Philenews

600 'Talents' Seek Cyprus Employment with Tax Breaks – Parliament Expresses Reservations

Published January 19, 2026, 11:23
600 'Talents' Seek Cyprus Employment with Tax Breaks – Parliament Expresses Reservations

The 'Minds in Cyprus' scheme, designed to attract talent to Cyprus, is generating significant interest from overseas workers, with over 600 applications received. The scheme offers tax incentives for employment, with increased tax relief for those who have resided outside Cyprus for at least seven years. The government aims to attract young professionals, mirroring similar initiatives in Greece. However, the scheme has raised concerns within the Parliamentary Committee on Finance, with members expressing anxieties about potential unequal treatment of workers and the creation of a two-tiered system. A request was also made to set an expiration date for the program. The Pan Cyprian Bar Association has also voiced concerns, highlighting the scheme's retroactive effect from January 1, 2025, which will benefit workers who moved to Cyprus last year. The need for a re-evaluation of the scheme was emphasized to ensure it serves its purpose – attracting talent that will contribute to the Cypriot economy. According to the Ministry of Finance, state revenue from similar schemes in 2024 reached €120 million. Discussions on the bill are ongoing, with a focus on the need for fair and effective implementation.