The policy of granting tax incentives to foreign technology companies is yielding results, Invest Cyprus Investment Promotion Agency Chairman Evgenios Evgeniou said, 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 in relation 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 said, answering questions from journalists at a press conference held by the Investment Promotion Agency.
He said these people are already in Cyprus or are in the process of coming, they live, work get paid here, consume here send their children to schools and contribute to the Cyprus economy.
He stressed, however, that the most important thing is that this ecosystem when it grows further and reaches a critical size, will now 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, already too many Cypriots are working in this sector," he added.
He also referred to the case of Data Art, a software development company, which announced that it will bring 50 people from abroad and hire another 50 Cypriots.
"It is something that is slowly being built, growing and if we stay focused and committed I believe it will bring even greater results in the future," Evgeniou added.
Evgeniou spoke of particularly positive developments in terms of attracting technology companies to relocate and set up their base in Cyprus, citing FDI Intelligence data which recorded an "impressive increase in software and IT investments, reaching 600% in the first half of 2022 compared to the same period in 2019".
Cyprus, he concluded, "is among the top ten countries that stand out for its post-pandemic investment recovery, with FDI recording a 150% increase in the first half of 2022 compared to the same period in 2019."