2. Eligible businesses must have offices in Cyprus
Eligible businesses must operate from independent offices in Cyprus, in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.
Important note: Companies already registered with the CRMD as companies of foreign interest, will not have to re-register with the BFU, as the new policy automatically applies to these companies.
Once the eligible company is registered with the BFU as a foreign company, a written confirmation will be issued and on that basis the company may then proceed with the work permit applications for its highly skilled employees, directly through the relevant department of the CRMD.
The main requirements for the employment of highly skilled third country nationals through the fast track process, are the following:
- Minimum gross salary of €2.500 per month;
- The third country national should be a holder of a university degree or diploma or confirmation of relevant experience in a corresponding employment position for at least 2 years duration;
- The employment contract should be for a period of at least 2 years.
The work permits should be issued within one month from the date of the submission of the complete application package and be valid for a period of 3 years.
Important note: The maximum number of third country nationals that can be employed by a foreign company is set at 70% of the total number of all the employees of the company. This limit should be achieved over a period of 5 years, from the date of the enactment of this policy (i.e. 1/1/2022). On that basis the first evaluation of this condition will be undertaken on 1/1/2027.