digital infrastructure, and data-driven evaluation of past returnees’ experiences.
"Repatriation must be treated as an investment with measurable return," KEBE stated, urging policymakers to address systemic challenges and create meaningful, stable opportunities for diaspora professionals.
The chamber’s recommendations aim to ensure that the “Minds in Cyprus” initiative becomes a cornerstone of sustainable brain gain, not just a temporary tax incentive.
