Employment of third country national in Cyprus Companies of Foreign Interests

In general, for the granting of permit for the employment of third country nationals in Cyprus, there are several conditions which have to be met. The basic conditions are the absence of prospects to meet the specific needs of the employer by local labour force, that is to say by Cypriot or European citizens and for the number of the third country nationals who are employed by the employer not to exceed the 30% of the total personnel of the employer.

The Ministry of Labour, Welfare and Social Insurance examines whether there are available or adequately qualified Cypriots or EU citizens regarding the specific job and in case that it decides that there are not, it provides an approval for the employment of the third country nationals recommended by the employer. This condition – which is undoubtedly time-consuming and difficult to be met – does not apply in case that the third country national intends to work in a Cyprus company of foreign interests.

Which companies can be Cyprus companies of Foreign Interests?

A company can be registered at the Registry of companies of Foreign Interests only in case that the three following cumulative conditions are fulfilled:

  • The majority (i.e. over 50%) of the company’s shares must be owned by one or more third-country nationals or the foreign participation must represent an amount equal to or greater than the amount of €171.000.
  • The beneficial owners of the company have to proceed with a foreign direct capital investment of at least €171.000, legally brought to Cyprus from abroad. Bank statements and bank swifts are required, indicating that the amount of €171.000 corresponds to the direct foreign capital investment legally brought to Cyprus. This requirement only applies to companies which will employ third country personnel for the first time.
  • The company has to operate in independent offices in Cyprus.

Which are the categories of employees?

Third-country nationals which can be employed at a Cyprus company of Foreign Interests are classified in the two following types of positions:

  • Directors
  • Minimum acceptable gross monthly salary is €3872.
  • Maximum number of 5 persons for this category, unless it is proved that a larger number is necessary.
  • Middle Management Executives and other key personnel
  • Minimum acceptable gross monthly salary is between €1936 – €3871.
  • Maximum number of 10 persons for this category, unless it is proved that a larger number is necessary.

Which are the main conditions that must be fulfilled in relation to the employee?

  • The employee must have all the qualifications for the position.
  • He must be a holder of valid passport or other travel document with validity of at least 2 years from the date of the submission of the application.
  • A bank guarantee for possible repatriation expenses or a declaration by the company of foreign interests guaranteeing the covering of such expenses by the company.
  • He must be a holder of valid entry permit.
  • The employee must be covered by health insurance and employer´s liability insurance with an automatic renewal.
  • There must be a valid employment agreement between the employee and the company.
  • The employee must have title deed or rental agreement showing he has residence in Cyprus.

What is the family reunification?
Third-country nationals employed in companies of foreign interests are able to exercise their right to family reunification. In such a case, third-country nationals who are family members of the employee, that is to say the spouse and any minor children, can enter and reside in Cyprus.

The present article intends to provide a general overview of the subject-matter. In case you need our assistance with the procedure of applying for BCS visa in Cyprus, please do not hesitate to contact us by phone at marketing@globalserve.com.cy .

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