About Cyprus Foreign Policy

When talking about investment, the options in Cyprus are countless. Starting with renewable energy, real state, gas, oil, shipping, and many more this paradise is calling investors from all around the world to expand their activities in Cyprus. This with a strategy of five pillars and twelve action points following the best practices in Europe.

The strategy is focused on the attraction of investors in high value-added businesses such as the shipping industry, high technology, innovation, pharmaceutical, and biotechnology sectors that according to the authorities are considered essential for the future sustainability of the Cyprus economy.

The main elements of the strategy to attract foreign investment in Cyprus are:

-The establishment of a Business facilitation Unit: looking to provide the necessary assistance for foreign investment. Following the Cyprus activation mechanism for foreign companies.

-Review of the policy for issuing residence and employment permits: This policy is directed to highly skilled third nationals individuals with contracts of a minimum period of two years and a salary of less than Euros 2500. The work residence permit will last up to three years in these cases.

-Family reunification rights to third-country nationals: Also aiming for high skill employees the authorities will promote the family reunification rights and will allow access to formal employment in the country. 

-Simplification of the works permits: Aiming to the people who have been offered a permanent employ 

-Introduction of the “Digital Nomad Visa” This element is aimed at third nationals who work remotely using information technologies to communicate with clients and employers outside the national territory, for this point up to one hundred visas will be offered.

-Possibility of reducing the period of residency to apply for naturalization in Cyprus: this will be directed to third nationals before a naturalization application.

-Various tax incentives in cooperation with the Cyprus house of representative tax benefits will be granted for different categories such as innovative companies to corporate investors and natural people.

The Cyprus Government is aiming for the transformation of the economy into the modern fast lane with the abilities and capacities that are needed for a sustainable and profitable future in the country.

The new strategy is going to be established by the Ministers after an exhaustive review of the business community in Cyprus and after the request of the business people to ease the time-consuming procedures, this will certainly materialize the vision of the government for the economic strength of the eco by foreign investment.

As we previously stated, the advantages of investing in Cyprus are countless. It is important to highlight the educated population, the strong legal system, political stability, and the friendly environment for foreign investment. If you want to know about the country contact us here at Mundo.

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Cyprus Economic Growth Prospects Are Better Than Previously Thought

The Cyprus economy struggled during the pandemic. However, according to the Cyprus economic research Centre, this sector is expected to grow faster than expected and the gross domestic product growth is estimated to reach 4.1% in 2022, a number that represents important progress for the country and its vision for the future.

This change in the previsions can be attributed to the strong performance of the Cypriot economy in the second and the third quarter of the year, especially in sectors such as trade, transportation, hospitality, arts and entertainment which also had a strong performance. Also, the report of the economy research Centre the local business activity and the formal employment faced an important recovery.

According to the authorities, the real state market also played an important role in this recovery process as the number of properties contributed to the improvement of specific economic indicators such as tourism, revenue generated, and the international credit card used in the Island.

The report also notes the existing threads to the economy stand in the possibility of a new wave of Covid-19 and the presence of variants. However, the government action plan has been effective against the pandemic and the investment opportunities are flourishing in recent times.

This recovery may be also attributed to the confidence in the services, industry, and retail trade. In the same line, during the third quarter, the economic sector raised over historical levels and this is only a good sign for the investment and business people in Cyprus. With that being said, if you want to know more about this country you can contact us here at Mundo and we will lead you through the process of investment in this Mediterranean nation.

Georgia and Cyprus to Establish еhe Joint Maritime Committee

International cooperation has committed to developing international cooperation with the countries of the region, as an example, this country and Giorgia have agreed on the joint maritime committee in the field in the maritime field.

The Georgian Maritime Transport Agency Tamar with the Ministry of Shipping in Cyprus Vassilios Demetriades and discussed the situation faced during the pandemic in the field and the accomplishment of the Georgian sailors and the vaccination process in the country.

The authorities involved in the discussion also highlighted the reforms implemented by the Georgian government in the field but also education and port certification. In addition, the Georgian authorities reiterated their interest in sharing the experience of Cyprus in the maritime field by establishing a maritime cluster for research and innovation.

The Cyprus ship registry is among the Top 20 registry of the world and the third-largest in the European Union with more than twenty-one million gross tonnes and the objective of always improving their services to catch the attention of the business people and investors 

The economic contribution of the shipping industry to the Cypriot economy is very significant and this country not only represents a business and maritime center in Eastern Europe but also represents a bridge between Europe and the Middle East. If you want to know more about this nation and the business opportunities in the Mediterranean territory you can contact us here at Mundo.