Employment of non – EU nationals at Eligible Cyprus Companies

Until recently it was challenging for non – EU nationals to obtain work visas in Cyprus. The “Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus” which was approved on October 15^th, 2021 by the Council of Ministers and came into force on February 1^st, 2022, certainly changes that. The strategy aims to attract to Cyprus international investments and talent. It allows non-EU nationals to move to Cyprus themselves with their families while starting or expand their business in Cyprus, through certain options.

One of the options is to be employed by an Eligible Company.

A. Eligible Companies

1. Foreign companies which operate or intend to operate in the Republic of Cyprus, housed in appropriate premises, separate from any private residence or other office.In cases where the percentage of the foreign participation in the share capital of the business entity is equal or does not exceed the 50% of the total share capital, for the company to be considered as suitable, the foreign participation should represent an amount equal to or greater than the amount of €200.000
2. Cypriot Shipping Companies
3. Cypriot high-tech/innovation companies. ‘High Technology Company’ is any business entity which:
   • It is already established and has a presence in the market,
   • It has a high level or experimental R&D intensity, and
   • It developed product(s) that are included in one of the following groups: aviation and space industry, computers, electronic and telecommunication products, pharmaceuticals, biomedical, research and development equipment, electrical machinery, chemicals, non-electrical machinery.
4. Cypriot pharmaceutical companies or Cypriot companies active in the sectors of biogenetics and biotechnology

B. Criteria for potential employees: 

1. Non – EU nationals can be employed at Eligible Companies, provided that
   • They will be paid a minimum gross monthly salary of € 2,500
   • They will hold a university degree or diploma or equivalent qualification or confirmation of relevant experience in a corresponding employment position of at least 2 years duration.
   • They will submit an employment contract of not less than two years.
   • The maximum number of third-country nationals that can be employed is set at 70% of all employees over a period of 5 years, from the date of joining the Business Facilitation Unit. After the lapse of 5 years if it is not possible to employ 30% of Cypriot workers, the matter will be re-examined on a case-by-case basis
2. Third country nationals who are employed support staff (with a gross monthly salary of less than € 2500), can also benefit from this scheme, provided that
   • the total number does not exceed 30% of the total support staff and
   • provided that there is an employment contract between the third country national and the employer which is duly validated by the competent authority in accordance with current legislation Their salary is determined by the current legislation.

C. Family unification

The spouses of third country nationals who fulfil requirements per point B (1) above, are granted access to the labour market which means they can move to Cyprus and seek remunerated employment. This does not apply to the spouses of support staff.

Disclaimer:

The above is for information purposes only and does not constitute legal advise under any circumstances. Should you have any queries feel free to contact us for a tailored advise