Cyprus has granted more than €2 billion in income tax relief between 2021 and 2024 to attract highly skilled workers from abroad and support the repatriation of Cypriot professionals, according to official data submitted to the House Finance Committee during deliberations on the amended Income Tax Law (2025) under the government’s “Minds in Cyprus” initiative.

The figures show a rapidly expanding uptake of the scheme: 9,794 beneficiaries in 2021, rising to 15,449 in 2022, 20,191 in 2023, and 21,328 in 2024. The value of the tax reductions also increased year-by-year, reaching €724.5 million in 2024, compared with €647.1 million in 2023, €442.5 million in 2022, and €228.5 million in 2021—bringing the four-year total above €2bn.

Beneficiaries came from 50+ nationalities, with the largest share linked to Russia. In 2024 alone, 9,795 Russian nationals reportedly received tax reductions totalling around €356 million. Cypriots were the second-largest group in 2024 (3,480 people, about €97.5 million), followed by Greek nationals (1,760, about €51.6 million) and Ukrainians (1,402, about €41.4 million). Belarus rounded out the “top five” for 2024, with 826 beneficiaries receiving about €27 million in relief.

Across the 2021–2024 period, parliamentary documents also point to Russians accounting for roughly 42% of beneficiaries and around 43% of the total value of tax breaks.

Most recipients work in information and communication (including software), professional/scientific/technical activities, and financial and insurance services, reflecting the sectors driving Cyprus’ push to attract international companies and high-income specialists.

Among the largest reported categories:

• Information & communication: 17,497 beneficiaries, about €739.4 million in relief

• Professional/scientific/technical: 11,240 beneficiaries, about €495.9 million

• Financial & insurance: 3,675 beneficiaries, about €124.5 million