by Andria PapageorgiouNew Incentive Scheme To Be Launched To Attract High Tech Companies
Cyprus Government presented recently a new proposal for the attraction of businesses and digital nomads, placing an emphasis on domains related to High-tech, Research & Development and Shipping.
The establishment of this proposal has an attempt to make Cyprus an attractive investment destination in the wider region and Europe and is expected to come into force as from January 2022.
In general the suggested main pillars of the new proposal are as follows:
A. Employment of Non-EU Nationals:
Employment of Non-EU Nationals with a General Minimum salary of €2.500 for highly skilled employees, while a university degree or at least 2 years experience are required. The work permits will be issued within one month and will last up to 3 years. The maximum work permits for Non-EU Nationals per Company is 70% for a 5-year period. The Companies will need to be able to employ Non-EU Nationals as supporting staff with salaries below €2.500 (Maximum 30% of the total supporting staff of the entity).
B. Employment of family members:
Non-EU employee’s spouses, who are employed in a Company operating under the provisions of the Business Facilitation Unit (excluding the supporting staff category) will also have immediate and free access to Cyprus labour market.
C. Digital Nomad Visa:
A new type of permit the so-called Digital Nomad Visa will be introduced for those who wish to live in Cyprus but work remotely for companies operating abroad. This Digital Nomad Visa will have a maximum quota of 100 applications. The visa will be granted for the period of 1 year with the right to renew it for another 2 years. The Digital nomads’ 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.
D. Naturalization of Non-EU Nationals employed in Cyprus:
According to the new proposal, non-EU Nationals who are employed in Cyprus, will be able to apply for citizenship after 5 years of residency instead of 7. For those who have a very good knowledge of the Greek language with a proof of certification, will be able to apply for citizenship after 4 years.
E. Simplification of the process for obtaining Permanent Residency:
The actual proposal provides a simple process for obtaining Immigration Permits and Long-Term residency permits. Relevant Regulations of the Aliens and Migration Law will be amended in order to speed up the process of the applications.
F. AP Law Firm:
Andria Papageorgiou Law Firm can assist with any of the above matters. Therefore, should you have any further questions, please do not hesitate to contact us at info@apapageorgiou.com.
Disclaimer: The information contained in this article is provided for informational purposes only, and should not be construed as legal advice on any matter. Andria Papageorgiou Law Firm is not responsible for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this article and in no event shall be liable for any damages resulting from reliance on or use of this information.
by Andria PapageorgiouCyprus Visas and Permits
A. Introduction
All non-EU citizens who wish to enter the territory of the Republic of Cyprus have various options of visas, including the short-stay visa, temporary residence permits, immigration permits, and residence permits for family members.
B. Short Stay Visas
When it comes to business or vacation purposes (i.e. non-immigration related) for less than three (3) months, non-EU citizens should apply for the short-stay visa. This type of visa can be issued as a multiple-entry, allowing non-EU citizens to visit Cyprus several times, or a single entry visa.
However, if a non-EU citizen is planning to visit Cyprus on a frequent basis for business purposes or otherwise, there is the option of obtaining a multiple entry visa for one year, although the total visits must not exceed ninety (90) days, starting from your first visit during each six (6) month period.
C. Temporary Residency Permit (“Pink Slip”)
Non-EU citizens who wish to visit Cyprus for a long-term, without any employment rights, should obtain special temporary residency permit (“pink slip”). This type of permit can be issued for a period of 1 to 4 years (with a limitation of absence period not more than 4 months). A “Pink Slip” could be issued for a period of 1-2 years upon first application and will be easily extended for a further 1-2 years period thereafter.
- “Pink Slip” – Visitor Visa
Visitor Visas are normally provided to applicants under the following categories:
- Spouses from third countries that are married to Cypriot citizens or parents-in-law from third countries or underage children of foreigners (younger than 18 years) who have applied for family reunification and a residence permit;
- Third country nationals that apply for an extension of their visitors visa and which have enough funds from abroad to support themselves (or foreigners who have enterprises in Cyprus);
- Applicants who have received temporary entry permits from consular authorities of Cyprus abroad; having the term FINAL on them, may apply for an extension when special reasons are taken into consideration (e.g. Humanitarian reasons, householders of property in Cyprus etc);
- “Pink Slip” – Student Visa
Each student who takes a long-term course at a Cyprus educational institution must obtain permission for long stay. Students from non-EU countries can be issued visas by an Embassy / Consulate of the Republic of Cyprus in the student’s home country or by the Migration Department of Cyprus. International students must report to their educational institution immediately upon arrival to register and complete other formalities required for obtaining further temporary resident permits.
- “Pink Slip” – Employment Visa
Applications for the issue of Entry and Temporary Residence and Employment Permits must be submitted by the Cypriot employer through the District Office of the Aliens and Immigration Unit of the Police or at the Central Offices of the Civil Registry and Migration Department in Nicosia. The applications should be submitted along with the contract of employment certified by the Department of Labor of the Ministry of Employment and Social Insurance, which is the competent Department for securing that there are no Cypriots or citizens of Member States of the European Union, available or adequately qualified for the specific job or post prior to recommending the employment of third country nationals. The applicant must proceed to register with the District Office of the Aliens and Immigration Unit of the Police. The maximum duration of employment in most cases is four years (exemptions may apply).
Companies who meet the criteria to be classified as foreign interest companies are also eligible to employ third country nationals in Cyprus. They must meet the following criteria:
- The majority of the company’s shareholders or ultimate owners should be foreign;
- The company should operate from their its own fully fledged offices in Cyprus;
- New companies should prove that they have direct foreign capital investment amounting to at least EUR 171,000 brought legally to Cyprus from abroad.
Documents required for Temporary Residence Permit (Pink Slip) application (where applicable):
- Copy of sale agreement or rental agreement or title deed;
- Copy of employment contract duly signed and stamped;
- Proof of funds deposited in a personal bank account;
- Passport(s) copy (plus copy of first page and last entry stamp);
- Pension certificates + translation and any other source of income such as interest, rental income, other investments. The applicant must provide evidence of steady and regular income, adequate for the maintenance of the applicant and his/her family, from external sources;
- Bank guarantee (as required);
- Marriage certificate + translation with apostil (Russians exempted);
- Birth certificate for children + translation with apostil (Russians exempted);
- 4 photos for first issue (1 photo for renewal);
- Medical Insurance which is automatically renewable
D. Immigration Permits
Non-EU aliens could apply for immigration permits if they are qualified for the Categories as listed below under the 5th Regulation of the Aliens and Immigration Regulations of Cyprus:
Category A: Persons who intend to work as self employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic, provided that they have in their possession adequate land or a permit to acquire same, they have fully and freely at their disposal capital of approximately €430,000 (CY£250,000) and such an employment should not negatively affect the general economy of the Republic.
Category B: Persons who intend to work as self employed in mining enterprises in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €350,000 (CY£200,000) and such an employment should not negatively affect the general economy of the Republic.
Category C: Persons who intend to work as self employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €260,000 (CY£150,000) and such an employment should not affect negatively the general economy of the Republic.
Category D: Persons who intend to work as self employed in a profession or science in the Republic, provided that they have academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.
Category E: Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
Category F: Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade, or profession.
The annual income required should be at least €9568,17 (CY£5,600) for a single applicant and moreover at least €4613,22 (CY£2,700) for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.
This is the only category where a permit can be obtained by all family members simultaneously. An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
Ε. Residency Permits
- Residency Permit for non-EU family members of non-EU citizens:
Non-EU family members of a third country national who has prospects of applying for a permanent residency permit in Cyprus, can obtain a Resident Permit. Non-EU family members such as a spouse and unmarried children under 18 years old can obtain a Resident Permit upon providing documentary evidence of the family relationship (e.g. birth certificates) with a third-country national who holds a residence permit valid for at least one year and who has resided legally within Cyprus for a period of at least 2 years. Upon application for Family Reunification non-EU family members may obtain a Residence Permit.
- Residency Permit for non-EU family members of EU citizens:
Non-EU family members of EU citizens who reside in Cyprus can obtain a Resident Permit. Non-EU family members such as a spouse and unmarried children under 18 years old can obtain a Resident Permit upon providing documentary evidence of the family relationship (e.g. birth certificates) with the EU citizen.
The Residency Permit issued to a non-EU family member is valid for five years from the date of the issue or for the envisaged period of residence of the EU citizen.
Finally, please note that all the documents issued by a foreign authority (either for applying for temporary or permanent residence permit) should be translated to either Greek or English and be duly authenticates (they should bear the stamp “APOSTILLE”, if they are issued by countries that have signed the Hague Convention, otherwise they should be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country).
F. AP Law Firm:
Andria Papageorgiou Law Firm can assist you with the below:
- Provision of a Legal Opinion on any Immigration matter;
- Advice and preparation of any type of application, according to each Client’s case;
- Support and assistance through all the procedure from initial property purchase, if required;
- Advice on required documents;
- Preparation and submission of the necessary applications;
- Collection of the relevant cards.
Should you have any further questions, please do not hesitate to contact us at info@apapageorgiou.com.
Disclaimer: The information contained in this article is provided for informational purposes only, and should not be construed as legal advice on any matter. Andria Papageorgiou Law Firm is not responsible for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this article and in no event shall be liable for any damages resulting from reliance on or use of this information.