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International Companies of Foreign Interest

New Scheme

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:

  • Higher/Middle Management and Highly skilled nationals holding a university degree or diploma or equivalent qualification or confirmation of relevant experience in a corresponding employment position of at least 2 years duration. The gross monthly salary of each of these employees should be at least EUR 2,500.
  • Support staff, provided that it does not exceed 30% of the total support staff (authorization from the  Department of Labour is required in this case). Their salary is determined by the current legislation.

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. 

Civil Registry and Migration fees for this procedure will vary between EUR 70 and EUR 150 (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:

  • The residence permit issued for higher/middle management and highly skilled individuals may be renewed every 1 – 3 years for an indefinite period of time;
  • The company should rent suitable premises (not being residential).

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