25 Apr Obtaining a Work Permit in the Republic of Cyprus
EU citizens do not need to apply for a visa in order to work in Cyprus, however they need to attend the District Immigration Office of the city they reside and apply along with the relevant documents for a Certificate of Registration of Union Citizen and EU Citizen also known as a “Yellow slip”.
On the other hand, Non-EU citizens who wish to obtain a work / employment permit in the Republic of Cyprus must be employed by a Company who is eligible to employ third country nationals.
Employment permits for third country nationals – employees at International Companies
Not all Cypriot companies are eligible to employ third country nationals. Those who fulfill certain criteria and conditions must be registered at the Migration Department in Nicosia.
In order for companies of foreign interest, including former offshore companies and Cyprus shipping companies, to employ third country nationals in the Republic of Cyprus must comply and fulfill the below criteria and conditions :
(a) Their third country shareholders should own the majority of the company’s shares.
The following cases are excluded:
- Public companies registered in any recognized stock exchange
- Former offshore companies that were operating in Cyprus by approval of the Cyprus Central Bank, before the change of the offshore status.
(b) If the percentage of foreign participation in the company’s share capital is equal to or less than 50% of the total share capital, in order for the company to be considered as suitable, the foreign participation should represent an amount equal to or greater than the amount of € 171.000.
(c) In the case where Companies are the shareholders, then their final owners (natural persons who are the Ultimate Beneficial Owners) should be declared, in order to receive the approval of the Civil Registry and Migration Department.
(d) A foreign direct investment of capital amounting to at least € 171.000, must be legally transfered to Cyprus from abroad. This should be proved by appropriate bank and other documents (swift), explaining the relation between the sender and receiver. This requirement applies ONLY to companies which shall employ staff/employees from third countries for the first time.
(e) To operate in independent offices in Cyprus, housed in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.
- The documents necessary for the Registration of the Company are the following:
- Original Certificate of Incorporation
- Original Certificate of Registered Office
- Original Certificate of Directors
- Original Certificate of Shareholders that proves that the percentage of the foreign contribution in the share capital is over 50% of the whole. In case the shareholders are composed of foreign companies, the whole chain of ownership should be exhibited (along with the applicable original supportive documents e.g shareholders’ certificates) including the latest owners that must be natural persons.
- Memorandum and Articles of Association
> All of the above must be Originals and Stamped by the Registrar of Companies.
- List with the names, full addresses, passport numbers and nationality of the initial shareholders of the applying company. Companies registered in any recognized Stock Exchange and International Companies, which were operating before the change of regime, and for which the Central Bank of Cyprus possesses all necessary data do not require this.
- Financial statement of the Company
- Payment of the Company’s tax for each year (annual levy)
- Tax clearance certificate
- Statement that they have not employed any aliens / non EU in the past
- List of Company’s personnel (applicants and employees)
- Domicile deed title of lease agreement or contract of sale and purchase of the offices in Cyprus
- Deposited amount of €170.860 which, can be proved with relevant banking and other documents (SWIFT) that the direct foreign capital investments amounts at least €170.860 and it was legally transferred to Cyprus from abroad. If the investment is not made by the ultimate beneficial owner the relationship between the investor and the beneficial owner must be proved.
- Recent bank account statement with available balance of at least €41.006 and bank statement that amount came from abroad
- Affidavit regarding the proprietorship of the Company by its Directors
- Copy of passport (valid) of the final beneficiaries
- Profile describing the nature of the company’s business and details of its operations
- The documents necessary for the registration of the employee
- Copy of valid passport or other travel document with validity of at least two (2) years from the date of the submission of the application.
- Copy of the passport’s or other travel document’s page showing the latest arrival in the Republic and visa (if applicable)
- List of Company´s third country personnel per category [Directors and Middle Management Staff /Key Personnel]
- Brief Curriculum Vitae (CV)
- Original letter of guarantee issued by a bank or cooperative institution in Cyprus with validity of 10 years covering possible repatriation expenses. The amount depends on the country of origin.
- Original blood analysis results showing that the third country national does not bear/suffer from HIV, syphilis, hepatitis B and C and a chest x-rays for tuberculosis (TB) from a Government Hospital of the Republic or duly certified by a Government Doctor of the Republic
- Original contract of employment dully signed and two (2) copies dully stamped
- Title deed or rental agreement of a house/apartment dully certified by the relevant president of the community (mukhtar)
- Certificate of Health Insurance for medical care that covers inpatient and outpatient care and transportation of corpse (Plan A)
- Employer´s liability insurance with an automatic renewal
- Original Certificate of Criminal Record from the country of origin (if the applicant resides in a country other than the country of origin, the certificate should be issued from the country of residence)
- Receipt of payment of the annual company fee to the Registrar of Companies
- Authorization for payment by bank transfer (FIMAS)
- Diplomas including copies of all academic qualifications (translated in English)
For more information on how to apply and obtain an Employment permit in Cyprus, you may contact us at email@example.com or +35725255059
Note: The above article does not constitute a legal advice and may not be relied upon for such purposes. Readers are recommended to take appropriate legal advice on the above subject matter.