Companies owned by Non-EU Citizens

Introduction

Companies belonging to Non-EU citizens need to fulfil certain requirements to obtain the approval of the Civil Registry and Migration Department in order to be able to employ Non-Eu citizens. The recommendation for the employment of aliens is made if there is no availability of adequately qualified Cypriots or EU citizens.

The following requirements apply:

  1. The investment by the ultimate beneficial owner should be at least €200,000.
  2. The operations should be performed from independent offices in Cyprus, in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.

Positions

Companies of foreign interests may employ nationals from third countries to the following positions:

  • Directors with minimum acceptable gross monthly salary for Directors is €4.000.
  • Middle management executives and other key personnel with minimum acceptable gross monthly salary for Directors is €2.000.

In this category the following third country nationals are included:

  1. Upper / middle management personnel,
  2. Other administrative, secretarial or technical staff
  • Specialist with minimum acceptable gross monthly salary for Directors is €2.000. Specialists include various categories like Software and system engineers, other IT related positions, marine engineers, naval architects etc.
  • Support staff which includes all staff not in any of the above categories. Companies are expected to fill in positions in this category with Cypriot or European citizens, however in the case where there are no qualified Cypriots or EU citizens available, a company may employ third country nationals in this category at a maximum rate of 30% of the total staff.

There are maximum number of Non-EU employees per category (Directors- 5, middle management 10, and specialists based on the turnover of the company). For employing more than 300 Non-EU employees the consent of the Council of Ministers is required.

How can we help

We can assist with:

  • Registration of your Company with the Companies Registrar;
  • Assist you in obtaining work permits for Non EU employees and their close family members;
  • Ensure that all relocation procedure is completed smoothly and efficiently.
  • Assist you in taking advantage of the tax incentives of Cyprus to attract foreign investment
  • Submit all relevant beneficial owner information with the online portal for and on behalf of your Company;
  • Advice in respect of any restructuring of your Company.