Philenews

Parliament Approves 'Minds in Cyprus' Incentive Scheme

Published February 26, 2026, 17:11
Parliament Approves 'Minds in Cyprus' Incentive Scheme

The House of Representatives approved the bill concerning the 'Minds in Cyprus' incentive scheme, which provides tax breaks for workers relocating to Cyprus from abroad. The bill was passed with 18 votes in favor and 16 abstentions from opposition parties. The scheme provides tax incentives for entering the labor market, expanding the criteria and increasing the cap on tax relief for those who have worked abroad for at least seven years. The exemptions can reach 25% of remuneration, with a maximum amount of €25,000. With the new framework, the beneficiaries are expanded to also include the self-employed. A prerequisite is residency in Cyprus before the seven-year absence, and remuneration or profits must be at least €30,000 per year. The bill aims to attract new talents and skilled workforce to Cyprus.