Cyprus Work Permit – Cyprus employment for Third Country Nationals (TCN) through International Business Companies (IBC)

In an attempt to further encourage non-EU residents to migrate to Cyprus and possibly register a Cyprus company and headquartering in Cyprus, the Cyprus government revised its policy regarding the issuance of a Cyprus temporary residence permit and a Cyprus work permit visa to employees of existing Cyprus companies and new Cyprus companies of foreign interests (International Business Companies (IBC).

Cyprus work permit – Cyprus employment for Third Country Nationals (TCN) issued by the Civil Registry and Migration Department in Cyprus for non-EU residents working for International Business Companies (IBCs)

Non-EU residents –  Third Country Nationals (TCN) can migrate to Cyprus and apply for a Cyprus work permit visa (Cyprus temporary residence permit) in Cyprus by making sure that they have been employed by an international Cyprus company. The international Business Company must fall within the policy of international Cyprus Company suitability.

Before applying to the Cyprus Civil Registry and Migration Department for a Cyprus work permit visa (Cyprus temporary residence permit) the person willing to migrate to Cyprus and apply for a Cyprus work permit (Cyprus work visa) must abide by the following entry requirements for Cyprus:

  1. Register a Cyprus company with the Cyprus Registrar of Companies and qualify (eligible) as an International Business Company with the Business Facilitation Unit (BFU) which will be notified to the Civil Registry and Migration Department (CRMD). The Registration is done online.
  2. Eligible companies are those in which the majority of the shares are held by non-EU nationals.  Companies with foreign interests may be up to 100% owned by non-EU nationals.   Non-EU nationals owned Cyprus company must have a paid-up capital of €200.000 represented by cash at the bank or by an investment – assets such as immovable assets, rentals, equipment, etc. Capital need not be invested immediately.
  3. In the case where the percentage of foreign participation in the International Cyprus company’s share capital is equal to or less than 50% of the total share capital, for the International Cyprus company to be considered eligible, the foreign participation should represent an amount equal to or greater than the amount of €200.000. In the case of an already registered international Business Company, the international Business Company to be considered eligible, the foreign participation should represent an amount equal to or greater than the amount of €171.000. Also eligible are the below types of entities regardless of their shareholders’ nationality:
    1. Public companies listed on any recognized stock exchange​
    2. Companies of international activities (formerly off-shore), which operated before the change of regime, whose data are held by the Central Bank​
    3. Cypriot shipping companies​
    4. Cypriot high-tech/innovation companies​
    5. Cypriot pharmaceutical companies or Cypriot companies active in the fields of biogenetics and biotechnology​
    6. Companies of whom the majority of the total share capital is owned by person/s who have acquired Cypriot citizenship by naturalization based on economic criteria, provided that they prove that the conditions under which they were naturalized continue to be met
  4. Employees must meet the following important criteria:
    1. Clean Criminal Record​
    2. Medically fit, i.e., test negative for HIV, Hepatitis B&C, Syphilis, and Tuberculosis​
    3. Relevant Academic or Professional Qualifications​
    4. Minimum monthly gross salary of €2,500​
    5. Minimum Employment Agreement validity of 2 years
  5. The international Cyprus Company must demonstrate that operates in independent offices in Cyprus, housed in suitable premises, separate from any private housing or another office, except in the case of business co-habitation.

For International Business Companies there is an option to employ an unlimited number of TCNs for at least until 02-01-27, (5 years grace period as per the provisions of the relevant decision of the Council of Ministers).

Cyprus Work Visa requirements before to migrate in Cyprus and before applying for a Cyprus work permit – Employment permit with the Civil Registry and Migration Department in Cyprus:

Before to migrate in Cyprus and before applying for a Cyprus work permit with the Civil Registry and Migration Department in Cyprus the following should be completed and collected:

Cyprus Work Visa requirements – Before arriving in Cyprus:

  1. Application form
  2. Application fee
  3. Copy of a valid passport or other travel document, the validity of which, on the date of submission of the application, expires at least six (6) months after the validity of the requested permit (Minimum acceptable document expiration period: 12 months).
  4. Brief Curriculum Vitae (CV) (including copies of academic qualifications of at least two years)
  5. Original letter of guarantee issued by a bank or cooperative institution in Cyprus covering possible repatriation expenses. The amount depends on the country of origin. 
  6. Employer declaration for covering the return cost of the third country’s national
  7. Original results of medical tests conducted abroad, show that the third country national does not bear/suffer from HIV, Syphilis, Hepatitis B and C, and Tuberculosis – TB (through chest x-ray). Ratification is necessary, except in the presence of a bilateral state agreement providing for an exception.
  8. Original Certificate of Criminal Record from the country of origin (if the applicant resides in a country other than the country of origin, the certificate should be issued from the country of residence). Ratification is necessary, except in the presence of a bilateral state agreement providing for an exception.

Cyprus Work Visa requirements  – After arriving in Cyprus:

  1. Original Entry Permit (M70)
  2. Copy of the passport or other travel document’s page, showing the latest arrival in the Republic. When applying, the presentation of the original passport is mandatory, for verification.
  3. Original contract of employment, of at least two years of duration, duly signed and stamped, as well as two (2) copies of the stamped original contract, also duly stamped.
    Note: the minimum gross monthly salary for highly skilled employment is set at €2500. Below this limit, employment is considered to be at a support level and a contract must be fully stamped by the Department of Labor
  4. Original results of medical tests, performed in Cyprus, show that the third country national does not bear/suffer from HIV, Syphilis, Hepatitis B and C, and Tuberculosis – TB (through chest x-ray), certified by a Specialised Doctor in Cyprus.
  5. Title deed or rental agreement of a house/apartment, dully stamped if valued over €5000.
  6. Valid Certificate of Health Insurance for medical care that covers inpatient and outpatient care as well as transportation of corpse (Plan A), automatically renewable, OR Registration Certificate in the General Healthcare System (GHS – GESY) (can be obtained from GHS personal doctor) and private insurance for transportation of corpse
  7. Employer´s liability insurance with an automatic renewal

Once documents have been collected all the relevant requirements together with the application are submitted to the Cyprus Civil Registry and Migration Department. The presence of the person who wants to migrate to Cyprus is necessary!

Migrate to Cyprus and Cyprus Work Visa requirements – Other important notes

– Non-EU residents employed in companies of foreign interests as Directors Middle management executives or other key personnel can exercise their right to family reunification and migrate to Cyprus. In such a case, non-EU nationals who are family members (spouse and minor children) can migrate to Cyprus after the sponsor has followed the procedure for family reunification. For family members (spouse and dependent children) who temporarily do not qualify for family reunification (e.g. because of the duration of the passport or the duration of the marriage), Cyprus temporary residence permits for Dependent Visitor may be issued. These family members can enter via a Cyprus visa and then apply to the Cyprus Civil Registry and Migration Department to obtain a Cyprus work permit – employment permit.

– At the time of the application submission, the photograph, fingerprints, and signature of the person applying for the Cyprus temporary resident permit will be captured by authorized personnel. For convenience purposes, the capturing of the above may take place up to one week after the submission of the application, at the District Units of the Aliens and Immigration Service of the Police, at the District of residence (for all Districts except Nicosia) by presenting the application submission receipt and a valid travel document. The application is not considered complete and cannot be processed further if these data are not captured

– No application is received from any person other than the employer or the non-EU or the sponsor, depending on the case, without presenting a duly certified authorization.

– The validity of the Cyprus work permit visa (Cyprus temporary residence permit) depends on the duration of the employment contract with the Cyprus International Company and can be up to two (3) years, with an indefinite right of renewal.

– Directors, middle management executives, and other key personnel of the Cyprus Company may migrate to Cyprus and reside in Cyprus without a time limit, provided they hold a valid Cyprus temporary residence and Cyprus employment permit.

– All registered Cyprus International Companies that continue to employ non-EU residents must, once a year, between 30 March and 30 June, submit to the Cyprus Civil Registry and Migration Department an update of the following:

– Recent audited international Cyprus Company audited financial statements

– Tax Clearance Certificate issued by the Cyprus tax department for the Cyprus International Company

–  Cyprus Certificate of VAT clearance (where applicable).

– Proof of Levy payment with the Cyprus Registrar of Companies (where applicable).

 

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