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Temporary Residence Permits for Third Country Nationals

Michalaki, Pitsillidou Law Firm > English Articles  > Temporary Residence Permits for Third Country Nationals

Temporary Residence Permits for Third Country Nationals

Issuance of residence permits of Employees at international companies

1. POLICY IN CYPRUS

All companies of foreign interests, including international companies (ex-IBCs), in order to be eligible to employ third country nationals in Cyprus, should fulfill the following:

(a) The majority of the company´s shareholders should be foreign shareholders and in the case of shareholders whose ultimate owners are foreign companies, they should be declared in order to be approved by the Civil Registry and Migration Department (CRMD).

Exceptions:

(a) Public companies registered in any recognized Stock Exchange,
International companies that were operating before the change of regime and for which the Central Bank of Cyprus possesses all the necessary data,

In case where the percentage of the foreign participation in the share capital of a company is equal or below the fifty percent (50%) of the total share capital, this percentage should represent an amount equal or higher than €171.000 in order for a company to be consider eligible
(b) For new companies it should be proved by banking and other documents that the direct foreign capital investment amounts at least €171.000 and it was brought in Cyprus legally from abroad.
(c) The companies should operate from their self-contained offices in Cyprus, which should be located in suitable distinct premises, not part of private residence or another office.

Certificates/supporting documents required concerning the Company

 

2. Certified Documents

  • Documents of original certificate of Good Character
  • Original Health Certificate
  • Marriage Certificate,
  • Birth Certificate and required to be duly certified by the country of origin.

 

3. Regarding the Company which will employ the applicant:

If the Company is new (meaning that this is the first time that the company applies for employment of third country nationals), the following Required Documents must be submitted, regarding the company:

  • Certificate of Incorporation (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)

 

  • Certificate of Registered Office (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES) 3. Certificate of Directors (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)

4. Certificate of Shareholders (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)

5. Memorandum and Articles of Association (ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)

For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers – Michalaki, Pitsillidou & Co. LLC, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097.

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