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4 Temporary residence permit for third-country nationals who wish to be employed by international companies based in Cyprus

4 Temporary residence permit for third-country nationals who wish to be employed by international companies based in Cyprus

A Cyprus company with foreign interests should fulfill the following criteria in order to be eligible to employ third-country nationals within Cyprus.

 

•    The majority of the company’s shareholders should be foreign shareholders and in the case of shareholders whose ultimate owners are foreign companies, the details of the physical persons behind those foreign companies should be declared;

 

•    The direct foreign capital investment required is at least €171,000 and should be proved by banking and other documents, including confirmation that funds were brought into Cyprus legally from abroad;

 

•    The company should have its own self-contained offices in Cyprus, which are not part of private residence or another office.

 

Provided that the Cyprus company fulfills the above mentioned conditions, it can legally employ third-country nationals for the following positions:

 

•    Executive Director (maximum number of such executives is five);

 

•    Middle-management staff, executive staff (maximum number permitted in this category is ten);

 

•    Supporting staff (nationals employed in other positions that do not fall under categories (a) and (b) mentioned above), provided there is no availability of suitably qualified Cypriot or European residents to assume the said positions.

 

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