The House Finance Committee started discussions today on legislation introducing remote work arrangements for public sector employees, whilst advancing final deliberations on a revised bill establishing a screening mechanism for foreign investments.
The government bill promotes hybrid remote work arrangements, enabling public employees to work remotely on designated days whilst maintaining workplace presence requirements. Department heads will determine eligibility based on job responsibilities and available technological infrastructure.
Key provisions
The remote work legislation establishes conditions requiring employee duties to be technically feasible for remote execution. The Department of Public Administration, in collaboration with IT Services and other relevant agencies, has prepared implementation guidelines to be circulated following parliamentary approval.
Parliamentary discussions will also address two proposals from Democratic Rally MPs Efthymios Diplaros, Savia Orfanidou, and Marios Mavrides concerning amendments to public sector secondment regulations for permanent civil servants and public law organisation employees.
Foreign investment screening
The revised Foreign Direct Investment Screening Mechanism bill enters parliamentary review following stakeholder consensus achieved last Monday. The legislation aligns Cyprus with European practices whilst implementing stricter controls on large investments.
Critical amendments include expanded definitions of strategic enterprises encompassing foreign-incorporated companies operating in Cyprus, exemptions for EU, EEA, and Swiss investors, mandatory early notification requirements, and a €2 million minimum investment threshold.
The bill provides shipping industry exemptions, acknowledging Cyprus’s maritime sector significance, excluding floating LNG units from these provisions. Additional measures include advisory committee consultation procedures and ex-officio investigation powers regardless of investment notifications.
Key organisations including KEVE, OEB, the Cyprus Bar Association, Banks Association, SELK, CIFA, and the Cyprus Shipping Chamber endorsed the proposed legislation.
The Finance Ministry confirmed the objectives of establishing transparent, predictable screening mechanisms without compromising Cyprus’s investment economic competitiveness.
Read more: