President Christodoulides will launch a government initiative in London on Wednesday aimed at attracting Cypriot migrants back to the island, marking the start of the country’s “brain gain” strategy.
The “Minds in Cyprus” event, jointly organised by the Presidency, Invest Cyprus and the Cyprus Chamber of Commerce, is expected to draw more than 750 Cypriot professionals, scientists and students living in the United Kingdom, the government spokesman said.
Senior executives from 20 major companies operating in Cyprus and representatives from Centres of Excellence will attend to showcase job opportunities in the Cypriot market.
The president will present a ‘talent repatriation plan’ developed by ministries as part of the national strategy to strengthen connections with Cypriots abroad, covering employment, innovation, entrepreneurship, taxation, education and family reintegration.
The Council of Ministers approved the action plan on Tuesday, which aims to create conditions for Cypriots excelling abroad to return and continue their careers at home.
“Our country is now in the fortunate position to be able to repatriate talent. We need people, we need scientific personnel,” Christodoulides said before Tuesday’s cabinet meeting. “Unfortunately, we had to decline additional participation requests, which is why the entire event will be broadcast online.”
The initiative comes as Cyprus’ technology sector has experienced significant growth in recent years, creating demand for specialised workers that currently exceeds local supply.
Earlier this month, the Ministry of Finance submitted legislation to parliament providing tax incentives and other benefits to attract skilled workers and returning Cypriots.
The bill aims to expand and improve the existing tax framework legislated in 2022, making it more attractive, flexible and accessible. Proposed changes include increasing tax exemption from 20% to 25% of remuneration from first employment, raising the maximum tax exemption from €8,550 to €25,000, and reducing the required time spent outside Cyprus from 15 to 7 years for eligibility.
According to the draft legislation, the benefits to Cyprus from providing these incentives include gaining from the skills and experience of specialised workers while broadening the tax base.
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