Registration of Companies of Foreign Interests - Employees - Family Members

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.

Criteria

Third country shareholders should own the majority of the company’s shares.

Where the percentage of foreign participation (Third Country Nationals) in the company’s share capital is equal to or less than 50% of the total share capital, in order for the company to be considered as suitable, the foreign participation should represent an amount equal to or greater than the amount of €200.000.

The Company should operate in independent offices in Cyprus and pursuant to the relevant regulations.

4. The minimum gross monthly salary for highly skilled employment is set at € 2500, (this includes Directors, Key personnel, Specialists and Support Staff). Below this limit, employment is considered to be at support level and a contract must be dully stamped by the Department of Labor.

5. The maximum number of the Third Country Nationals employees is set at 70% of all employees over a period of 5 years starting from the day of joining the Business Facilitation Unit and after the lapse of 5 years, if the company will not be able to employ 30% of Cypriot or EU works, the matter will be re-examined.

Staff Categories

Directors, (This category includes the Directors or Partners registered in the Registrar of Companies and Official Receiver, the General Managers of branches and of mother companies of alien companies, the Departmental Managers and the Project Managers).

Middle Management Executives and other Key Personnel, (This category includes the upper / middle management personnel and the other administrative, secretarial, or technical staff).

Specialists, (Companies are entitled to employ third country nationals in professions and / or with skills relevant to the Company’s operating activities).

Support Staff, (There is no maximum number for the employment of third-country nationals under this category, provided that the necessary approvals from Department of Labour have been obtained).

Validity of Temporary Residence and Employment Permit

The permits will be issued within one (1) month and the duration of the residence and employment permit it is up to three (3) years, with a right of renewal.

Family Members

In order to preserve family unity, third country nationals with residence and employment permits are able to exercise their right to Family Reunification for their family members (spouse and minor children), provided that the relevant conditions of the Aliens and Immigration Law are met. (Family reunification refers to the entry and residence of the family members of a third-country national residing legally in the Republic)

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.

Registration of Companies of Foreign Interests - Employees - Family Members

Criteria

Staff Categories

Validity of Temporary Residence and Employment Permit

Family Members

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