Cyprus: New Strategy For Attracting Businesses To Cyprus

2.2.1 assisting companies to obtain all necessary registrations for their establishment (e.g. company registration and name approval, registration to the Social Insurance Registry and the Employers' Registry, registration to VAT Registry and Income Tax etc.); and

2.2.2 provision of information for all the necessary permits that may be required.

2.3.1 where the majority of the foreign company's shares are owned by third-country shareholders; or

2.3.2 where the percentage of foreign participation in the company's share capital is equal to or less than 50% of the total share capital and an amount equal to or greater than €200.000 is represented as nominal capital; or

2.3.3 where the company is:

1. public registered in any recognised stock exchange;
2. former offshore company;
3. Cypriot shipping company;
4. Cypriot company of high technology/innovation (i.e. (a) where it is already established and has a presence in the market or (b) where it has a high level or experimental research and development intensity or (c) where it develops 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);
5. Cypriot pharmaceutical company; or
6. owned by persons (the majority of the total share capital) who have acquired Cypriot citizenship by naturalization based on economic criteria.

3.1.1 minimum monthly gross salary of €2.500 with respect to all employees;

3.1.2 requirement of a provision of an employment contract of not less than 2 years duration;

3.1.3 requirement of a university degree or diploma or equivalent qualification or confirmation of experience of at least 2 years;

3.1.4 any application with respect to the issuance of permits to third country employees will be examined and issued within 1 month and will be valid for up to 3 years, depending on the duration of the employment contract;

3.1.5 the key personnel already approved and working under the existing scheme (with €2.000 gross monthly salary), may renew their residence permits, until 31 December 2026 (grace period of 5 years is granted), so as their minimum monthly gross salary to become €2.500;

3.1.6 the maximum number of third country employees that may be employed has been set at 70% of the total number of employees in a 5-year period from the date of the company's registration to the BFU;

3.1.7 companies already registered under the existing scheme, have to secure at least 30% key personnel from Cyprus and EU countries by 31 December 2026 and after the lapse of 5 years, if this will not be possible, the matter will be re-examined by the BFU on a case-by-case basis;

3.1.8 employment of third country employees as support staff with monthly gross salary below €2.500 is allowed by undergoing the Labour Department's market test, provided that the number of such employees does not exceed the 30% of the total support staff of the company;

3.1.9 third country employees working for companies registered under the BFU, will have the right of family reunification under BFU which will allow access to employment for their spouses (under certain conditions); and

3.1.10 family members of key personnel employed in foreign companies under the current criteria (salary requirement of €2.000) also benefit from the new policy.

4.1.1 applicants may be third country citizens who are employed or self-employed that are able to work from distance, using technology, with employers and/or clients outside Cyprus for a period of 12 months;

4.1.2 DNV's holders can be accompanied by their family members;

4.1.3 DNV will not be an employment permit;

4.1.4 initial maximum of 100 applicants will apply;

4.1.5 applicants will have to submit, amongst others, proof of sufficient resources up to €3.500 monthly (e.g. employment agreement, bank statements), plus an additional 20% for the spouse and 15% for any minor; and

4.1.6 DNV will be valid for a period of 1 year and it can be renewed for another 2 years.