In less than two weeks since the launch of the Minds in Cyprus digital platform, over 300 Cypriots living and working abroad had joined. According to the Cypriot presidential administration, interest in the project has exceeded expectations, confirming the relevance of the state's strategy to attract specialists back to the country and strengthen its intellectual capital.
The initiative's goal is to
The Minds in Cyprus platform was created to facilitate communication between the state and Cypriots living abroad. It helps qualified Cypriots to find suitable jobs in their homeland, to participate in new projects, and to access information about opportunities for professional development. The project is part of a broader brain gain programme designed to compensate for the outflow of specialists observed during the economic crisis.
Initial successes and participant geography
According to data published by the presidential administration, more than 300 people from 23 different countries registered with the system within a short period of time. This demonstrates a strong interest in the initiative and a willingness among Cypriots to consider returning to their homeland as a real prospect.
Financial incentives for repatriation
Particular attention is being paid to creating favourable conditions for relocation. The government has recently increased tax breaks, raising the income tax exemption rate for first-time employment from 20% to 25%, and increasing the upper threshold for non-taxable income from €8,550 to €25,000 per year. These changes make returning to Cyprus more attractive for professionals working in high-paying sectors abroad.
Current prospects
The Minds in Cyprus initiative is seen as an important step in shaping a new model of economic development for the country, based on innovation and human capital. In the context of global competition for talent, Cyprus is seeking to not only bring back its own specialists, but also cement its reputation as a country that is open to investment in knowledge and technology.
Against the backdrop of discussions in the European Union about combatting ‘brain drain’, Cyprus's approach could serve as an example of how public policy and tax incentives can influence migration patterns and encourage the return of highly skilled individuals.