Residence and work permits for owners, employees and their families
If you plan to run a business from Cyprus, you will need to arrange both the company’s registration and your own right to live and work here. The Companies of Foreign Interests procedure allows qualifying businesses to employ third-country nationals, including owners who work in their own company.
A new company can apply, as can an established business relocating staff. The company must first qualify under the scheme; each employee then needs the appropriate residence and employment permission.
Which companies qualify?
One basis for eligibility is majority ownership by third-country nationals. Where their participation is 50% or less, a separate €200,000 share-capital requirement applies. This must be considered alongside the initial business investment requirement below; the company’s ownership and capital records need to support the basis on which it applies.
The procedure also covers qualifying shipping, technology and pharmaceutical companies, among other categories. Majority foreign ownership is not required for every category.
A newly incorporated company does not need a trading history to apply, but it must explain its intended activities and staffing plans.
What investment is required?
The current registration criteria require an initial investment of at least €200,000. This can be evidenced by funds transferred from abroad by the shareholders into the company’s account with a credit institution licensed in Cyprus, or by qualifying purchases of the company’s office premises or equipment.
Funds held with an electronic money institution or payment institution do not satisfy the bank deposit requirement. The investment must have been made within the six months before the application and still be in place when the application is submitted.
The evidence should show where the funds came from and how the investment was made. Invoices for office premises or equipment must be in the company’s name. Buying an apartment for the owner to live in does not meet the office investment requirement.
Does the company need a separate office?
Yes. The business premises must be separate from residential accommodation. If renting, the company needs an agreement lasting at least twelve months.
A serviced office or space within shared premises may be accepted where the agreement identifies a room for the company’s exclusive use. The same applies to a sublease. A virtual office providing only a mailing address is insufficient.
Can I work for a company I own?
Yes. An owner may apply to work in the company, including as a manager, if both the business and the proposed employment qualify. The application must show that the owner has the qualifications or experience required for the role and will receive the required salary under an employment contract.
Share ownership or appointment as a director does not, by itself, give a third-country national permission to live or work in Cyprus.
What are the requirements for a highly paid employee?
For new highly paid employees, the main requirements are:
- a gross monthly salary of at least €2,500;
- relevant academic qualifications or at least two years’ relevant experience; and
- an employment contract lasting at least two years.
This is a gross salary, before employee deductions. The company must also pay the applicable employer contributions.
Experience must be relevant to the proposed position and supported by evidence. Anyone practising a regulated profession must also satisfy its professional requirements.
There is a transitional exception for certain employees already holding BCS Key Personnel permits under the earlier policy. Those covered by the exception, with a gross monthly salary of at least €2,000, may renew with the same employer without a salary increase until 31 December 2026.
Must we recruit Cypriot or EU employees first?
There is no labour market test for highly paid employees under this procedure. Support-level employment requires Department of Labour approval and follows different rules.
The policy also requires companies to commit to 30% Cypriot or EU staffing over five years. Under the published timetable, compliance with the ratio for new recruitment is to be checked after 2 January 2027, with cases of non-compliance considered individually. This is relevant to staffing plans even where the company starts with only non-EU employees.
Where do we apply?
Registration as a Company of Foreign Interests is handled through the Business Support Center’s electronic service. The application must use the company’s own verified CY Login profile.
Following the company’s approval, the employee applies to the Migration Department for residence and employment permission. First applications under this category are handled in Nicosia. A highly paid employee may enter with an appropriate visa or an entry permit obtained through the employer.
Company approval alone does not authorise the employee to start work.
A business already registered under the scheme should establish whether its existing registration can be used before submitting a fresh company application.
Which documents will we need?
For the company, the documents include its ownership records, proof of the investment and evidence of suitable premises. For the employee, the main documents include a valid passport, the employment contract and proof of the qualifications or experience relied on.
The full list depends on whether the application is for a first permit, a renewal or a change of employer. Overseas documents may need official translation and certification, so these should be obtained before the submission date.
Family applications require additional documents establishing the relationship, such as marriage and birth certificates. The spelling of names must be consistent, and any changes of name or passport should be explained in the file.
How long should we allow?
The published examination periods are ten business days for a complete company registration application and one month for a complete employee application. These are not end-to-end relocation times. Incorporation, opening the bank account and obtaining documents come first, and requests for further information can delay a decision.
How long does the permit last?
The residence and employment permit may be issued for up to three years, depending on the contract and the application. A shorter permit may be granted. Highly paid employees are not subject to an overall maximum stay under this policy, provided their residence and employment remain lawful and their permits are renewed.
A renewal application should be prepared before the existing permit expires. Changes to the employer or the terms of employment may require further immigration formalities.
Can my spouse and children come with me?
Yes, through the applicable family procedure. Family reunification generally covers an eligible spouse and unmarried children under eighteen. Under the ordinary rules, the spouse must be at least twenty-one and the marriage must have taken place at least one year before the application.
For employees of approved companies, the Director may waive the usual requirement for the sponsor to have already lived in Cyprus for two years. The remaining requirements, including suitable accommodation, health insurance and sufficient resources, still apply.
Where a spouse or child does not yet qualify for family reunification, a dependent visitor application may be available. A recent marriage is one situation in which the appropriate category needs to be considered separately.
Can my spouse work?
A qualifying spouse or civil partner may have access to paid employment under the family arrangements for this scheme, subject to the relevant residence and employment permission. The concession removes the usual requirement for Department of Labour approval of the employment contract; it does not extend to self-employment. A dependent visitor permit should not be treated as permission to start a job.
Can parents or adult children obtain residence too?
There are dependent visitor arrangements for parents, parents-in-law, unmarried partners and certain adult children. Eligibility depends on the relationship and the conditions of the particular category, including financial support. Adult children are subject to additional conditions concerning matters such as age and studies; financial dependence alone is not enough in every case.
What happens if an employee changes jobs?
A highly paid employee can apply to move to another eligible Company of Foreign Interests. The change must follow the required immigration procedure and deadlines. The existing permit is tied to the approved employment and cannot simply be used for a different job.
Moving to an employer outside this scheme may require a different type of permit. Where family members’ residence depends on the employee, their position must be reviewed at the same time.
Can I travel before the permit is issued?
Re-entry while an application is pending may be possible with a valid passport and the application payment receipt bearing the Migration Department’s re-entry stamp. An appointment confirmation is not a substitute. Before leaving, the applicant should make sure that the document they hold actually permits re-entry.
A long absence can also affect a permit holder’s return. The Department’s published guidance on re-entry with a valid permit refers to absences of no more than three consecutive months. Anyone planning a longer absence should obtain advice on their particular permit before travelling.
Can this eventually lead to permanent residence or citizenship?
This procedure grants temporary residence and employment permission. Permanent residence and citizenship have their own eligibility requirements and application procedures.
Periods of lawful residence may be relevant to a later application. Certain highly skilled employees can qualify for a reduced residence period for naturalisation, but they must still satisfy the applicable residence, Greek-language and other statutory requirements.
For someone considering citizenship, the employment category and record of absences from Cyprus can be significant. Several years of permit renewals do not automatically establish eligibility.
How we can help
A. Danos & Associates LLC advises on company registration and residence and employment applications under the Companies of Foreign Interests procedure. We can assess whether the proposed business qualifies, prepare the applications and assist with residence arrangements for family members.
Where accounting or payroll services are needed, we coordinate with accounting professionals. Please contact our office to discuss your business and relocation plans.
