2023-Cyprus-Country-Report

CYPRUSCOUNTRY REPORT 2023
RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY PAID THIRD-
COUNTRY NATIONALS AND SUPPORTING STAFF
The government has revised the policy for the employment of highly paid personnel
from third countries employed by companies of foreign interests, as well as for
those employed by Cypriot companies which give added value to the economy and the
local workforce.
ELIGIBLE COMPANIES:
• companies operating in Cyprus and are of foreign interest/shareholding and
maintain fully-fledged offices
• public companies registered on any recognised stock exchange
• Cyprus shipping companies
• Cyprus companies involved in innovation and technology
• Cyprus pharmaceutical companies or companies that operate in the fields of
biogenetics or biotechnology
• Cyprus Private Institutions of Tertiary (Higher) Education
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY PAID THIRD-COUNTRY
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:
• a minimum monthly gross salary of €2,500
• candidate must hold a university degree or equivalent, or have a minimum 2 years’
relevant experience
• minimum two-year contract
All companies under the Strategy commit to invest 30% of their total staff in Cypriots/
EU citizens over a period of five years. In five years from the date of the enforcement of
the Strategy, that is after 2.1.2027, the ratio for new hires will be checked. If a company
does not adhere to the 70:30 ratio, cases will be evaluated on their own merits.
Eligible companies will also be allowed to employ third-country nationals as
support staff with a gross monthly salary of less than €2,500. The employment of
third-country nationals as support staff
is allowed, provided that it does not
Wargaming Headquarters, Nicosia
exceed 30% of the total support staff and
provided that the third country nationals
and the employers have entered into an
employment contract approved by the
relevant authority, the Department of
Labour, in accordance with the applicable
law. The amount of their salary is to be
determined by the current legislation.
BENEFITS FOR THIRD COUNTRY NATIONALS:
• work permits will be issued within a
one-month period and will be valid
for up to three years
• a work permit can also be granted to
the spouse of the eligible individual
that obtains a visa with this scheme
65