Moving People Podcast: Relocating to Cyprus – Business, lifestyle and immigration insights
In this episode of Spencer West’s Moving People podcast, Relocating to Cyprus, Immigration and Global Mobility partner Dan Morris was joined by Theo Antoniou, founding partner of Spencer West Cyprus, and Ilya Aristov, Managing Director of DataArt Cyprus, to discuss what is driving relocation to the island and what employers and individuals should consider before making the move.
Cyprus has become an increasingly attractive destination for international businesses, entrepreneurs and highly skilled professionals looking for a European base that combines commercial opportunity with quality of life.
Theo explains that Cyprus has evolved significantly over the past decade, moving from a traditionally offshore perception to a modern, onshore jurisdiction with a growing reputation as a technology and business hub. The technology sector now makes a substantial contribution to the country’s economy, with Limassol often seen as the centre of activity, while Nicosia and Larnaca are also attracting businesses for their connectivity, infrastructure and access to government authorities.
For Ilya, who relocated to Cyprus with his wife and two children, the appeal was both professional and personal. He describes Cyprus as a strong option for companies seeking access to Europe, the Middle East and North Africa, supported by good flight connections, an English-speaking environment and a welcoming international community. From a family perspective, he highlights the island’s safety, international schools and friendly local culture as important factors in helping his family settle quickly.
The discussion also explores the practical realities of life on the island. Cyprus offers sunshine, beaches, strong food culture and relatively short distances between major cities, but there are also adjustments for those arriving from larger metropolitan centres.
From a business and immigration perspective, Cyprus offers several routes for companies hiring foreign nationals. Theo outlines the headquarters relocation programme, which allows qualifying foreign interest companies to bring highly skilled workers to Cyprus, as well as the EU Blue Card route, which can be used by Cypriot companies and is aimed at highly skilled professionals. He explains that the EU Blue Card requires relevant qualifications or professional experience and a minimum annual salary threshold, while also allowing family reunification.
Employers must also meet relevant registration and compliance requirements, including incorporation, social insurance and tax registrations. Foreign interest companies seeking to use the headquarters relocation route must satisfy additional criteria, including capitalisation requirements and registration with the relevant business facilitation authorities. Theo notes that processing under the headquarters route can be relatively swift, while EU Blue Card applications may take up to 90 days from submission.
Tax is another important part of the relocation conversation. Cyprus offers a competitive corporate tax environment, an IP box regime for qualifying businesses and significant incentives for eligible foreign employees, including a 50 per cent tax exemption for certain high earners over a defined period. These measures, combined with Cyprus’s common law-based legal system, make the island particularly attractive to technology, pharmaceutical, shipping and international services businesses.
Looking ahead, Theo pointed to Cyprus’s expected accession to the Schengen Zone as a potentially significant milestone, with the prospect of easier travel across much of Europe for residents, investors and businesses. For Ilya, the future of Cyprus lies in continuing to move “slowly, slowly” in the right direction: building on its strengths as a tech hub, business gateway and highly liveable island.
Listen to the full podcast here:
