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Any eligible company may employ third country nationals provided that certain conditions are fulfilled.
A Cyprus company is suitable to employ third country nationals where the majority of its shares (over 50% of its total share capital) are directly or beneficially owned by third country nationals. Public companies registered in any recognized stock exchange are exempted from this requirement.
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 EUR 171.000.
Before being able to employ third country nationals, the company should be approved by the Civil Registry and Migration Department. The submission of an exhaustive list of documents is requested prior granting such approval.
The Company is required to submit, amongst others, supporting documentation evidencing that (i) it has an active bank account in Cyprus with a minimum balance of EUR 41,006, (ii) it operates its business in independent offices in Cyprus, (iii) the direct foreign capital investment amounts to at least EUR 171,000 and (iv) such capital investment was brought into Cyprus legally from abroad.
Eligible companies which fulfil the above conditions may employ third country nationals in the following positions:
TEMPORARY RESIDENCE AND EMPLOYEE PERMIT
A number of documents must be submitted to the Migration Department both prior to and after the arrival of the third country national. These include, amongst others, the following:
Pro-visa is a provisional visa which is issued for an electronic application of a tourist at the Consulate of the Republic of Cyprus. The final entry permit (visa) is placed in a tourist’s passport at the airport upon arrival to Cyprus. Pro-visa applies only to holders of Russian passports who intend to travel from Russia to Cyprus by a direct flight.
The application for the pro-visa can be done by an electronic submission of the application, i.e. by e-mail. A necessary condition for the issuance of pro-visa is a valid passport, with validity not less than 6 months from the date of application to the Consulate of Cyprus.
1. In case the applicant does not hold a pro-visa, medical examinations are required prior the entry into Cyprus.
Posted on Apr 30, 2018
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