Implementation in January 2022
On the 15th of October 2021, the Cyprus government announced a new strategy for attracting businesses to Cyprus.
Amendment of the International Business Companies policy for Companies that will be part of the newly established Business Facilitation Unit:
Salary/position-based categories of employment (Directors, Key Personnel, Specialists) will no longer apply and a general Minimum salary of €2.500 is introduced for all highly skilled employees, provided that they have the required academic skills or at least 2 years of experience.
The validity of the residence and work permit can be up to 3 years.
Maximum number of Non-EU Nationals can be up to 70% of the total number of employees in a 5-year period from the date of the inclusion of the Company to the Business Facilitation Unit.
Companies will be able to employ Non-EU Nationals as supporting staff, with salaries below €2.500, with a maximum of 30% of the total supporting staff of the entity.
Employment of family members:
Spouses of Non-EU Nationals that are employed in a Company operating under the provisions of the Business Facilitation Unit (excluding the supporting staff category) will have immediate and free access to employment (self-employment is not allowed).
Digital Nomad Visa (maximum 100 applications):
A new type of permit will be introduced, with no employment rights for the holders of the permit.
The validity of the permit will be 1 year (ability for a renewal for additional 2 years).
They can be accompanied by family members.
Minimum threshold of funds coming from abroad (salary, bank statements, etc.) is €3.500, plus an additional 20% for the spouse and 15% for any minor.
Naturalization of Non-EU Nationals employed in Cyprus:
The period of eligibility will be reduced to 5 years. For holders of certification for very good knowledge of the Greek language the period will be further reduced to 4 years.
A political decision will be taken for expediting the process for the examination of pending applications that were submitted based on the 7 years rule.
For more information, please contact us at: [email protected]