NICOSIA  – Seeking an economic boost when the COVID-19 pandemic ends, Cyprus will let Third Country Nationals (TCN) – those in transit between countries – establish businesses on the island.

In a feature, the Asia Times’ Andrea Busfield reported that the government’s 

Fast Track Business Activation Mechanism will be used to get those businesses up and running within seven working days, cutting through the bureaucracy.

George Campanellas, Chief Executive of Invest Cyprus, the national investment promotion agency, said: “Companies are entitled to employ third-country nationals with a wide range of skills, from software and system engineers to cybersecurity specialists, provided that they first obtain temporary residence and employment permits.

“Again, these requirements will be fast-tracked in order to allow specialist tech companies to hit the ground running when they come to Cyprus. Our aim is to make the experience as pain-free as possible for companies wanting to conduct business on the island or invest in new business,” he also said.

While Cyprus is dealing with the health crisis relatively better than many other countries, lockdowns have left businesses sputtering, especially after tourism, the biggest revenue driver, wasn’t able to operate fully this summer.

If additional permits are required for the operation of a business, they will be supplied within 30 working days, with the exception of building and planning permits.

“The government has gone to great efforts to streamline the process, which is great news for new businesses that simply want to get on with the job,” Campanellas added.

In October, the Council of Ministers also approved a revision of the policy to facilitate the provision of residence and employment permits of third-country nationals.

Campanellas said: “Cyprus is perfectly positioned between east and west to make it an attractive proposition for ambitious companies looking to increase their global reach. In turn, Cyprus is keen to attract ambitious tech companies that can contribute positively to our country’s economic growth.

“All companies that opt to use the Fast Track Business Activation Mechanism will need to go through extensive due diligence checks, but as a result of the pandemic, the world – and the business word in particular – is changing, and Cyprus is positioning itself to be a positive part of that change.