Easily move your company’s headquarters to Cyprus.
Non-EU national-owned companies can relocate to Cyprus with a minimum investment of €200,000. Cyprus has created a “Business Facilitation Unit (BFU)” as a single point of contact for foreign companies. The unit’s aim is to quickly and efficiently process requests from foreign companies looking to establish or expand operations in Cyprus. This policy is effective from December 2022.
Eligibility Criteria
To qualify, businesses must meet the following requirements:
- The majority of the company’s shares are owned by non-EU nationals.
- If non-EU nationals own less than or equal to 50% of the company’s shares, the foreign participation must represent at least €200,000. In both cases above, the ultimate beneficial owner (UBO) must deposit €200,000 in a company account held at a Central Bank-licensed credit institution (excluding payment institutions) or provide evidence of a €200,000 investment for operating the business in Cyprus (e.g., office purchase, office equipment purchase, etc.). If multiple UBOs exist, the amount can be deposited or invested by a single UBO or collectively.
- Public companies listed on any recognized stock exchange.
- International activity companies (formerly off-shore) with data held by the Central Bank.
- Cypriot shipping companies.
- Cypriot high-tech/innovation companies*
- Cypriot pharmaceutical companies or companies active in biogenetics and biotechnology fields.
- Companies where the majority of the total share capital is owned by individuals who acquired Cypriot citizenship based on economic criteria, as long as they prove that the conditions for their naturalization continue to be met.
For cases 3-8, the €200,000 investment criterion also applies, and the company must provide proof of its initial €200,000 investment in Cyprus (e.g., bank statement at the time of deposit or investment proof, such as office space and/or office equipment purchase).
*A ‘High Technology Company’ is defined as an enterprise that:
(a) is already established and has a presence in the market, and
(b) has a high level of experimental R&D intensity, and
(c) has developed products related to aviation and space industry, computers, ICT, pharmaceuticals, biomedical, R&D equipment, electrical machinery, chemicals, or non-electrical machinery.
New Policy for Third Country National Employment
The government also proposed a new policy for employing third country nationals in eligible companies such as:
- Foreign companies operating in Cyprus or planning to operate, with independent offices separate from residences or other offices
- Cypriot shipping companies
- Cypriot high-tech/innovative companies
- Cypriot pharmaceutical companies or companies in biogenetics and biotechnology sectors.
Under this policy, employment permits are issued to third country nationals with a minimum gross monthly salary of €2,500, provided they meet certain criteria.
Key criteria include:
- Possessing a university degree or equivalent qualification or having at least 2 years of relevant work experience
- Having an employment contract for at least two years
- A clean criminal record
- Extended duration of Residence and Employment permit from 2 years to 3 years
Residence and Employment permits are issued within 30 days from the submission of the relevant application and documents.
The maximum number of third country nationals allowed to be employed under this policy is 70% of the total employees within a 5-year period from the date the company joined the Business Facilitation Unit.
Employment of third-country nationals as support staff is allowed, as long as it does not exceed 30% of all support staff and provided that both the third-country national and employer have signed an employment contract that has been duly ratified by the competent authority, following existing applicable law. Salary levels are determined based on existing legislation.
The Right to Family Reunification of Third-Country Nationals in the Third-Country Employment Policy by the Ministry of Finance
The new policy grants immediate and unrestricted access to the labor market for spouses of third-country nationals who have secured a residence and work permit in Cyprus and receive a minimum gross monthly salary of €2,500 (excluding support staff).
Simplifying and Accelerating the Process for Granting Category E Work Permits (Long-Term Resident Status)
The new policy streamlines the process for granting immigration permits under Category E – Long-Term Resident Status to individuals who have been offered permanent employment by their company in Cyprus.