President Christodoulides announces incentives for Cypriots working abroad to return

President Nikos Christodoulides has announced a number of incentives that will be offered to Cypriots working abroad to encourage their return to Cyprus.

The incentives were announced at the start of the 24 April Cabinet meeting.

More specifically, referring to the upcoming campaign in London on 21 May, which is part of the framework for reversing the brain drain and converting it into brain gain, Nikos Christodoulides indicated that this would be the first event being held for this specific purpose.

As he indicated, the event will be attended by Cypriot and foreign businessmen who, together with the Government, will talk about the economy and the great effort being made to expand the productive base of the economy.

At the same time, according to the President of the Republic, Cypriots who were working abroad and chose to return to Cyprus will also be present, to talk about the experience of their return.

"I must say that the messages we are receiving and the interest expressed by Cypriots who are in Great Britain to attend the 21 May meeting are very encouraging," said Nikos Christodoulides, going on to present some of the incentives that will be offered for their return to Cyprus.

These concern:

• First: Tax exemption of 25% on the remuneration in the first employment.
• Second: Increase the maximum exemption limit from €8,550 to €25,000 annually.

"And all of this will be able to be claimed by those working abroad, at least seven years after completing their studies," explained Nikos Christodoulides.

The President of the Republic further pointed out that there are many other incentives, which will be presented at the 21 May event, that do not require legislative regulation, such as issues related to education and housing.

"We are going with a comprehensive package-proposal, I am sure that the results, taking into account the interest that has been expressed so far, will be positive," he concluded.

Also read: Cabinet approves tax incentive bill in tangible step towards ‘brain gain’

(Source: InBusinessNews)