Ukrainian companies seek to relocate their businesses and employees to Cyprus
In light of the prevailing situation in Ukraine, an increasing number Ukrainian companies have expressed their intention to relocate their business activities and their employees to Cyprus.
As part of its support to Ukraine, the Government of the Republic of Cyprus has mentioned that Ukrainian nationals who wish to relocate to Cyprus, especially the ones intending to stay for work, will be issued with special permits upon their arrival to Cyprus.
Interested Ukrainian nationals should liaise with their corporate and legal advisors prior to their relocation.
This initiative forms part of a collaboration between the Ministry of Interior and the Ministry of Foreign Affairs of the Republic of Cyprus in an effort to provide assistance to Ukrainian nationals and companies with the challenges they may currently be facing and is additional to the humanitarian aid provided by the Government alongside the aforesaid initiative.
It should also be noted that holders of a Ukrainian passport with biometrics may enter the Republic of Cyprus on visa-free travel for up to three (3) months.
Cyprus Action Plan 2022-2024
Commencing January 2022, the Government of the Republic Cyprus has implemented the Action Plan for Attracting Companies to Operate & Expand their Activities in Cyprus 2022-2024, regardless of nationality, which works on multiple incentives:
- Business Facilitation Unit for active and prospective companies interested in conducting business activities in Cyprus
- Employment of 3rd country nationals to simplify the procedure for employing third country nationals in eligible companies
- Family members of 3rd country nationals to have free and direct access to the employment market
- Work permit procedure simplification to expedite the process for granting work permits under Category E
- Social insurance benefits through the increasing number of bilateral agreements between the Republic of Cyprus and third countries
- Digital Nomad Visa (100 beneficiaries) for people residing in Cyprus and being employed abroad
- Tax incentives and exemptions for investments in innovative businesses, for employees in Cyprus, and for R&D
- Cypriot citizenship by naturalisation applications to be examined in priority after 7 years of residing and employed in Cyprus, which will be reduced to 4-5 years, accordingly
- Peripheral actions supplementary to the Action Plan for start-ups, innovation and high-tech companies, corporate spin-offs, campaigns for qualified workforce abroad, license issuing for strategic investments, branding, marketing and communication aspects, judicial reform actions, modernising the corporate legal framework, and upgrading the ICT and broadband connection infrastructure
- HR and workforce improvements starting from universities in cooperation with the labour market, refined school programs to promote positive sciences, and enhance the skills and competences of employees
How can ServPRO help you
ServPRO is a well-established team of accountants, auditors, lawyers and consultants in Cyprus.
Our team assists companies with their incorporation of and/or relocation to Cyprus and undertakes the entire process of the initial set-up of their respective companies. In addition, our team undertakes the entire procedure to secure any type of residency, immigration and work permit from the competent authorities of the Republic of Cyprus.
For businesses that are eligible for enrolment in the Business Facilitation Unit criteria, any and all services for their companies’ establishment in and employees’ relocation to Cyprus may exceptionally be completed on a fast-track basis.
For more information on this topic contact us by telephone (+35722021100) or email ([email protected]).