2023 Doing Business in Cyprus (India Edition)
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DOING BUSINESS C YPRUS<br />
61<br />
INDIA EDITION<br />
RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY PAID THIRD-<br />
COUNTRY NATIONALS AND SUPPORTING STAFF<br />
The government has revised the policy for the employment of highly paid personnel<br />
from third countries employed by companies of foreign <strong>in</strong>terests, as well as for<br />
those employed by Cypriot companies which give added value to the economy and the<br />
local workforce.<br />
ELIGIBLE COMPANIES:<br />
• companies operat<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> and are of foreign <strong>in</strong>terest/<br />
sharehold<strong>in</strong>g and ma<strong>in</strong>ta<strong>in</strong> fully-fledged offices<br />
• public companies registered on any recognised stock exchange<br />
• <strong>Cyprus</strong> shipp<strong>in</strong>g companies<br />
• <strong>Cyprus</strong> companies <strong>in</strong>volved <strong>in</strong> <strong>in</strong>novation and technology<br />
• <strong>Cyprus</strong> pharmaceutical companies or companies that<br />
operate <strong>in</strong> the fields of biogenetics or biotechnology<br />
• <strong>Cyprus</strong> Private Institutions of Tertiary (Higher) Education<br />
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY PAID THIRD-COUNTRY<br />
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:<br />
• a m<strong>in</strong>imum monthly gross salary of €2,500<br />
• candidate must hold a university degree or equivalent, or<br />
have a m<strong>in</strong>imum 2 years’ relevant experience<br />
• m<strong>in</strong>imum two-year contract<br />
All companies under the Strategy commit to <strong>in</strong>vest 30% of their total staff <strong>in</strong> Cypriots/<br />
EU citizens over a period of five years. In five years from the date of the enforcement of<br />
the Strategy, that is after 2.1.2027, the ratio for new hires will be checked. If a company<br />
does not adhere to the 70:30 ratio, cases will be evaluated on their own merits.<br />
Eligible companies will also be allowed to employ third-country nationals as<br />
support staff with a gross monthly salary of less than €2,500. The employment of<br />
third-country nationals as support staff<br />
is allowed, provided that it does not<br />
Wargam<strong>in</strong>g Headquarters, Nicosia<br />
exceed 30% of the total support staff and<br />
provided that the third country nationals<br />
and the employers have entered <strong>in</strong>to an<br />
employment contract approved by the<br />
relevant authority, the Department of<br />
Labour, <strong>in</strong> accordance with the applicable<br />
law. The amount of their salary is to be<br />
determ<strong>in</strong>ed by the current legislation.<br />
BENEFITS FOR THIRD<br />
COUNTRY NATIONALS:<br />
• work permits will be issued with<strong>in</strong><br />
a one-month period and will be<br />
valid for up to three years<br />
• a work permit can also be granted to<br />
the spouse of the eligible <strong>in</strong>dividual<br />
that obta<strong>in</strong>s a visa with this scheme
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