๐๐ฒ๐๐ผ๐ป๐ฑ ๐๐ต๐ฒ ๐๐ฒ๐ฎ๐ฑ๐น๐ถ๐ป๐ฒ๐!
As recently featured on Philenews.com, Cyprus issued 48,212 Work and Residence Permits between January 2023 and August 2024 to highly skilled employees and their families, according to information tabled in Parliament by the Minister of Interior, Constantinos Ioannou.
This reinforces Cyprusโs role as a strategic hub for international business!
Breakdown of Work Permits:
- 20,997 โ Employees of foreign-interest companies in Cyprus
- 25,053 โ Family members through family reunification permits
- 2,162 โ Dependent visitors (ascendants, partners, children)
Top Countries of Origin of Applicants:
- Russia: 33,517
- Ukraine: 3,504
- Belarus: 2,713
- Israel: 1,957
- India: 1,230
- Lebanon: 1,193
Fast Track Work Permit Scheme for Highly Skilled Employees in Cyprus:
Eligible Companies:
As part of its policy to attract Companies to headquarter their operations in Cyprus, the Cyprus Government launched a scheme for fast-track examination and approval of Work and Residence Permit applications for highly skilled Non-EU professionals.
Eligible companies are Cyprus Companies where the majority of their shares are owned by Non-EU Nationals. The ultimate beneficial owner (UBO) must deposit an amount of โฌ200,000 in an account held by the company in a credit institution licensed by the Central Bank. This amount remains available to cover the operations and expenses of the Company.
Employee Requirements:
- Employees must hold a university degree or have two years of relevant experience
- A minimum monthly salary of โฌ2,500
- A two-year employment contract
- Health Insurance and a place to stay in Cyprus
The scheme also supports family reunification, where family members of the Employee may also join him/her in Cyprus and Spouses of Employees have free access to the Cyprus job market.
Path to Citizenship:
This scheme provides the right to naturalisation (Citizenship) after 5 years in Cyprus or 4 years (with knowledge of Greek).
Other Residency Permit Options:
Cyprus offers additional pathways to an EU Residency Permit for Non-EU Nationals not seeking employment in Cyprus. Temporary Residency Permits allow individuals to live in Cyprus for one year, renewable annually.
Permanent Residency is available through investments in real estate or in Cyprus companies, with a Fast-Track option requiring an investment of โฌ300,000, covering both the investor and their family.
Cyprus: A Strategic Business and Relocation Destination
Cyprus has emerged as a leading business hub and a preferred destination for international professionals and expatriates. Its ease of doing business and welcoming environment, make Cyprus an ideal location for headquartering of operations, investors, and global families.
Should you require further information or assistance regarding Residence Permits, business relocation, or immigration procedures, our team is ready to help!
๐ Tel: +357 22 622 262, ๐งinfo@paraschou.com.cy