In our latest publication, we explore why Cyprus is becoming a top destination for ICT and fintech companies, thanks to several attractive incentives and supportive measures.

One key initiative is the Fast Track Business Activation Mechanism (FTBAM), which offers efficient services for foreign businesses looking to establish a presence in Cyprus. Companies meeting specific criteria benefit from a streamlined registration process, with all necessary procedures completed within seven working days. This significantly reduces the typical time and complexity involved in setting up a business.

Cyprus also boasts an attractive IP Box regime, providing substantial tax benefits. Under this regime, 80% of qualifying profits from intangible assets are tax-exempt, potentially lowering the effective tax rate to as low as 2.5%. This makes Cyprus especially appealing for companies engaged in research and development.

Additionally, Cyprus is in the process of implementing the European Blue Card scheme, designed to attract high-skilled workers from non-EU countries. The Blue Card offers holders and their families the right to live, work, and move within the EU, simplifying the visa acquisition process and facilitating mobility within the Union.

The government has also introduced a new framework for Cyprus citizenship aimed at highly skilled professionals. Amendments to the Civil Registry Law make it easier for tech professionals and their families to gain Cypriot citizenship. Requirements include Greek language proficiency, knowledge of social realities, financial self-sufficiency, and a clean criminal record. This framework is designed to attract and retain top talent in the technology sector.

Cyprus offers a strategic location, a supportive government, and a favourable tax environment, making it an ideal hub for ICT and fintech companies looking to establish or expand their operations.

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