Where a company of foreign interests wishes to conduct its business in Cyprus by employing Third-Country Nationals, it is a pre-requisite to register with the Cyprus Authorities in order to be able to employ such persons.
What is a company of “foreign interests”?
A company duly incorporated with in Cyprus is deemed to be of “foreign interests” where the majority of its shareholding belongs to Third Country Nationals.
- In case the percentage of foreign participation in the share capital of the Company is equal to or below 50% of the total share capital.
- A foreign direct investment of capital of the amount of at least €200.000 should be legally transferred to Cyprus from abroad where the company intends to employee third country nationals.
- The establishment/ operation of independent offices in Cyprus, in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.
Employment of Third Country Nationals:
A registered company of foreign interests may employee third country nationals at higher managerial positions and/or any key personnel and/or supportive staff according to the guidelines issued by the Ministry of Labor and the Migration Department.
An application for a working permit must be submitted for the employment of third country nationals.
The working permit allows for the individual to work at the particular company legally and to reside legally in Cyprus during his employment.
Categories of Employees:
Directors and managerial staff: up to 5 employees
Key personnel: up to 10 employees
Specialists: up to 10 (number allowed varies on the annual turnover of the company)
Support staff: priority is given to EU citizens before the company may apply for a permit to employee third country nationals under this category.
The spouse/partner and/or children may apply under the provisions of family reunification of third country employees in foreign companies in order to be able to reside in Cyprus legally.