We demonstrate below the available visa solutions for our 3rd country (non-EU) applicants. Each visa has its merits and disadvantages and should be discussed without experts before commencing the application process.
1) "BCS Company Visa
Key Note: You will have the right to work with this visa and it is the most preferred option by 3rd country-nationals.
This is ideal for companies where the UBO with over 50% shares is a 3rd country national (even in cases where the shareholders are other companies we are looking for the UBO to be 3rd country-national). We apply for the company to be verified as BCS at the Ministry of Interiors and once the approval is sent we can proceed to the registration of their Key personnel with a minimum salary of 2500€ monthly and their family members.
With this visa applicants can work and have all the benefits of a working person in Cyprus.
For the registration of the company we will need the following:
- Original certificate of Incorporation / Original certificate of Registered Office / Original Certificate of Directors by the Registrar of Companies
- Original certificate of Shareholders proving that the percentage of foreign participation in the company’s share capital is over 50% of the total share capital (in the case where companies are the shareholders the whole chain of ownership up to the final owners (UBO) should be declared and documented.
- Director’s Affidavit on the company’s ownership
- UBO’s valid passport / passports
- Original company memorandum
- Description of the company’s principal activities
- Deposited amount of at least 200,000€ supported by a bank swift which proves a foreign direct investment is made by the UBO legally admitted to Cyprus from abroad (personal account of UBO or a company that belongs to UBO) – this amount of money can be used to invest in the company
- Complete analytical statement of company foreign interests ‘ personnel
- Title of ownership or rental agreement of the place of activity of the company
- Proof of Levy payment
Companies operating over 1ys in Cyprus will additionally need Audited company accounts and tax clearance certificates.
Additionally, for the personnel, we will need their full CVs, apostille diplomas, apostille medical records and police clearance from the country of origin.
This process takes around 1 month for the license and then we can register the employees.
For the registration and issuing visas of the key personnel:
- Copy of valid passport with validity of at least 2year from the date of submitting the application
- Brief CV with translated and apostille copies of academic qualifications (diploma relative to the company of job title)
- Original certificate of criminal records from the country of origin (apostille)
- Copy of the arrival date in the republic from the passport
- Original medicals verified in Cyprus
- Title deed or rental agreement of a house / apartment certified by a Mukhtar
2. Option: High Profile Personnel Visa
Labour Office license for high-profile personnel.
Key Characteristics:
- With this visa applicants can work and have all the benefits of a working person in Cyprus.
- The applicant must hire local employees at an analogy 1 - 3
- Maintain offices in the Republic of Cyprus
- Its clientele should be non-Cypriot
For cases where the shareholders are either Cypriots or EU residents or 3rd country nationals
- Application form signed and stamped by the director of the company
- Short description of the activities of the company
- A letter from the director of the company explaining why they need a person from abroad (explaining that based on the activities of the company we cannot find suitable employees from the local market)
- Payments of Social Insurances for the past 3 months for the existing personnel.
- A collective in-house agreement of employment and a sample of employment contract
- Last payment of VAT
- Τax declarations from the tax department to prove that the company has been audited and tax clearance was given
- Employer’s Liability Insurance for the current personnel. Once they register at least one person at the Social Insurance
- Certificates of the company: Registration / Directors / Shareholders / Register office
- CV of the applicant and copies of relevant diplomas
The positions approved for this case must be managerial and a salary of over 36,000€ / year (gross).
For such cases, the application is directed to the main department of the Labour Office to be processed without waiting for EURES-Ads. The process to obtain this license takes around 2 months and 1 month for the registration of the employees.
3. Digital Nomad Visa
Key Condition:
There is a ceiling to the digital nomad applications for each year based on a first come first serve principle.
The "Cyprus Digital Nomad Visa" Scheme allows nationals from non-EU and non-EEA countries, who can perform their work location independently using telecommunications technology, to reside temporarily in Cyprus and work for an employer registered abroad or perform work through telecommunications technology for companies or clients located abroad. Who can benefit - Non-EU or non-EEA nationals who: Can perform work remotely through telecommunications technology; Are employed in a company registered abroad, for which they can work location-independently, or are self-employed offering services remotely for clients located abroad;
- Can prove that they have a stable and sufficient monthly net income of at least €3500 (after the deduction of contributions and taxes)
- Individuals who are granted a Digital Nomad residence permit will benefit from the following: Right of residence for a year in Cyprus, with a possibility of renewal for a further two years.
- Right of residence for family members, for the same period as the Digital Nomad, without the right to be employed to perform economic activity in Cyprus.
- If they reside in the Republic for one or more periods that in total exceed 183 days within the same tax year, then they are considered tax residents of Cyprus, provided they are not tax residents in any other country.
- Family members Digital Nomad’s family members can reside in Cyprus for the same period as the Digital Nomad, without the right to be employed of perform any economic activity in Cyprus. Family is included.
Note: Within 3 months of arrival, the applicant should submit the relevant application along with the required documents. Work for overseas clients Net income 3500. Renew up to 3 years
4. Long-erm resident visa
Key Note: You will not have the right to work with this visa
Long-term residency visas, enable applicants to obtain a yearly renewable residency visa for themselves and their families. The granting of the visa depends on the ability of the applicant to prove that he/she can meet his living expenses in Cyprus from revenue that arrives from abroad.
This is the easiest visa to issue, in terms of meeting requirements. There is no minimum amount, each case depends on its own merits and circumstances. However, from experience, a yearly amount of EUR 25,000 per year, is sufficient for one applicant. The amount should be adjusted depending on the number of dependents. This type of residency visa is valid for 12 months and is renewable every year.
Documents required for long-term residency visa are:
- Valid passport & copy of arrival date
- Original bank guarantee from a bank institute in Cyprus ( A personal bank account will thus first need to be opened)
- Health Insurance Policy
- Proof of income from abroad
- Proof of existing bank account in Cyprus that the income will be transferred
- Title of ownership or rental agreement for residence – rental must be signed by a Muhktar
- Bank account in Cyprus with an amount of minimum 10,000€ bank statement needed)
- Form signed and stamped accordingly
Keep in mind that with this visa the applicant cannot engage in any employment in Cyprus but can be the shareholder / director of the company.
5. Visitors Visa
Visitors Visa & Non-Dom Tax Scheme for 3rds country nationals
Key Note: You will not have the right to work with this visa
Visitor visa is the cheapest solution for 3rd country nationals and an ideal solution for 3rd country nationals who want to take advantage of the non-domicile tax status which enable them to become Cyprus Tax Residents but non-domiciled which means tax-free dividends from Cyprus.
In the application for the non-dom status the applicant can not be an employee of their Cyprus company however, they can obtain the Cyprus Tax Identification Number (TIN) and become Cyprus Tax Residents but Non-Domiciled; enjoying therefore, tax-free worldwide dividends (as far as Cyprus is concerned).
The duration of this visa is 1 year and it is easily renewable.
This option is given to any individual for 1 year. It is renewable and when completing the 5 years the visa issued upon the next renewal will be unlimited.
The person must show income from abroad (no income from Cyprus), a bank guarantee from a bank account in Cyprus and an adequate amount of savings. Also, they must show a rental agreement or title deed for their residence.
Family members can be registered individually.
6. Permanent residency via investment - category (f) or 6
Key Note: You will have the right to work with this visa.
The applicant must invest at least €300,000 in one of the following investment categories:
(A) Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.
(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.
Want to know more about relocating to Cyprus?