News

Cyprus has made it easier for third country nationals to work and live in the country as employees of a “company of foreign interest”.

A Cyprus company can be registered as a company of foreign interests and employ third country individuals if it meets the following criteria:

1. The ultimate beneficial owner must invest at least € 200.000 in Cyprus for the purposes of operating the company.
2. The majority of the company’s share capital must be held by third country national(s).
3. It must establish/operate offices in Cyprus, in suitable premises, independent and separate from any private housing or other office, unless in case of business co-habitation.

Staff Categories – positions for third country nationals

1. Directors – minimum acceptable gross monthly salary for Directors is €4.000 (maximum number 5)
2. Middle management executives and other key personnel - minimum acceptable gross monthly salary for Directors is €2.000 (maximum number 10)
3. Specialist (based on the guidelines of the Immigration Department) - minimum acceptable gross monthly salary for Specialists is €2000 (maximum number of employees based on the annual turnover of the company)

Entering the Republic of Cyprus:

Third country nationals falling under the staff categories above, can enter Cyprus to be employed at a company of foreign interests by acquiring:

- An entry permit from the Civil Registry and Migration Department.

- A visa from the Consular Authorities of the Republic above.

Within 7 days after arriving, the third country national must apply to the Civil Registry and Migration Department for a temporary residence and employment permit.

Family

Family members (spouse and children under 18) of third country nationals who acquire the resident and employment permit can also enter and reside in Cyprus (subject to the relevant reunification procedure).