in-cyprus 2 May 2023 - by Annie Charalambous
Cyprus has taken in thousands of Ukrainians since the start of Russia’s invasion with an estimated 9,000 of them being highly-paid professionals employed – mainly in the technology sector.
This is what Philenews reported on Tuesday, adding that since they settled on the island with their families these professionals are either employed in one of the hundreds of high-tech start-up companies or in foreign companies already operating in Cyprus.
The majority have settled in coastal Limassol, the city that has lured most Russian-speaking nationals.
Specifically, Invest Cyprus CEO Marios Tanousis said it is estimated that the some 9,000 highly skilled employees received work and residence permits in Cyprus in 2022 alone via the Company Facilitation Unit.
And that, also in 2022, 1640 companies were approved for registration in the Register of Foreign Interest Companies – mainly operating in the professional and financial services, energy and information and communication sectors. These companies are expressing interest in setting up offices island-wide.
Economists hail the Ukrainian ‘brain’ invasion as a positive development but also raise negative side effects. To start with, a crucial economic side effect is the ever-rising rental prices – especially in Limassol – which make it impossible for locals to afford a decent place.
The total number of individuals who received a residence permit in Cyprus in 2022, through the Company Facility Unit, is around 24,000.
In addition to the arrival in Cyprus due to the year-long invasion of Ukrainians, Russians and Belarusians, there is also a significant number of Israelis and Lebanese nationals that are currently employed on the island.
Because of the deep political and economic crisis in their countries in recent years.
