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26th February 2024
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HomeNewsHighly paid Ukrainians upset property market

Highly paid Ukrainians upset property market

Almost 10,000 highly skilled and highly paid Ukrainian refugees have joined the island’s work force, paving the way for a number of socioeconomic and demographic changes to the structure of Cypriot society.

In just over a year since Russia’s invasion of Ukraine, 9,000 highly skilled Ukrainians were granted a working permit, employed by high tech companies setting up shop in Cyprus, according to Invest Cyprus, the national agency to attract foreign investment.

Invest Cyprus’ newly appointed CEO, Marios Tannousis, said that in 2022, when including family members, the total number of Ukrainians obtaining a residence permit through the Business Facilitation Unit under the Commerce Ministry reached 24,000.

In comments to news site Philenews, Tannousis noted that the number of highly skilled employees making their way to Cyprus is further inflated by Belarussians and Russians fleeing from the fallout of the war.

“A significant number of employees have also made their way to the island from Israel and from Lebanon, which is torn by a deep political and economic crisis. The majority of these people have been employed by high-tech companies already on the island,” said Tannousis.

Invest Cyprus’ head also noted that a large number of companies have also decided to relocate to the island as a result of the war in Ukraine and turbulence in the region.

Tannousis pointed out that in 2022, according to the BFU, a one-stop mechanism set up in 2020 to reduce red tape procedures for businesses, a total of 1,640 submitted a request to set up shop on the island.

He noted that the national strategy introduced in January 2022 to encourage headquartering of large firms is the main drive behind the arrival of thousands of highly qualified professionals.