[Cyprus] Repatriation incentives see 600+ Cypriot expats seeking a return home

More than 600 Cypriot nationals living abroad have filed applications to return to and work in Cyprus under a government talent-repatriation scheme, Cyprus Inform 

The news was shared by MPs at the House Finance Committee on January 19. The finance ministry confirmed that 600 applications have already been submitted through the official platform.

This is reportedly part of a talent repatriation initiative announced by the president, offering tax incentives and other measures to encourage skilled workers and Cypriots living abroad to return. 

The finance ministry stated that the response was a sign of the plan’s effectiveness in attracting individuals who spent time abroad to gain experience.

Under the current framework, individuals who worked abroad for three consecutive years for a non-resident employer can receive a 20 per cent exemption on their first employment income in Cyprus, capped at €8,550 per year, valid for seven tax years. 

The article applying this exemption will expire in 2027.

A revised bill reportedly aims to expand and improve existing tax incentives introduced in 2022. Its proposed changes would increase the exemption to 25 per cent of income from employment or profits from self-employment, with a maximum annual limit of €25,000.

Under the proposed changes, a qualifying individual must have lived outside Cyprus for seven consecutive years and earned more than €30,000 annually, either from employment or business activity. 

Three years of work abroad would reportedly be sufficient for those holding recognised academic qualifications, while seven years is required for those without such qualifications.

Source: Cyprus Inform

More than 600 Cypriot nationals living abroad have filed applications to return to and work in Cyprus under a government talent-repatriation scheme, Cyprus Inform 

The news was shared by MPs at the House Finance Committee on January 19. The finance ministry confirmed that 600 applications have already been submitted through the official platform.

This is reportedly part of a talent repatriation initiative announced by the president, offering tax incentives and other measures to encourage skilled workers and Cypriots living abroad to return. 

The finance ministry stated that the response was a sign of the plan’s effectiveness in attracting individuals who spent time abroad to gain experience.

Under the current framework, individuals who worked abroad for three consecutive years for a non-resident employer can receive a 20 per cent exemption on their first employment income in Cyprus, capped at €8,550 per year, valid for seven tax years. 

The article applying this exemption will expire in 2027.

A revised bill reportedly aims to expand and improve existing tax incentives introduced in 2022. Its proposed changes would increase the exemption to 25 per cent of income from employment or profits from self-employment, with a maximum annual limit of €25,000.

Under the proposed changes, a qualifying individual must have lived outside Cyprus for seven consecutive years and earned more than €30,000 annually, either from employment or business activity. 

Three years of work abroad would reportedly be sufficient for those holding recognised academic qualifications, while seven years is required for those without such qualifications.

Source: Cyprus Inform