For the employment of a third country national in the Republic of Cyprus, a temporary residence and an employment permit are necessary.
On the 7th day of October 2020, the Council of Ministers passed a decision regarding the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic, as well as companies that have joined the Fast Track Business Activation Mechanism, provides the possibility of employing a higher number of third country nationals of specific professions and/or skills, for which there is a significant shortage of supply at national level, without a prior labor market test and taking into account the companies’ annual turnover.
The company owners can also apply for a work permit and residency through the company. This will give them the right to live and work in Cyprus and the opportunity to bring their current employees with them. Their family members will also be allowed to apply to live in Cyprus. After 7 years of residency in Cyprus, the individuals will have an opportunity to become Cypriot citizens and enjoy the full benefits of having a Cypriot passport, including the benefits of Cyprus being a member of the European Union. They can also benefit from both the individual tax rate savings and the corporate tax savings available in Cyprus including the non-Domicile status.