The Cypriot authorities are actively developing a strategy to attract international technology companies and qualified specialists. According to the Ministry of the Interior, 48,212 temporary residence permits were issued to employees of foreign companies and their family members in the island nation between January 2023 and August 2024.
A large-scale program aims to attract IT businesses.
Minister of the Interior Konstantinos Ioannou said this initiative is part of government policy to strengthen Cyprus's position as a technology and investment hub in the Eastern Mediterranean. The permits were issued to employees of foreign-owned companies and their family members under family reunification and dependent visa programs.
Since the beginning of 2023, 20,997 permits have been issued to professionals working for international companies. Of these, 12,239 were issued in 2023, and 8,758 were issued during the first eight months of 2024. Additionally, 25,053 residence permits were approved for family members under the family reunification program, and 2,162 dependent visitor permits were issued to parents and partners of employees.
Who is coming to Cyprus?
Most new residents are citizens of Eastern European and Middle Eastern countries. Russians lead the way with 33,517 people, followed by Ukrainians (3,504) and Belarusians (2,713). A significant number of migrants also came from Israel (1,957 people), India (1,230 people), Lebanon (1,193 people), Kazakhstan (336 people), the United Kingdom (332 people), the United States (254 people), and China (241 people).
Cyprus is a new magnet for tech capital
In recent years, Cyprus has become a popular relocation destination for IT companies, especially due to changes in the geopolitical situation in Europe and sanctions against certain countries. Its loyal tax system, flexible business conditions, and simplified immigration procedure make it competitive with other EU countries.
According to experts' forecasts, the flow of specialists into the technology sector will only grow. By 2026, it is expected that the number of foreign residents involved in IT and innovation will exceed 70,000. This influx of talent will significantly impact the island's economy, real estate market, and infrastructure.