It is estimated that the new tax reliefs recently approved by the state/Parliament in the context of international headquartering (facilitates the attraction of foreign business people and their families to Cyprus) will provide a further boost to the demand for luxury residences and beyond.

In particular, the effort made by the Government since October 2021 to attract and establish management offices of mainly high-tech companies in Cyprus has been fruitful, as indicated by the high annual growth rate of foreign investor demand. The importance of this Action Plan for attracting investment is great, as it offers incentives related to issues of residence and employment, taxation, simplification and digitization, etc. The Plan is offered to sectors that concern, among others, High Technology, Shipping, Innovation, Research and Development, Biogenetics and Biotechnology, and we believe it will work positively in various sectors, attract investments, offer high and sustainable added value to the economy by creating new jobs and increasing demand for domestic services whilst also helping redefine the country’s development model.