TechIsland welcomes the decision of the Council of Ministers to revise the framework governing the Business Support Center Register. This is a significant and positive development that addresses important business needs and creates more favourable conditions for companies to maintain and expand their long-term presence in Cyprus, while supporting further investment and the development of local talent.

Over the past few years, Cyprus has built strong momentum in attracting international companies, investment and expertise. According to recent findings by FT Locations, presented at Invest Cyprus’ 20th anniversary event, the share of inbound greenfield foreign direct investment (FDI) projects in Software & IT Services increased from 6% in 2004–2011 to 43% in 2018–2025. At the same time, Cyprus ranks first globally in ICT services exports as a percentage of total exports.

These findings highlight the increasingly important role of technology in the Cypriot economy, with the sector now contributing approximately 16% of the country’s GDP.

The priority now is not only to continue attracting new investment, but also to sustain this momentum by ensuring that companies which have already chosen Cyprus can remain, grow and continue investing in the country over the long term. This means creating more jobs, transferring knowledge and expertise, and further strengthening the local technology ecosystem.

TechIsland will continue to actively engage in dialogue with the State and support policies that foster a stable and competitive business environment, contributing to the sustainable growth of the technology sector and the wider Cypriot economy.

The official announcement and guide can be found here: https://www.gov.cy/bsc/en/uncategorized/announcement-from-the-business-support-center-regarding-the-revision-of-the-registration-framework-for-companies-with-foreign-interests/