Some of the many advantages of relocating to Cyprus are the international working environment, one of the lowest tax rates in the EU, the warm (all year round) climate and the excellent cultural background.
But what is the process to do so?
First of all, one must file an application for the issue of entry permit to the Civil Registry and Migration Department within 7 days of their arrival to Cyprus.
The application for the work permit must be submitted by the employer together with the contract of employment certified by the Department of Labour of the ministry of employment and social insurances. (Foreign nationals from third countries may work in Cyprus only upon acquiring the employment visa (work permit). In general, work permits are granted to foreign nationals who are employed in Cyprus by Cypriot entities. Professional employees are usually not granted such permits unless no qualified local (either Cypriot or EU/EEA) personnel is available.)
Duration
The maximum period of stay for third country nationals for the purpose of employment is four (4) years. Exception to this is livestock farming and agriculture sectors where the maximum period is six (6) years.
Companies of foreign interests
All companies of foreign interests need to fulfil certain requirements to obtain the approval of the Civil Registry and Migration Department and be able to employ third country nationals. A recommendation for the employment of aliens must be made by the Ministry of Labour and Social Insurance, after being satisfied that there is no availability of adequately qualified Cypriots for the specific industry/service/job.
Companies of foreign interests may employ third country nationals to the positions of senior directors, directors, senior executives and supporting staff.
Requirements
· The company must be incorporated in the Republic of Cyprus.
· The majority of Company shareholders to be foreigners.
· An amount of EUR 171,000 to be presented in the Company’s share capital.
· All interested companies should operate in independent offices in Cyprus.
· To demonstrate the steps to employ a Cyprus resident person for the position taken by the third country national without any success.
How we can help:
Assistance on the procedure for the registration of Cyprus entity
Assistance on the procedure of registration of the Company in the BFU and the acquiring of the recommendation from the ministry of labour
Assistance, advise and filing of the work permit applications.
Appearance before the Civil Registry and Migration Department on behalf of the Company.
This article is written for information purposes only and it does not constitute legal advice.
For further information, legal advice and assistance please contact us at zena@zsm.law or call us at +357 25-252282.
