Finance Minister Makis Keravnos announced on Wednesday, February 7, that the Cabinet approved the amendment of the strategic plan aimed at attracting foreign business to Cyprus.
According to the minister, the improved plan aims to further increase the presence of foreign businesses on the island.
Keravnos emphasized the huge role of foreign firms in creating new jobs and bringing technological expertise.
Recognizing the importance of the updated strategy, a thorough review has been conducted to improve its effectiveness, the Finance Minister said, noting that Cabinet has given the green light for new measures under the revised strategy.
Keravnos said the innovations to be implemented by the relevant ministries include revising the duration of residence permits for employees of foreign companies and their families under certain conditions. In addition, the Blue Card Directive, which deals with entry and residency requirements for third-country nationals, will be implemented as part of the plan.
The Minister also noted that the government intends to issue entry visas for business travelers (business visas). This will enable the educational needs of the children of foreign workers in Cyprus to be met.
Another important aspect of the strategy is the introduction of a new section aimed at addressing the housing issues faced by foreign companies.
Keravnos said that Cyprus will introduce new housing incentives in the form of building properties to rent out to highly skilled professionals. The Finance Minister expressed optimism that these measures will contribute to making Cyprus an even more attractive destination for foreign businesses and investors.