Fast-track your relocation to Cyprus with expert support in immigration, employment, and corporate services.
Temporary Residence and Employment Permits for Non-EU Citizens in Cyprus (BCS Visa)
Introduction
It is well known fact that with the implementation of the "Strategy for Attracting Businesses for Activities and Expansion of Businesses’ Activities in Cyprus program", the country has taken significant steps to streamline processes and create a more attractive environment for foreign investment.
Thus, in 2021, the Council of Ministers approved a modernized and simplified regulatory framework for foreign businesses and employees to obtain their relevant residential and working permits. Hence, the "Fast Track Business Activation Mechanism" evolved into the "Business Facilitation Unit (BFU)," is now serves as a centralized point of contact for all foreign businesses looking to establish or expand operations in Cyprus.
New Strategy for Attracting Companies to Cyprus
It is noted that for a third-party national to be employed in a Company of Foreign Interests, he/she required to hold a temporary residence and employment permit for this specific purpose, in accordance with the applicable immigration legislation.
In this regard Cyprus government has adopted a new simplified strategy for attracting foreign companies to operate and/ or expand their activities in Cyprus. Thus, according to the provisions of the new strategy, a maximum quota for foreign staff was cancelled. Companies can freely employ any number of highly paid third-country nationals without going through a labour market check.
Moreover, it is noted that specialists to be employed are not limited to specific professions or skills, hence, making the process of employment and issuance of work permit visas and permits easier for employers and their third-country employees.
It is further noted that such employers are obliged to invest only 30% of their total staff in Cypriots/EU citizens over five years. The ratio for new hires is subject to check and/or revision (as may be required) by the government and in this sense if a company does not adhere to the 30% ratio of Cypriots/EU citizens regulatory employment (in 5 years period), it may be evaluated on its own merits and put before the management for an administrative decision.
The other significant benefit is the time in examination of applications for residence and employment, which was limited to one month only.
Foreign Interests’ Companies
For the new business to be registered at the Register of Foreign Interest, it should first register at the Business Facilitation Unit (BFU) operated by the Ministry of Energy, Commerce and Industry.
Once the BFU checks whether the company is eligible to benefit from the program will grant a written confirmation of the registration at the new Register of Foreign Interest Companies. The registration will be submitted to the Department to issue the necessary residence and employment permits.
Where companies are already registered at the Register of Foreign Interest Companies of the Migration Department, they continue to benefit from the new Strategy, and no further formalities are required.
Criteria for a Third-Country National Employment by a FIC
To employ a third-country national, certain conditions imposed by relevant legislation must be met.
According to the governmental Strategy, foreign interest companies’ employees are divided into categories specified and briefly described below:
Highly paid employment
Receiving a minimum gross monthly salary of €2500.
NOTE: It is noted that third-country nationals who already hold residence and employment permits at the BCS Key Personnel level of companies of foreign interests, with a monthly gross salary of €2000 or more, will continue, their relevant employment until 31.12.2026 under the same conditions and are able to renew their residence permit at the same employer without increasing their payroll.
Academic qualifications or at least two years of relevant experience to the position to be filled are required.
Applicability of a minimum two-year employment contract duration is a must. It is also acceptable to submit the application for a one-year permit, with the express provision in the contract of 2 (two) years duration and corresponding stamp duties payment for 2 years respectively.
Employment at the supportive level
A labour market test applies in this case, and a sealed contract by the Department of Labour is required.
