Start a Company to Get Your Work Visa in Cyprus
When it comes to countries one might want to migrate to, Cyprus, tops all the lists. The small island country offers everything one can dream of, for a happy and safe life. The Cyprus taxes are low, business is promoted and the weather is amazing.
As with any successful country, the migration of foreigners into the territory of Cyprus is highly regulated. These regulations are meant to protect the rights and opportunities of the local population. However, there are enough routes available to live and work on the island for individuals with a significant potential to contribute to the Cypriot society or economy.
The Cyprus government even offers the citizenship by investment program following which after making an investment for a set minimum amount, a person is almost guaranteed to be granted the Cypriot citizenship, thereby becoming an EU citizen too. This requires a steep investment in the country’s economy through 2 Million EUR, and another 500,000 EUR for residential property. Thus, mostly inaccessible for small business owners or skilled employees.
This is by no means the end of the road as there are several other options for company owners and employees to get a work visa or residence permit in Cyprus.
The most common way to get a work visa for in Cyprus is to apply for an immigration certificate. Like all popular ways, this is a crowded option which makes getting a successful allocation harder. The main body responsible for overseeing the immigration and work regulations in Cyprus is the Civil Registry & Migration Department. Immigration permits are also only granted after the recommendation of the Minister of Interior who only acts after a similar recommendation from the Immigration Control Board. To get the Certificate one must fall under the categories provided under the Aliens and Immigration Regulations of 1972.
- Category A – For individuals self-employed in agriculture and other such related activities. Individuals who have legally acquired the required land and have a minimum set amount of capital – 430,000 EUR and with no negative effect on the Cyprus economy.
- Category B – For individuals self-employed in the mining industry with a permit for the same and disposable capital of 350,000 EUR and with no negative effect on the economy.
- Category C – for individuals interested in being self-employed through trade or business in Cyprus having a permit for the same and a minimum capital of 260,000 EUR with no negative effect on the economy.
- Category D – For individuals who wish to be self-employed in a profession or science with provable academic qualifications for the same. There needs to be demand for the same in Cyprus and they also need to show proof of necessary capital.
- Category E – For individuals who have been offered permanent employment in Cyprus at the condition that such employment would not create an undesirable competition locally.
- Category F – For retired individuals with enough resources, who aren’t allowed to work in Cyprus.
Utilize the company to get a work visa in Cyprus
A person aspiring to open a mining or agricultural company; or having been taken a permanent position in a Cyprus company, can apply for a work permit under the aforementioned categories. There are also available, much faster options for entrepreneurs who have foreign companies in Cyprus.
Setting up your own company in Cyprus paves a seamless way of acquiring work permits in Cyprus. This option is accessible for Executive officers like directors, middle management positions in the company, and other key personnel which wouldn’t be readily available in Cyprus.
- To be able to access this option a company’s majority shareholding should lie with a person or other company located outside Cyprus, i.e., a foreign national. In case the shareholding lies with a company this is to be declared so that fulfillment of conditions can be verified by the responsible authority.
The option is still available to companies where the share of foreign entities is less than 50% if the foreign share capital in the company is valued at 171,000 EUR or more. It is also mandatory to have a proper physical presence for the company in Cyprus in the form of independent offices in relevant districts.
Classification and limitations of employees which can be brought via the work visa
- Includes Consulting Directors, Partners, General Managers etc
- An employee with a salary of 41,000 EUR or more.
- Only 5 visas are allowed under the provision for Directors.
- They are exempt from restrictions on the period of stay in the country.
- This includes any Directors who do not qualify as Executive Directors.
- Also included are other managerial, clerical and staff positions.
- The eligible salaries are between roughly 20,500 EUR – 41,000 EUR.
- 10 visas are allowed under this category.
- The Civil Registry & Migration Dept. may decide to increase this after considering the nature of the company’s operations and its needs.
- This category covers any technical, clerical or supervisory positions not covered in the first two categories.
- It is expected of companies to hire under this category only when there are no good options available to hire personnel from within Cyprus.
- The applications are only allowed when it is clear that no personnel were available in Cyprus meeting the technical, or skill demands of the company.
Visa by Start-up in Cyprus
The latest scheme favoring entrepreneurs in Cyprus has been the Start-up Visa program. Under this program, a founder or team working on a start-up are eligible to get a work visa in Cyprus if they meet all the conditions and bring their start-up, which must have high growth potential, to Cyprus.
In case of a founder –
- They must have access to at least 50,000 EUR in funds from any legal means of their choice.
- They must also have required educational qualification and functional knowledge of English or Greek language.
In case of a team –
- There must not be more than 5 members applying for the visa.
- There must be at least one founder and they should have access to a minimum of 25,000 EUR in funds. In the case of two or more founders, the minimum funds would be 50,000 EUR.
- At least one member of the team must hold the required educational qualification and all members must be fluent in English or Greek.
- Application Form
- Certificate of Incorporation of Company
- An explanation as to the role of the employee
- Residence Proof
- Proof of Investment (where applicable)
- Proof of the sale of property
- Cyprus Bank Account
- Proof of Financial Status like Tax Returns
- Confirmation Letter from Bank proving deposits (where applicable)
- Clean Criminal Record
- Relevant Fee
We Help with All Aspects of Immigration to Cyprus
It can often be confusing to find out which option is the best guarantee of getting you the work permit or visa that you have been waiting for. Everyday innumerable applications are rejected in the emigration offices in Cyprus, many because of lack of technical knowledge and technical errors. This is where the professional services of an expert can make all the difference.
Our law firm in Cyprus has the necessary experience and knowledge to see your application through, from the first step of acquiring the forms to the last one of collecting your visa. Right after you give us green light to work on your case, you can kick back and relax. We will take care of the rest.
After years of experience in dealing with the immigration applications, we know exactly what the best category for your application would be. We boast an approval rating of 95% for the clients we choose to represent.
Areas of Specialised Assistance
- Assistance deciding the best category to apply under.
- Acquiring and filling forms.
- Advise on financial information to be provided.
- Guidance on the most beneficial investment options as per the need of the client.
- Sort documentation and ensure meeting of all criteria according to the regulations.
- Assistance with acquiring the right kind of property, where needed.
- Fill forms and manage applications for all members of the family.
- Assistance with submitting documents and drafting applications.
- Regular follow-up on the status of the application.
For any other queries relating to work visas, immigration or any other legal matter under the sun – we are always available to help. Contact Us Here.