Consultation on brain gain bill in Finance Committee

The discussion on the bill regarding the government's plan for talent repatriation continued in the Parliamentary Committee on Finance and Budget.

The parliamentary representative of DIPA, Alekos Tryfonidis, stated that the bill aims to provide tax incentives and facilities for the relocation of skilled workers and the repatriation of Cypriots.

Mr. Tryfonidis mentioned that there is room for further discussion and consultation with stakeholders, as no prior consultation had taken place. He also stressed the need to examine the results and impact of the existing framework, as well as evaluate the data from 2022.

Furthermore, Mr. Tryfonidis stated that more details of the broader strategic planning should be examined, beyond the tax aspects, and to ensure that no side effects are created for other groups of workers.

The need to clarify the definition of the term 'Talent' in the law was also emphasized, as well as to consider alternative criteria such as work experience and salary income.

The Ministry of Finance has submitted a revised bill for brain gain, while KEBE stressed the need for a more holistic framework.