On Tuesday 10th of May 2022, the Council of Ministers has approved a Bill with tax advantages in line with the Strategy for Attracting Businesses as approved on October 15th 2021, to attract foreign companies and highly skilled #humancapital, as well as to incentivize the repatriation of Cypriot professionals who are currently living and working abroad.
The proposed legislation provides that employees who earn an annual salary exceeding €55,000 per annum, are eligible for a 50% tax exemption for 17 years from the commencement employment in Cyprus.
A period of two years will be granted to new employees to meet the minimum threshold of €55,000.
Additional measures are to be implemented to encourage foreign workers to acquire a residence permit and access the labour market.
The available tax advantages are amongst the most competitive in the EU and this is clearly exhibited by the increasing interest of high-tech companies to relocate to Cyprus. The benefits of this program are expected to be multiple for the local economy and the development of the island into a technology hub in line with its strategic objectives.
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