On the 15th of October 2021, the policy for issuing and renewing residence and employment permits for third country employees who are to be employed at foreign interest companies registered in the Republic of Cyprus (Cyprus) was replaced with a new Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus, to be implemented as per the 2nd January 2022.
Approval for employment of third country nationals can be obtained if the following requirements have been met:
1. Registration of the Cypriot company with the Civil Registry and Migration Department.
It should be noted that in order to qualify, amongst other conditions, proof must be provided that 50% or more of the company’s share capital is held by a third country national.
2. The future employee of the company should provide a number of personal documents and also undergo medical tests.
Eligible employees are:
Moreover, it should be noted that family members of the above mentioned employees may apply to join the employee in Cyprus, immediately after the employee has received the Residence Permit, if certain conditions have been met.
Government fees for this procedure will vary between EUR 135 and EUR 405 (these fees do not include the incorporation of the company).
The entire procedure from filling the registration documents of the company until receipt of the residence and work permit of the employee will take approximately 2 months.
Lastly, it is important to note that: