Introduction
As a general rule, a company in the Republic of Cyprus should give priority in employment recruitment to Cypriots and EU nationals before employing a Third Country National. Nevertheless, Cyprus has provided an exception for the Companies of Foreign Interests, to employ Third Country Nationals subject to certain requirements. This procedure is suitable for Third Country Nationals who may incorporate their own company.
Application Procedure
- Companies interested in transferring their operations or expand their activities in the Republic of Cyprus and recruit third country nationals, after the incorporation of the Company in Cyprus, must direct their request to the Ministry of Energy, Commerce and Industry.
- The request should be supported by a letter that will include a brief description of the company, activities, number of staff, expansion plans, along with other supporting documents.
- The approval is granted approximately 10 days after the submission of the request to the Ministry.
Eligibility Criteria
- Third country shareholders should own the majority of the company’s shares.
- The company to be considered as suitable, a foreign deposited amount of at least €200.000, supported by a Bank SWIFT or other similar document which proves a foreign direct investment by the ultimate beneficial owner must be legally admitted to Cyprus from abroad.
- In both cases, the ultimate beneficial owner (UBO) must deposit an amount of €200.000 in an account held by the company in a credit institution licensed by the Central Bank.
- Alternatively, the company can submit evidence of an investment amounting to €200.000, for the purpose of operating its business in Cyprus (e.g. office purchase, office equipment purchases etc.).
- The Company should operate in independent offices in Cyprus.
Entry Permit, Registration and first Temporary Employment & Residence Permit
- The company owners can also apply for a work permit and residency through the company.
- Pursuant to the relevant regulations the minimum gross monthly salary for highly skilled employment is set at €2.500.
- The applicants must be able to prove that they hold relevant academic qualifications and/ or relevant professional experience of at least two years at the same job position.
A third-country national may enter the Republic for the purpose of employment in a company of foreign interests with a visa from the consular authorities of the Republic abroad, or with an entry permit from the Civil Registry and Migration Department, for which an application is submitted by the employer.
- After the arrival in the Republic, the third country national is required to register and obtain a temporary residence and employment permit, by submitting an application and the corresponding fees, or additional information in case the entry was achieved through an entry permit.
- The validity of the entry permit it is always stated on the certificate however, under the current regulations the entry permits should be used to enter Cyprus within three (3) months from the issuing date.
Examination Timeframe & Residence Permit Duration
- The timeframe for the issuing of an entry permit is seven (7) to ten (10) working days.
- The examination time of applications for residence and employment is set at one (1) month.
- The employment and residency temporary permits are issued approximately within one (1) month and the duration of the residence and employment permit is up to three (3) years, with a right of renewal.
Re-entry into the Republic
In case an application has been submitted for a residence permit that has not yet been examined, then re-entry to the Republic can be obtained with the payment receipt provided after the submission of the application fees, which bears a stamp allowing re-entry into Cyprus.
Family Members
Third country nationals employed in companies of foreign interests are able to exercise their right to family reunification. In such a case, third country nationals who are close family members (part of family unit) can reside in Cyprus after the employee follows the family reunification application procedure.
- Spouses of employees who obtained a residence and employment permit in Cyprus and who receive a minimum gross monthly salary of €2.500 can have immediate and free access to the labour market.
- Family members are granted usually a first residence permit of one (1) year’s duration, or the residence permit will be issued with a duration up to the validity of the sponsor’s residence permit and passport.
Naturalisation of Highly Skilled Employees
On the 30th of November 2023, the House of Representatives approved the amended Criteria for the Naturalisation of foreign Nationals. Under the amended law, highly skilled professionals employed by Companies designated by the Council of Ministers in the context of attracting expansion of their operations in the Republic, and their family members, can submit an application to acquire the Cypriot citizenship as long as they can satisfy the specific requirements.
Applications submitted by Highly Skilled Professionals are fast tracked and reviewed within a period of maximum eight (8) months.
Conclusion
Vasiliou & Co LLC provides professional support, and can guide you through the entire process, explaining the necessary steps, paperwork and timeline to prepare you for a successful corporate relocation.
We provide a single point of contact for all your HR needs, including the set-up of the company and immigration assistance.
In addition, we can also assist with other immigration services https://www.vasiliou.law/cyprus-immigration-law/ .
For further information, please contact us at +357 24 727 313 or by email at [email protected] .
(The content of the above information is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.)