What non eu nationals need to become registered

HOW CAN NON EU NATIONALS LEGALISE THEIR PAPERWORK?

Foreign citizens or nationals who meet specific legal requirements can be granted permanent residency in Cyprus like the EU nationals however by applying to special schemes offered by the Cyprus Republic. 

A non-EU resident needs to get an Immigration Permit to stay in Cyprus permanently. To do so the individuals needs to fall into the following categories:

Categories A-D: A non-EU member who plans to work as self-employed in agriculture and related areas, miming enterprises, trade or profession, science.

Category E: An individual who was offered permanent employment, which will not create undue competition.

Category F: An individual who has an annual income of at least €9568 and  €4613.22 for each dependent person,  can live decently without having to work. 

1) Visitors Visa Cheap

• Renewable annually
• Can be Cyprus Tax Resident
• Can be non Dom
• Allowed to be absent from Cyprus 89 days and return on the 90 day.

2) BCS Visa 200,000 investment in your company

• SEtting it up for 1 person / employee usually expensive solution
• You can use the money as you prefer

3) High Profile Personnel

• Office requirement
• Other employees
• >35k salary

4) Permanent Residency via Investment 300k Purchase
You can not work; be an employee of your company

Option A: BCS Company & Key Personnel

This is ideal for companies were the UBO with over 50% shares is a 3rd country national (even in case were the shareholders are other companies we are looking for the UBO to be 3rd country national)
We register the company under special approval to the Migration directly as a BCS and then the Key Personnel (5 Directors + 10 key personnel for start and then can request additional personnel).

For the registration of the company we will need the following:

• Original certificate of Incorporation / Original certificate of Registered Office / Original Certificate of Directors by the Registrar of companies
• Original certificate of Shareholders proving that the percentage of foreign participation in the company’s share capital is over 50% of the total share capital (in the case where companies are the shareholders the whole chain of ownership up to the final owners (UBO) should be declared and documented.
• Director’s Affidavit on the company’s ownership
• UBO’s valid passport / passports
• Original company memorandum
• Description of the company’s principal activities
• Deposited amount of at least 200,000€ supported by a bank swift which proves a foreign direct investment is made by the UBO legally admitted to Cyprus from abroad (personal account of UBO or a company that belongs to UBO) – this amount of money can be used to invest in the company
• Complete analytical statement of company foreign interests ‘ personnel
• Title of ownership or rental agreement of the place of activity of the company
• Proof of Levy payment

For companies operating over 1ys in Cyprus will additionally need Audited company accounts and tax clearance certificate

Additionally for the personnel we will need their full CVs, apostille diploma, apostille medical records and police clearance from the country of origin.

This process takes around 1month for the license and then we can register the employees.

For the registration and issuing visa of the key personnel:

• Copy of valid passport with validity at least 2yrs for the date of submitting the application
• Brief CV with translated and apostille copies of academic qualifications (diploma relative to the company of job title)
• Original certificate of criminal records from the country of origin (apostille)
• Copy of the arrival date in the republic from the passport
• Original medicals verified in Cyprus
• Tittle deed or rental agreement of a house / apartment certified by a mukhtar
• Certificate of Health Insurance for the individual   

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Option B: Labour Office license for high profile personnel

For cases where the shareholders are either Cypriots or EU residence or 3rd country nationals

• Application form sign and stamped from the director of the company
• Short description for the activities of the company
• A letter form the director of the company explaining why they need a person from abroad (explaining that based on the activities of the company we cannot find suitable employee from the local market)
• Payments of Social Insurances for the past 3months for the existing personnel.
• A collective in house agreement of employment and a sample of employment contract
• Last payment of VAT
• Τax declarations from the tax department to proof that the company has been audited and tax clearance was given
• Employer’s Liability Insurance for the current personnel. Once they register at least one person at Social Insurances
• Certificates of the company : Registration / Directors / Shareholders / Register office
• CV of the applicant and copies of relevant diplomas

The positions approved for this case must be managerial and the salary over 36,000€ / year (gross).

For such cases the application is directed to the main department of Labour Office to be processed without waiting for EURES-Ads. The process to obtain this license takes around 2months and around 1month for the registration of the employees.

Long term residency visas, enables applicants to obtain a yearly renewable residency visa for them and their families. The granting of the visa, depends on the ability of the applicant to prove that he/she is able to meet his living expenses in Cyprus from revenue that arrives from abroad.

This is the easiest visa to issue, in terms of meeting requirements. There is no minimum amount, each case depends on its own merits and circumstances. However, from experience a yearly amount of EUR 25,000 per year , is sufficient for one applicant. The amount should be adjusted depending on the number of dependents. This type of residency visa is valid for 12 month and is renewable every year.

Documents required for long term residency visa are:

• Valid passport & copy of arrival date
• Original bank guarantee from a bank institute in Cyprus ( A personal bank account will thus first need to be opened)
• Health Insurance Policy
• Proof of income from abroad
• Proof of existing bank account in Cyprus that the income will be transferred
• Title of ownership or rental agreement for residence – rental must be signed by a muhktar
• Bank account in Cyprus with an amount of minimum 10,000€ bank statement needed)
• Form signed and stamped accordingly

Have in mind that with this visa the applicant cannot engage in any employment in Cyprus but can be the shareholder / director of the company.  

Visitors visa is the cheapest solution for 3rd country nationals and an ideal solution for 3rd country nationals who want to take advantage of the non-dom status. In the application for the non-dom status the applicant can not be an employee of their Cyprus company however they can obtain the Cyprus Tax Identification Number (TIN) and become Cyprus Tax Residents but Non Domiciled; enjoying therefore tax free worldwide dividends (as far as Cyprus is concerned).

The duration of this visa is 1 year and it is easily renewable.

In its effort to increase the number of high-tech and innovation headquartering, the Cyprus government has announced new visa and tax incentives to attract them, which are voted in January 2022.

In summary, the new measures include the following:

Digital Nomad Visa

Period: 12 months, with the right to renew it for another two years; i.e 3 years

Conditions: 

• Employers and clients are located ourside Cyprus
• Salaries at least €3,500 euros per month
• Medical coverage, and
• Clear criminal record from the country of residence/origin

Establishment of a Business Facilitation Unit

- Act as focal point of contact for existing companies relocated to Cyprus or new ones wishing to operate from Cyprus

- Specific areas of economic activity: 

• Cypriot shipping companies,
• Cypriot high-tech or innovation companies,
• Cypriot pharmaceutical companies, or
• Cypriot companies active in the fields of biogenetics and biotechnology

• Wokring Permits

Easy facilitation of working permits for high skilled employees from third (non-EU) countries

Conditions: 

• Salaries at least €2,500
• Maximum number of work permits per company is 70% of all employees over a period of five years
• The permits will be issued within one month
• Last up to three years

• Family Members

- Will be allowed to relocate together

- Employees spouses / husbands will also have access to the country’s labour market

• Tax Exemptions 

- Apply only to to foreign high skilled employees

- Will be extendent for a period of 17 years (from 10 years)

- Existing 50% tax exemption on annual salary tax for new employees in the republic earning more than Euro 100,000 is also extended to cover new residents-employees with a yearly salary from employment of €55,000 or more with a tax exemption of 50%.

Naturalisation / Passporting

- Eligible employees from 3rd countries will have the right to apply for a naturalisation after 5 years of residence in Cyprus, or

- After 4 if they have a recognised certificate of very good knowledge in Greek language

Pension Security / Transfer

Retired employees will be able to enjoy pension from their country of origin and Cyprus; an employee will not "loose" social securities paid in Cyprus or in their homw country as they will be transferred to the country of its retirement

Cyprus is currently in the process to conclude bilateral agreements with third countries