Temporary Residence Permits For Third Country Nationals International Companies Employees : Ministry of Interior Cyprus

Name of the Organization : Civil Registry & Migration Department
Type of Facility : Temporary Residence Permits For Third Country Nationals International Companies Employees
Country : Cyprus

Official Website : http://www.moi.gov.cy/moi/moiup/moi.nsf/index_gr/index_gr?OpenDocument

MOI Residence Permits For Third Country Employees

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

Related : Ministry of Interior Temporary Residence Permits For Third Country Nationals Cypriot Citizen Family Members Cyprus : www.statusin.org/5717.html

(a) (i) 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). The following cases are exempted:
** Public companies registered in any recognized Stock Exchange,
** International companies (ex IBCs) that were operating before the change of regime and for which the Central Bank of Cyprus possesses all the necessary data,
(ii) 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 considered eligible. Applications by companies that deal with offering services or consulting services that invest capital lower that €171.000 will be examined given the fact that the nature or their work does not require a higher capital investment.

(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 form 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, except form cases of companies that share lodging. Cases in which the nature of the work allows people to work from their home will be examined.

All the certificates/supporting documents required concerning the Company are mentioned in Appendix I.

Employee Classification:
Eligible companies which fulfil the above conditions may employ third country nationals in the following positions. Companies should not commit themselves to employing third country nationals for all the following positions before securing a Temporary Residence and Employment Permit form the CRMD. In case of violation of these rules, the CRMD is not committed by the following provisions.

(a) Executive Directors:
1. The term “Executive Directors” includes third country nationals registered as:
** Consulting Directors or Partners (in the Registrar of Companies)
** General Managers of branches and subsidiary foreign companies
** Departmental managers
2. The maximum number of such executives is five (5) unless the CRMD is persuaded that a greater number is justified.
3. The minimum acceptable total annual salary (annual salary plus any additional allowances/benefits) for a newly appointed Executive Director is €41.000. This amount may be adjusted from time to time according to fluctuations in the salary index
4. There are no restrictions for the residence period of these employees. (Important notice)
5. All the certificates/supporting documents required concerning this category are mentioned in the list of accompanying documents.

(b) Middle-management staff, executive staff and any other key personnel:
1. The abovementioned staff includes Directors who are not considered to be Executive Directors as well as other Executive/Middle-management staff or other managerial, clerical or technical personnel with an annual salary ranging from €21.000- €40.999. The amounts may be adjusted from time to time according to fluctuations in the salary index.
2. The maximum number of these employees permitted in this category in 10. The CRMD has the discrete authority to decide on the employment of more than 10 people in justified, depending on each company´s operation data. In the case that the total maximum number is exceeded, the company should justify the necessity of the employment of third country nationals, taking into consideration the payments as well as-
i. The scope of the company´s activities
ii. The proportion of foreigners to Cypriots and
iii. The duration of the company´s operation
3. There are no restrictions for the residence period of these employees. (important notice)
4. All the certificates/supporting documents required concerning this category are mentioned in the list of accompanying documents.

(c) Supporting Staff:
** All third country nationals employed in other professional, managerial, technical, clerical etc. positions in Cyprus and do not fall under the abovementioned categories (a) and (b), are classified in the remaining supporting staff.
** Companies are expected to employ Cypriots or European citizens for this category. In case that there are not available or suitable Cypriots or European citizens with the required qualifications, a company may employ third country nationals in positions of this category, following the procedure and submitting all the certificates/supporting documents described in the list of accompanying documents. after an affirmative decision (stamp of contact) is ensured by the Labour Department.

Duly 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.
There are two ways to have a document duly certified.
(a) In the cases where the issuing country of the document has signed the 1961 Haque Conversion an Apostille (document of stamp) is sufficient.

(b) Otherwise, in order for the document to be accepted is required to:
i. Bear a stamp from the Ministry of Foreign Affairs of the issuing country.
ii. Have the fore mentioned stamp certified by the Diplomatic Mission of the country in the Republic or that is accredited in the Republic or
iii. Have the fore mentioned stamp certified by the Diplomatic Mission of the Republic in the country of origin or that is accredited in the country of origin.

Important Notice:
Russia and Serbia are exempted from the procedure of certification Documents from China may certified only from the Ministry of Justice and there is no need for Diplomatic Certification.

Regarding the Company which will employ the applicant :

A. 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:
1. Certificate of Incorporation(ORIGINAL AND STAMPED BY THE REGISTRAR OF COMPANIES)
2. 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)
6. Profile describing the nature of the company´s business and details of its operations
7. List with the names, full addresses, passport numbers and nationality of the initial shareholders of the applying company. This is not required by companies registered in any recognized Stock Exchange and International Companies which were operating before the change of regime and for which the Central Bank of Cyprus possesses all necessary data
8. List of Copmany´s personnel (applicants and employees)
9. Bank account with the amount of €41.006
10. Domicile deed title of lease agreement or contract of sale and purchase of the offices in Cyprus. If these documents are not available when the application is submitted, then they should be brought to the Civil Registry and Migration Department within three (3) months from the day of the application
11. Deposited amount €170.860 which can be proved by banking and other documents that the direct foreign capital investment amounts at least €170.860 and it was brought in Cyprus legally from abroad.

In case where the percentage of the foreign participation in the share capital of a company is equal or blow the fifty percent (50%) of the total share capital, this percentage should represent an amount equal or higher than €170.860 in order for a company to be considered eligible. Applications by companies that deal with offering services or consulting services that invest capital lower that €170.860 will be examined given the fact that the nature of their work does not require a higher capital investment.

For more information contact the Civil Registry and Migration Department, 1457 Nicosia.

Tel: 22804400,
Fax: 22403948
E-mail.: PPhotiou@crmd.moi.gov.cy