Employment of Third-Country Nationals Through Companies of Foreign Interests in Cyprus

As a general principle, employers in the Republic of Cyprus are required to give priority to Cypriot and EU nationals when recruiting staff. However, Cyprus has introduced a specific exemption for Companies of Foreign Interests, allowing them to employ Third-Country Nationals (TCNs) under defined conditions.

This framework is particularly suitable for non-EU nationals who wish to establish and operate their own company in Cyprus, while simultaneously obtaining residence and employment rights through that entity.

Application Procedure for Companies of Foreign Interests

Companies that intend to relocate, expand, or commence operations in Cyprus and employ Third-Country Nationals must follow a structured approval process.

After incorporation of the Cyprus company, an application must be submitted to the Ministry of Energy, Commerce and Industry.

The request must be accompanied by a formal letter outlining:

• A brief description of the company

• Nature of business activities

• Current and projected number of employees

• Expansion or investment plans in Cyprus

• Any additional supporting documentation required

Approval is typically granted within approximately 10 days from the date of submission, provided the application is complete and compliant.

Eligibility Criteria for Companies of Foreign Interests

To qualify under this scheme, the following conditions must be met:

• Majority ownership of the company must be held by Third-Country Nationals

• A minimum foreign investment of €200,000 must be demonstrated, supported by:

  • Bank SWIFT confirmation or equivalent evidence showing a foreign direct investment legally transferred from abroad by the Ultimate Beneficial Owner (UBO)

• The UBO must deposit €200,000 into a corporate bank account held with a Cyprus credit institution licensed by the Central Bank

• Alternatively, the company may submit evidence of capital investment of at least €200,000 used for operational purposes (e.g. office purchase, equipment, infrastructure)

• The company must operate from independent physical offices in Cyprus

  
  

Entry Permit, Registration, and First Employment & Residence Permit

Company shareholders and senior executives may apply for residence and employment permits through their Cyprus company.

Key requirements include:

• Minimum gross monthly salary of €2,500 for highly skilled employment

• Proof of relevant academic qualifications and/or professional experience of at least two years in a similar role

A Third-Country National may enter Cyprus:

• With an employment visa issued by a Cypriot consulate abroad, or

• With an entry permit issued by the Civil Registry and Migration Department (CRMD), submitted by the employer

After arrival in Cyprus, the employee must:

• Register with the authorities

• Submit an application for a temporary residence and employment permit

• Pay the applicable government fees

• Provide any additional documentation requested by the CRMD

Entry permits must be used within three (3) months from their date of issue.

Examination Timeframe & Permit Duration

• Entry permit issuance: approximately 7–10 working days

• Examination of residence and employment permit applications: about 1 month

• Issuance of permits: usually within one month

Temporary employment and residence permits are issued for up to three (3) years, with the right of renewal, subject to continued compliance.

Re-entry Into Cyprus During Pending Applications

If a residence permit application has been submitted but not yet examined, the applicant may re-enter Cyprus using the official payment receipt issued upon submission of application fees. This receipt includes a re-entry stamp, allowing lawful travel until a decision is made.

Family Members and Family Reunification

Third-Country Nationals employed by Companies of Foreign Interests are entitled to family reunification.

Eligible family members include:

• Spouses

• Minor children forming part of the family unit

Important notes:

• Spouses of employees earning a minimum gross salary of €2,500 have immediate and unrestricted access to the Cypriot labour market

• Family members are usually granted an initial one-year residence permit, or a permit valid until the expiry of the sponsor’s residence permit and passport, whichever occurs first.

  
  

Naturalisation of Highly Skilled Employees

On 30 November 2023, Cyprus adopted amended criteria for the naturalisation of foreign nationals.

Under the revised framework:

• Highly skilled professionals employed by companies designated by the Council of Ministers may apply for Cypriot citizenship

• Eligible family members may also be included

• Applications submitted by highly skilled professionals benefit from a fast-track review, with a maximum examination period of eight (8) months, provided all statutory requirements are met.

  
  

How Fidustria Can Assist

Establishing a company of foreign interests and securing employment and residence permits in Cyprus involves multiple authorities, strict investment thresholds, and precise documentation.

Fidustria offers comprehensive support throughout the process, including:

• Guidance on company structuring and eligibility

• Preparation and submission of applications to the Ministry of Energy, Commerce and Industry

• Assistance with bank account setup and investment compliance

• Coordination of entry permits, residence, and employment permits

• Support with family reunification and renewals

• Strategic advice on long-term residence and naturalisation pathways

  
  

Fidustria operates on a fixed-fee model, ensuring transparency, predictability, and professional oversight at every stage.