Amendments on the Policy regarding the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic
The Council of Ministers, with its Decision dated on 07/10/2020, reviewed the policy regarding the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic, as well as companies that have joined the Fast Track Business Activation Mechanism (hereinafter the “Policy”), which enables foreign nationals to work in Cyprus if the employees and the international company meet certain criteria.
The amendments under the Decision of the Council of Ministers are as follows:
- An additional category of personnel, the “Specialists”, was added on the list of the personnel who can apply under the policy. A Specialist must be in the following professions:
- Software and System Engineers
- Application and Data Architects
- Information and Communication Technology and Enterprise Solution Architects
- Technical Assurance Professionals
- Telecom and Space Engineers
- Data scientists
- Machine Learning Engineers
- Web Developers and designers
- UX User Experience Professionals
- Quantitative Analysts
- Quality Assurance Analysts
- Mobile Application Developers
- Augmented Reality/ Virtual Reality Programmers
- Digital Marketing Specialists
- Video Production Multimedia Specialists for Mobile Apps and Software
- Analysts for Mobile Apps and Software
- Designers of Prototype for Mobile Devices
- DevOps Engineers
- Cyber Security Specialists
- Artificial Intelligence, Robotics and Big Data Specialists
- Pharmaceutical Formulation Technologists
- Pharmaceutical Engineer Validation Specialists
- Pharmaceutical Patents Specialists
- Pharmaceutical Regulatory and Quality Assurance Professionals
- Marine Engineers
- Naval Architects
- The minimum salary requirements have been amended as below:
- For Directors, it shall be at least €4.000 per month.
- For middle management executives, other key personnel and Specialists, it shall be at least €2.000 per month.
- The Directors, Key Personnel, and Specialists ( personnel categories 1 – 3) can reside in the Republic without time limit, provided they hold a valid temporary residence permit i.e. they can reside in the Republic indefinitely provided that they renew their temporary residence permits when their expiry approaches.
- The amount of the investment of the ultimate beneficial owner of the company has been increased. The ultimate beneficial owner must invest at least € 200.000 in Cyprus, for the purposes of operating the company.
- In case that the percentage of the foreign participation of the third country national is equal to or below 50% of the total share capital, this percentage must represent an amount equal to or greater than the amount of € 200.000.
- The maximum number of employees a company can employ has changed as below:
- Up to 5 Directors can be employed.
- Up to 10 Middle management executives and other key personnel can be employed.
- In relation to Specialists, the maximum number allowed is based on the annual turnover of the company, as following:
- In case the turnover is less or equal to 1 million, 5 Specialists can be employed.
- In case the turnover is greater than 1 million but less than 3 millions, 10 Specialists can be employed.
- In case that the turnover is greater than 3 millions but less than 5 millions, 20 Specialists can be employed.
- In case the turnover is greater than 5 millions but less than 10 millions, 30 Specialists can be employed.
- In case that the turnover is greater than 10 millions but less than 20 millions, 50 Specialists can be employed.
- In case the turnover is greater than 20 millions but less than 30 millions, 100 Specialists can be employed.
- In case that the turnover is greater than 30, 200 Specialists can be employed.
- The medical analysis results can be certified by a Specialized Doctor in Cyprus and it is not required to be certified by a Government Doctor as before.
Kyriakos Antoniou & Associates LLC can advice and assist you on the procedure of registering a company of foreign interest and obtaining or renewing temporary residence and employment permits under the Policy. In case you need any clarification, please contact us through our website or send us an e-mail at [email protected].