Work and Residence Permits in Cyprus for Non European Union Investors.

Work and Residence Permits in Cyprus for Non European Union Investors.

One of the routes of obtaining a residence and work permit in Cyprus is to establish and operate from Cyprus a international business company.

If you come from a non-EU country and wish to invest , reside and work in Cyprus, there are certain investment criteria that are applicable.

In this article we codify the current requirements.

1. CAPITAL INVESTMENT REQUIRED.

The company should prove by banking and other documents that the direct foreign capital investment amounts at least €171.000 and it was brought in Cyprus legally form abroad.

The company should operate from their self-contained offices in Cyprus, which should be located in suitable distinct premises, not part of private residence or another office, except form cases of companies that share lodging.

Cases in which the nature of the work allows people to work from their home will be examined.

2. EMPLOYEE CLASSIFICATION.

Eligible companies which fulfill the above conditions may employ third country nationals in positions noted below.

(a) Executive Directors

– The term “Executive Directors” includes third country nationals registered as:

• Consulting Directors or Partners (in the Registrar of Companies)
• General Managers of branches and subsidiary foreign companies
• Departmental managers

The maximum number of such executives is five (5) unless the Civil Registry and Migration Department (CRMD)  is persuaded that a greater number is justified.

The minimum acceptable total annual salary (annual salary plus any additional allowances/benefits) for a newly appointed Executive Director is €41.000.

This amount may be adjusted from time to time according to fluctuations in the salary index.

There are no restrictions for the residence period of these employees.

(b) Middle-management staff, executive staff and any other key personnel.

The above mentioned staff includes Directors who are not considered to be Executive Directors as well as other Executive/Middle-management staff or other managerial, clerical or technical personnel with an annual salary ranging from €21.000- €40.999. The amounts may be adjusted from time to time according to fluctuations in the salary index.

The maximum number of these employees permitted in this category in 10.

The CRMD has the discrete authority to decide on the employment of more than 10 people in justified, depending on each company´s operation data. In the case that the total maximum number is exceeded, the company should justify the necessity of the employment of third country nationals, taking into consideration the payments as well as-

i. The scope of the company´s activities
ii. The proportion of foreigners to Cypriots and
iii. The duration of the company´s operation

There are no restrictions for the residence period of these employees.

(c) Supporting Staff

All third country nationals employed in other professional, managerial, technical, clerical etc. positions in Cyprus and do not fall under the above mentioned categories (a) and (b), are classified in the remaining supporting staff.

Companies are expected to employ Cypriots or European citizens for this category. In case that there are not available or suitable Cypriots or European citizens with the required qualifications, a company may employ third country nationals in positions of this category, following the procedure and submitting all the certificates/supporting documents described in the list of accompanying documents. after an affirmative decision (stamp of contact) is ensured by the Labour Department.

3. DOCUMENTS REQUIRED BY THE APPLICANT.

Documents of original certificate of Good Character Original Health Certificate, Marriage Certificate, Birth Certificate and required to be duly certified by the country of origin.

There are two ways to have a document duly certified.

(a) In the cases where the issuing country of the document has signed the 1961 Haque Conversion an Apostille (document of stamp) is sufficient.

(b) Otherwise, in order for the document to be accepted is required to:

i. Bear a stamp from the Ministry of Foreign Affairs of the issuing country.
ii. Have the fore mentioned stamp certified by the Diplomatic Mission of the country in the Republic or that is accredited in the Republic or
iii. Have the fore mentioned stamp certified by the Diplomatic Mission of the Republic in the country of origin or that is accredited in the country of origin.

Important Note :

Russia and Serbia are exempted from the procedure of certification

Documents from China may certified only from the Ministry of Justice and there is no need for Diplomatic Certification.

4. DOCUMENTS REQUIRED BY THE COMPANY.

Regarding the Company which will employ the applicant:

1. If the Company is new (meaning that this is the first time that the company applies for employment of third country nationals), the following Required Documents must be submitted, regarding the company:

a. Certificate of Incorporation(ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
b. Certificate of Registered Office (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
c. Certificate of Directors (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
d. Certificate of Shareholders (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
e. Memorandum and Articles of Association(ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
f. Profile describing the nature of the company´s business and details of its operations
g. List with the names, full addresses, passport numbers and nationality of the initial shareholders of the applying company. This is not required by companies registered in any recognized Stock Exchange and International Companies which were operating before the change of regime and for which the Central Bank of Cyprus possesses all necessary data
h. List of Company´s personnel (applicants and employees)
i. Bank account with the amount of €41.006
j. Domicile deed title of lease agreement or contract of sale and purchase of the offices in Cyprus. If these documents are not available when the application is submitted, then they should be brought to the Civil Registry and Migration Department within three (3) months from the day of the application
k. Deposited amount €170.860 which can be proved by banking and other documents that the direct foreign capital investment amounts at least €170.860 and it was brought in Cyprus legally from abroad.

How can we help?

Our law firm can assist you from A to Z to establish your presence in Cyprus.

• Incorporate a Cyprus company,
• Prepare an application for bank account opening,
• Prepare your work and residence permit applications.  

For more information please send us email using this link.