The Council of Ministers of Cyprus approved on October 15th 2021, the “Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus”. The Strategy is a very important initiative towards attracting both international investments and talent, including a series of actions and reforms in several areas of intervention, aiming to enhance Cyprus’ position as an international high-growth business centre, such as the provision of Cyprus residence permits for the Foreign Interest Companies UBOs and employees and their family members.
Companies must meet the following criteria Criteria:
- Third country shareholders should own the majority of the company’s shares.
- Deposited amount of at least €200.000, supported by a Bank SWIFT or other similar document which proves a foreign direct investment by the ultimate beneficial owner, legally admitted to Cyprus (This requirement only applies to companies which will employ staff from third countries for the first time.)
- The Company should operate in independent offices in Cyprus and pursuant to the relevant regulations.
- Directors – This category includes the Directors or Partners registered in the Registrar of Companies and Official Receiver, the General Managers of branches and of mother companies of alien companies, the Departmental Managers and the Project Managers. Minimum acceptable gross salary is €4.000 Euro and the maximum number of persons for this category is 5.
- Middle Management Executives and other Key Personnel – This category includes the upper / middle management personnel and the other administrative, secretarial, or technical staff. Minimum acceptable gross salary amount is between €2.000 Euro and the maximum number of persons for this category is 10.
- Specialists – Companies are entitled to employ third country nationals in professions and / or with skills relevant to the Company’s operating activities. The minimum acceptable gross salary amount for this category is €2.000 Euro.
- Support Staff – There is no maximum number for the employment of third-country nationals under this category, provided that the necessary approvals from Department of Labour have been obtained.
Types of eligible Companies
- Public companies registered on any recognized stock exchange.
- Companies of international activities (formerly off-shore), which operated before the change of regime, whose data are held by the Central Bank.
- Cypriot shipping companies.
- Cypriot high-tech/innovation companies*
- Cypriot pharmaceutical companies or Cypriot companies active in the fields of biogenetics and biotechnology.
- Companies of whom the majority of the total share capital is owned by persons 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.
An enterprise qualifies as ‘High Technology Company’ if:
- it is already established and has a presence in the market, and
- it has a high level or experimental R&D intensity, and
- it developed product/s that fall into one of the following categories: products related to aviation and space industry, computers, electronic and telecommunication products, pharmaceuticals, biomedical, research and development equipment, electrical machinery, chemicals, non-electrical machinery.
The Law Firm of NASOS A. KYRIAKIDES AND PARTNERS LLC can provide full legal support on all procedures and application with the Ministry of Interior for obtaining Cyprus residence permit.