Cyprus Employment Permit

Foreign nationals who are employed by eligible foreign interest companies are eligible for an employment permit in Cyprus. 

 

Eligible Foreign Interest Companies

All  companies of foreign interests, including international companies (ex-IBCs), in order to be eligible to employ foreign nationals in Cyprus, should fulfil the following criteria:

 

The majority of the company’s shares should be owned by foreign shareholders and in the case that ultimate owners are foreign companies; they should be declared in order to be approved by the Civil Registry and Migration department.

 

The following companies are excluded:

 

  • Public companies listed in any recognized stock exchange market;

  • International companies (ex IBCs) that were operating before the change of regime and for which the Central Bank of Cyprus possesses all the necessary data.

 

In cases where the percentage of the foreign participation (ie.non-EU nationals as the shareholders or ultimate beneficial owners) in the share capital of the company is equal to or below the 50% of the total share capital, the percentage of foreign participation should represent an amount equal to or higher than €171,000 in order for a company to be considered eligible. Applications by companies that deal with offering services or consulting services that invest capital lower that €171,000 will be examined to determine whether the nature of their work does not require a higher capital investment.

 

For new companies the proof should be provided through banking and other documents, confirming that the direct foreign capital investment amounts to at least €171,000 and that it was brought into Cyprus legally from abroad.

 

The companies should operate from their own self-contained offices in Cyprus, which should be located in suitable distinct premises, not be a part of any private residence or another office, except in such cases where companies share lodgings.

 

Applications are only accepted when first employee will be recruited. The first applicant will receive a 1 year work permit, which is then renewable for a two year period each time. Once obtained, family members of the employee may apply for Residence Permits which will be of the same duration as the employee.

 

Eligible employees

Eligible companies which fulfil the above conditions may employ foreign nationals for specific positions. Companies should not commit themselves to employ foreign nationals before securing the work permit (official name ‘’Temporary Residence and Employment Permit’’) from the Civil Registry and Migration department.

 

Contact us for more information and for our schedule of fees.

Benefits of Living in Cyprus

 

'EU member state; the euro is the lcal currency'

 

'One of the most beneficial tax regimes in Europe'

 

'Mediterranean & stress free lifestyle'

 

'Low crime rate-one of the safest countries in the EU'

 

'English language widely spoken'

 

'Low tax environment on personal/ corporate income'

 

'Employment and Pension Income benefits'

 

'Highly developed infrastructure and services'

 

'High healthcare and education standards'

 

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Diclaimer: The above is intented to provide a brief guide only. It is essential that appropriate professional advice is obtained. XpertAdvice will be glad to assist you in this respect. Please do not hesitate to contact us.

Contact

___________________________________________

  

Marios Pampakas

Head of Corporate & Administration

 

[email protected]


T: +357 25258925