The reasons why foreign investors preferred Cyprus but also for the new investment incentives, PtD spoke
The President of the Republic, Nikos Anastasiadis , addressed a greeting during the Round Table discussion on the Strategy for Attracting Investments , which will take place from Friday morning (5/11) at the Presidential Palace with the participation of three Ministers, a Deputy Minister and foreign investors and businessmen. of Cyprus, for the promotion of the New Plan announced by the Ministry of Finance.
During his inaugural speech, President Anastasiadis pointed out the reasons why foreign investors prefer Cyprus , but also what new incentives will be used to attract further investments .
As President Anastasiadis pointed out according to the latest report of the Institute for Management Development for the Global Competitiveness Center 2020, Cyprus' ability to attract and facilitate foreign direct investment and the adaptability of its policies have yielded remarkable results. Anastasiadis assured investors that the Government is ready to offer any assistance deemed necessary to facilitate their business plans and investment initiatives .
The speech of the PD is as it is:
“I am pleased to welcome you to today's event which aims to present the recent action plan and strategy of the Government both to attract international companies and companies and to expand the activities of companies already established on the island.
First of all, let me convey the sincere gratitude of the Government to all of you, our valuable investors, for your vote of confidence and trust, as well as for your continued support and determination to grow your business in our country. , according to our common vision:
Establish Cyprus as a prosperous, reliable and competitive business hub, which wants to provide the conditions under which every investor can thrive.
The Strategy, which will be analyzed in detail by the competent Ministers, includes 12 targeted actions in five pillars and takes into account best practices from other European countries, with the ambition to turn Cyprus into a sustainable business and commercial center in our wider region, and of course in Europe.
Emphasis is placed on areas related to, inter alia, High Technology, Shipping, Innovation, Research and Development, without, and I would like to emphasize this, excluding any companies or enterprises that choose Cyprus as a country of activity their.
A strategy that will be fully in line with our Long-Term Development Strategy 2035, the new productive model for the future, the European Commission guidelines and the goals of the Recovery and Sustainability Fund.
The implementation of the Strategy and the establishment and operation of international companies in Cyprus will offer high and sustainable added value to the economy, through the creation of new jobs and increased demand for domestic services, but will also help redefine the country's development model.
At the same time, it is expected to positively strengthen an emerging and high-yield sector of the economy, that of University Education, as it will gradually lead to the alignment of education and training with the requirements of the economy and the labor market.
In recent years, several high value-added international companies have chosen Cyprus as a country of operation, residence and employment, appreciating the comparative advantages offered by Cyprus, such as:
– Its talented human resources,
– Its geographical location and easy access to the markets of Europe, the Middle East and Africa,
– Its strong European legal framework,
– Its transparent tax regime and the various support services it offers.
It is no coincidence that according to the latest report by the Institute for Management Development for the Global Competitiveness Center 2020, Cyprus' ability to attract and facilitate foreign direct investment and the adaptability of its policies have yielded remarkable results.
In particular, Cyprus has been declared the most improved country, rising eleven places and taking 30th place in the world.
The above results clearly show that over the years Cyprus has become a key destination for international business and investment in the region, with significant potential to become a world-class hub.
However, we are not complacent and that is why we have prepared this new Strategy, which will enter into force on 1 January 2022, by providing new incentives for either existing companies wishing to expand their operations or new ones. companies wishing to operate in Cyprus.
These incentives include, but are not limited to:
– The conversion of the existing Rapid Business Activation Mechanism into a Business Facility Unit, with a central point of contact for businesses and digitization of procedures.
– The review, expansion and simplification of the policy for the employment of highly qualified human resources and support staff from third countries, as well as the right to family reunification.
– The simplification and acceleration of the procedure for the granting of long-term resident status.
– The introduction of the Visa for Digital Nomads for third country nationals who are self-employed or employed and working remotely with employers / clients outside Cyprus, through the use of information and communication technologies.
– New tax incentives for existing or new employees not based in Cyprus, as well as for investments in innovative companies and for research and development.
– The right to apply for naturalization after five years of residence and work in the Republic, instead of seven, as is the case today.
The Strategy presented today is part of the ongoing efforts to further attract foreign direct investment, create new jobs and, above all, adapt our economy to the demands of the new era, the era of sustainable development in a highly competitive environment in international level.
The provisions of the Strategy will be analyzed in detail by the relevant ministers and, therefore, I will not expand further.
However, before concluding, I would like to sincerely thank once again all of you, our strategic allies and ambassadors in our vision of turning Cyprus into a world-class business hub and investment destination.
I have no doubt that the round table discussion that will follow will provide us with invaluable information and suggestions on how to further promote Cyprus as an attractive investment destination and business center.
To this end, rest assured that my Government is ready to provide any assistance that may be necessary to facilitate your business plans and investment initiatives. “
source: Brief
