On the 30th of November 2022, the Council of Ministers approved the Amendment of the Policy for the Registration of Companies in the Register of Companies of Foreign Interest (Amendment).
According to the Amendment, for a company to be registered as a company of foreign interest and hence be eligible to employee third country nationals, it will have to demonstrate, in addition to the current criteria, an initial investment in Cyprus of at least EUR 200,000. As supporting evidence, the applicant will need to submit documents showing the direct investment by the company’s ultimate beneficial owner, legally admitted to Cyprus form abroad.
The Amendment came into effect on 12 December 2022.
Additional information regarding the Amendment, will follow soon.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.