Introduction
Companies of foreign interest, including former offshore companies and Cyprus shipping companies are entitled to employ third party nationals under specific circumstances. Such foreign nationals are also allowed family reunification which means that their eligible family members will be allowed to reside in Cyprus. Interested employers and employees should obtain relevant licence from the Civil Registry and Migration Department (CRMD).
Eligible Companies
The Company must be a private company, owned by a majority of third party nationals having invested in the share capital of the Company an amount of at least Euro171.000.
In the event that the percentage of foreign participation is less or equal of 50% of the share capital of the company, a company may still be eligible, provided that the foreign shareholder(s) has invested into the Company's share capital, an amount of at least Euro171.000.
The above-mentioned amounts should be transferred in Cyprus from abroad and relevant documentation is submitted to the CRMD, so a bank account in Cyprus in the name of the prospective employer/ applicant Company, is a requirement.
Further to the above requirement, the CRMD requires full disclosure with regards to the beneficial owners of the applicant company. It is likely, that a Due Diligence Report with regards to the beneficial owners may also be required by the CRMD and that such a report would be issue by a relevant authorised provider1.
Finally, the Applicant must operate in independent offices in Cyprus, separate from any private housing or other office2.
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Footnotes
1 I. Christodoulou & Partners LLC is an authorised provider with the CRMD with Registration number 124
2 Whilst Serviced offices, or business co-habitation are not excluded, such arrangements are not generally advisable
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
