In light of the challenges inherent with the intensification of competition and the globalization of the economy, the Government has introduced a framework of incentives within the EU harmonisation process and the Acquis–Communautaire in general.

Such schemes and incentives, inter alia, aim at the reconstruction of Cyprus traditional economic sectors, improvement of productivity and labour skills, the development of technologically advanced products and services and the attraction capital-intensive foreign investments in new high-tech industries and the development of skill intensive products.

Free Zones Human Resource Development Authority of Cyprus (HRDAC)

In Cyprus, there are three free zones, the Larnaca Free Zone and the Free Port Areas of Limassol and Larnaca. All of these operate as “Control Type II” free zones. In a “Control type II” Free Zone, controls are principally based on the procedures carried out by the Customs & Excise Dept of the Ministry of Finance pertaining to the warehousing customs requirements.

For more information contact the Department of Customs and Excise at:

The Director, Department of Customs and Excise

Customs Headquarters,

1440, Nicosia

Tel.: +357 22 407510, Fax: +357 22 302031

E-mail: headquarters@customs.mof.gov.cy

Human Resource Development Authority of Cyprus (HRDAC)

The Human Resource Development Authority of Cyprus (HRDAC)provides funding in the form of grants to support a wide spectrum of training needs for any size company registered in Cyprus. Among the most popular funding opportunities are:

In-company training for developing and upgrading skills
Training provided by private training organizations in various fields

For more information: www.hrdauth.org.cy

Research Promotion Foundation (RPF)

The Research Promotion Foundation (RPF) provides funding in the form of Governmental grants aiming to promote the development of scientific and technological research in Cyprus and highlight fundamental importance of research in knowledge economies.

For more information : http://crpf.metacanvas.com

De Minimis Funding Opportunities

Additionally, the Government of Cyprus provides funding in what are known as de minimis schemes which cover a wide spectrum of entrepreneurial interest. The planning of such funding is reviewed every three years and is limited to 200,000 euro per case over a period of three years.

For information: www.publicaid.gov.cy

The Ministry of Commerce, Industry and Tourism

The Ministry of Commerce, Industry and Tourism provides funding in the form of Governmental grants. The beneficiaries are existing, or new companies that have, or are planning to establish control laboratories, testing, analysis and calibration of machinery products.

For more information: www.mcit.gov.cy/mcit

Cyprus Tourism Organization (CTO)

The Cyprus Tourism Organization (CTO) provides funding in the form of Governmental grants intended to attract investment for Sustainable Enrichment and Development of Tourism in Cyprus. Currently a funding program is available until 31 December 2013 supporting:

Investment to enrich activities in the field of tourism
Investment to substantial upgrade and modernize existing tourist resorts

For more information www.visitcyprus.com

Cyprus Institute of Energy (CIE)

The Cyprus Institute of Energy (CIE) administers funding in the form of Governmental grants for the materialization of investments in the field of Energy Conservation (EC) and the promotion of the Renewable Energy Sources (RES) utilization.

For more information: www.cie.org.cy