On Tuesday, April 30, the Ministry of Interior of Cyprus announced the launch of a government programme to support business in Nicosia.
You can only apply online until 29 November 2024.
Applications from businesses related to services, office space, culture, creativity, leisure and retail will be given priority.
The government will also focus on helping young people and students start businesses. The goal is for city residents, especially students and young families, to be able to find all the goods and services they need in the centre of the capital without having to leave the area where they live. The government is especially interested in opening student hostels, which it believes will help attract new residents to the historic city centre.
The government will invest in the project and the beneficiaries will have to run it for at least five years.
The scheme provides subsidies to people and businesses that own or lease buildings within the Venetian Walls.
The subsidy covers 60% of the costs of each proposal, with a maximum of €80,000 per project (excluding projects for hostels). To qualify for the subsidy, the opening costs must be at least €30,000 for buildings up to 100 m2 and at least €50,000 for buildings over 100 m2.
€10 million has been set aside for the revitalisation of Nicosia. This is financed from the state budget of the Republic of Cyprus.
The second phase of the programme costs €2 million.