New Rules for Foreigners as to Employment & Residence in Cyprus

New conditions regarding nationals of the third countries who have the right to be employed or reside in Cyprus, when they are investors or self-employed or even employees

The Council of Ministers in Cyprus passed new regulations allowing immigration permits to be granted to foreigners who fall into the following categories:

(a) Self-employed foreigner:

  • has the qualifications to practice that profession or science or to operate that enterprise;
  • if a professional or other license is required to be employed in the field of his choice, he holds such license;
  • has sufficient funds for this purpose, which are determined by a decision of the Council of Ministers;
  • has any liabilities settled with the Social Insurance Services and the Tax Department, in relation to taxes and levies; and
  • this employment will benefit the Republic of Cyprus, be in line with its development priorities, will not adversely affect its general economy and will not create undue competition in the domestic labor market.

(b) Employed foreigner:

  • The foreigner and the employer have entered into an employment contract, duly ratified by the competent authority, where applicable.
  • The employer meets the criteria and conditions for employment of foreigners and that he has settled any obligations to the Social Insurance Services and the Tax Department, in relation to taxes and contributions.

(c) Foreign investor: Refers to a person who has made a significant investment in the Republic of Cyprus, the amount and type of which is determined by a decision of the Council of Ministers, with funds coming from legal sources outside the Republic of Cyprus.

(d) Self-supporting foreigner: a person who intends to reside in the Republic of Cyprus, without pursuing any employment or other economic activity in the Republic of Cyprus and has at his disposal an insured annual income of € 40,000, increasing by € 10,000 for each additional family member, as well as also suitable private accommodation in the Republic of Cyprus for the accommodation of himself and his family members worth € 250,000.

The regulations also state that an immigration permit can be granted to a foreigner when the following conditions are cumulatively met:

(a) The foreigner holds a valid passport or other travel document; and

(b) The foreigner does not pose a threat to national security, public order, or public health in any way.