The country’s pro-business environment, generous relocation incentives and competitive IP regime make this island nation a thriving European centre for innovative tech companies. Cyprus offers an enviable pool of local highly skilled tech-savvy talent as well as access to a vast European talent pool. Plus, it offers additional opportunities to recruit talent from outside the EU through a range of incentive schemes.

Renowned global ICT firms and start-ups alike are tapping into the growing opportunities available here. In turn, this is helping the country position itself as a preferred destination for setting up regional headquarters, service centres, back offices, development centres and other operations. Tech companies that have recently established a presence here include JetBrains, DataArt, Mercuryo, TangoMe and Murex. Other major companies in the sector, such as NCR, Wargaming and Amdocs, have operated regional headquarters and operations in Cyprus for decades.

According to fDi Markets’ Greenfield Tracker, investment in IT in Cyprus has surged, with the sector reporting a 600% increase in the first half of 2022 compared with the same period in 2019. Cyprus has achieved the biggest improvement in innovation since 2015 at a European level, being ranked 10th in the European Commission’s 2022 European Innovation Scoreboard. 

The national investment promotion agency, Invest Cyprus, plays an important role in attracting businesses to the island and providing guidance and support to international companies setting up operations here.

US-based work management company Wrike – which relocated more than 150 engineering, marketing, customer support and finance staff to Cyprus, making it the fastest-growing location in the company’s history – is very satisfied with its move. “The assistance we have received from Invest Cyprus has been valuable and professional, and we hope our continued expansion in the country contributes to Cyprus’ position as Europe’s next big tech hub,” says Wrike CEO and founder Andrew Filev.