President Christodoulides is hosting a “Brain Gain” initiative event in London on May 21, targeting Cypriots abroad. The event aims to encourage skilled professionals’ return to Cyprus with new tax incentives, addressing brain drain. A bill proposes a 25% income tax exemption for returning professionals, coupled with flexible eligibility criteria.
President Nikos Christodoulides has invited Cypriots living in the UK to a special event on May 21 in London as part of the government’s “Brain Gain” initiative. This gathering will happen at the Searcys venue located in The Gherkin, aiming to engage with the diasporic community, particularly those skilled in various professions and sciences, to encourage their return to Cyprus.
At the event, Christodoulides plans to announce new tax incentives aimed at drawing Cypriots back home. The measures are part of a wider strategy to combat brain drain and help establish Cyprus as a key player in business and technology sectors.
One of the focal points will be a bill that is set to be proposed in Parliament following approval from the Council of Ministers. This proposed legislation offers a 25% income tax exemption for professionals and scientists who have worked abroad for at least seven years, with a cap of €25,000. Additionally, this new framework will feature more flexible eligibility criteria, streamlining the process for skilled professionals to return and boost economic growth.
The President will be accompanied by representatives from Invest Cyprus, the Cyprus Chamber of Commerce and Industry, and the Deputy Minister to the President, alongside influential business leaders eager to attract and retain talent.
This event fits into the Cyprus government’s broader efforts to strengthen connections with the diaspora and leverage their expertise for the future development of the island.
As the Cypriot government continues its initiatives to mitigate brain drain and foster local talent, this event signals a significant step towards potentially revitalising the economy and encouraging skilled Cypriots to contribute remotely and back home. It appears to be a promising opportunity for those who may have left the island to reconsider their options.
In summary, the “Brain Gain” initiative event in London represents a concerted effort by the Cyprus government to forge stronger links with its expatriates and rekindle interest in returning to the island.
Both the proposed tax incentives and the presence of key government and business leaders indicate a strategic approach to ensuring that Cyprus remains competitive and attractive for professional talent. This initiative, if successful, could genuinely bolster Cyprus’s economy while enriching the local workforce with valuable expertise from its diaspora.
President Christodoulides’ invitation to Cypriots in the UK aims to revive interest in returning to Cyprus via the “Brain Gain” initiative. The proposed tax incentives and flexible eligibility criteria highlight the government’s commitment to mitigating brain drain. The presence of key leaders at the event shows a unified effort to attract talent and drive future growth for the island.
Original Source: knews.kathimerini.com.cy