Christodoulides announces plan to lure Cypriots abroad back home

President Nikos Christodoulides on Wednesday night announced his plan to lure Cypriots living abroad to return to the country.

Addressing the Guildhall in the City of London to 750 interested participants, he named his plan the “Minds in Cyprus Initiative” and explained that it comprises “four areas”.

The first, he said, is that his government is “strengthening tax incentives for integration into the labour market”.

Some of those incentives had been announced last month, with Christodoulides having said then that returning Cypriots will receive a 25 per cent tax exemption on their first job after coming back to the island, up to a maximum saving of €8,550 in tax per year.

He had also announced in April that for scientists and professionals who have worked abroad for at least seven years after having completed their studies, their maximum saving will increase from €25,000 per year.

Both of those initiatives will require an act of parliament to be implemented.

On Tuesday, he said that the new regulations will “operate in parallel with the current 50 per cent exemption regime which exists for those who have resided outside Cyprus for 15 years or more”.

Secondly, he said, the government is “creating a relevant digital portal” to aid Cypriots considering returning to the island.

The portal, he said, will be “a single point of information on issues related to employment, housing, education, health, entrepreneurship, available financial tools and all that is of interest to those considering returning”.

“At the same time, the portal provides the opportunity to submit relevant questions and, of course, receive online support,” he added.

The third area he outlined was his government’s aim to “reconnect” Cypriots abroad “with employment opportunities in our country”.

“Through a specialised talent matching platform, we will connect businesses in our country with Cypriot professionals and scientists abroad, by publishing highly specialised job vacancies,” he said.

The fourth and final area, he said, is “support” for “family reintegration”.

“Returning is not only a professional decision, but also a personal and a family one,” he said, before explaining that the government will bring about the “accelerated naturalisation of spouses”, as well as improving “children’s access to education, Greek-language courses, and social integration tools for families who choose to return to Cyprus”.

Earlier in the evening, he had praised Cypriots in the United Kingdom for their enthusiasm for attending his presentation, with the venue having been moved to the Guildhall from a smaller location due to the high volume of people who expressed an interest in attending. The interest was so high the presentation was also streamed online.

“Your response from the first moment we announced our intention to develop an initiative for the repatriation of our compatriots who excel abroad … exceeded even our most optimistic expectations. With your messages, suggestions, and above all, with your presence here today, you prove the correctness of our decision,” he said.

He added that Cypriots in the UK had also proved that “our homeland is always in your thoughts”.

“Cypriots from all over the UK and beyond – professionals, researchers, entrepreneurs – reached out to us, shared their experiences, told us their stories, and made suggestions,” he said.

He added that the input of Cypriots living abroad into the government’s process of devising incentives has been “essential and decisive”, and that the final product he presented was “the result of your own contribution”.

“In recent months, you have proven to us that all of you are among the strongest supporters of the Cyprus which we all envision – a Cyprus which changes and evolves on the basis of a specific plan and design, with a clear vision and perspective,” he said.

He then said that that vision “does not remain but a theory”, and that it is “translated into a structured network of policies”.

“Our goal is to broaden the productive base of our economy, a modern public sector digital tools for people and businesses, better schools and hospitals, the simplification of bureaucratic procedures, and targeted investments which support sustainable development,” he said.

He went on to say that in recent years, Cyprus has “already become a destination for talent”.

“Over 35,000 highly qualified professionals from third countries, and of course thousands of our compatriots live and work in Cyprus today, many in sectors such as information technology, financial technology, the pharmaceutical industry, and clean technology,” he said.

“They are in our country because Cyprus, beyond the sun and the sea, offers a competitive, stable, quality, and safe environment for a professional to live, work, and develop.”

He then said that the “repatriation and reintegration of Cypriot talent is an integral part of our broader plan for the development and future of our homeland”, and that “this is why we are here today”.

He closed his speech by telling the attendees that “Cyprus is changing, and it needs all of you”.

“Whether you choose to return, or choose to contribute from wherever you are, your contribution is of particular importance to us and our Cyprus … Thank you for being here, for believing in Cyprus, with enormous prospects.”