The Cyprus Ministry of Finance is considering the possibility of issuing citizenship and passports to executives and highly qualified employees from third countries who work in the high-tech sector.
This is not a new citizenship by investment program. Such a move is necessary to facilitate the naturalization of employees by slightly reducing the years for obtaining citizenship. Now, according to the law of the Republic of Cyprus, a foreigner has the right to apply for citizenship by naturalization after seven years of legal and continuous residence in the country.
Cyprus is actively developing the high-tech sector, offering new laws, tax breaks, and incentives for entrepreneurs. Some foreign companies have already moved their head offices to Cyprus. However, the question of attracting highly qualified personnel remains open. By shortening the waiting time, the government believes that more and more foreigners will be interested in moving to Cyprus.
Back that year, there were a number of articles in the newspaper, where company executives asked to change the legal framework in order to facilitate the recruitment of young personnel, specialized and ambitious people.
According to a study by EY, around 700 job vacancies have been created in the Cypriot IT job market. There are no specialists with the appropriate qualifications and work experience to be employed in these jobs in the country.
Source: philenews
