Cyprus Prepares 2027-2030 Strategy to Attract International Companies and Skilled Professionals

Nicosia, Cyprus. The government is drafting a new plan to draw international companies and skilled professionals to the island, and hopes to obtain Cabinet approval by December before beginning implementation in 2027. The revised Business and Talent Attraction Strategy covers the period 2027 – 2030.

Aims of the strategy

The plan is designed to encourage fresh investment, support established companies that wish to grow and increase the role international businesses play in the Cypriot economy.

Consultation with stakeholders

Energy, Commerce and Industry Minister Michalis Damianos presented the government’s intentions at the first consultation workshop, held this week. The event brought together businesses, universities, banks and public authorities. The ministry said Damianos underlined the need to shape the strategy together with investors and other interested parties, instead of preparing measures without asking the businesses that are meant to benefit.

Business Support Centre

The government’s approach relies heavily on the Business Support Centre, which helps local and international investors who want to set up or enlarge operations in Cyprus. The centre started work in May 2025 and includes the Business Facilitation Unit. That unit was created in 2022 to simplify administrative procedures and to guide companies through registration, licensing and employment requirements.

Previous framework

The revised strategy develops the framework adopted in 2022. That framework aimed to improve the competitiveness of Cyprus through investment incentives, simpler recruitment of skilled professionals from outside the EU and more efficient business registration procedures.

Investor sentiment and obstacles

The initiative arrives as Cyprus faces increasing pressure to convert foreign investor interest into lasting economic activity. The EY Cyprus Attractiveness Survey 2026 found that 83 per cent of the international investors questioned regarded the island as an attractive place to invest. It also found that 62 per cent of businesses already active in Cyprus intended to expand during the following 12 months.

Even so, high energy costs, bureaucracy and access to finance remain problems for investors. This makes the effectiveness of government support an important factor for companies deciding whether to establish or expand their presence on the island.