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Work permits for Cyprus companies
As an alternative route to obtaining Cyprus residency by investment, individuals can obtain work permits for Cyprus companies that they are directors.
A Cyprus company may employ staff from non-EU countries provided that certain conditions are met. Those conditions are the following:
- The majority of the companyís shareholders should be foreign shareholders
- For new companies, the amount of €171.000 needs to be initially deposited into a bank in Cyprus from abroad
- Following the initial deposit of €171.000, the capital can be used as long as the minimum amount of €41.006 is available on the bank account of the company at all times
- The companies should operate from their self-contained offices in Cyprus which should not be part of private residence or another offices.
The following documents are required forwork permits for the Cyprus companies:
- Company's corporate documents in originals;
- Certificate of directors and shareholders of the Cyprus company;
- Description of the activities of the Cyprus company (mini business plan);
- List of employees of the Cyprus company;
- Documents in accordance with the (Know Your Client) KYC procedures, such as international passports and proof of address of the company's main shareholders;
- Bank statement in a Cyprus Bank with a minimum balance of at least €41.006;
- The lease contract for the office of the Cyprus company;
- Bank documents confirming the direct investment to the company's account in the amount of not less than €171.000 to a bank account in Cyprus;
- For old companies, audited reports of the Cyprus company for the previous tax years as requested by the Migration Department.
Once we register the company with the Migration Department, we can then proceed to register the employee(s) with the Migration Department. For this, the following will be required:
- Medical insurance and medical exam certificates
- A contract of sale or title y of any property in Cyprus acquired by the applicant, or a valid rental agreement
- Employment agreement
- Employers liability insurance
- Bank guarantee (valid for at least one year)
- Reference letters from banks from the country of origin
- Certificate of clear criminal record
- Resume and professional diplomas
- Three passport-size photographs
We assist from the very beginning of your decision and in help you at all stages - from collecting documents, feeling forms to processing all documents on your behalf. We also assist our clients arrange for the necessary insurance and medical examinations, as well as find a suitable office and accommodation.
Once the permit is issued, we can also help you with your application to becoming a Cyprus tax resident and enjoy all the advantages of the non-dom tax regime in Cyprus.
If you're interested in obtaining a work permit for your company in Cyprus please contact us and we'll be in touch with you soon thereafter!