Cyprus Fact-File Part 1:
Business Formation for Individuals
1.5 Cyprus Foreigners in Business
Limitations on foreigners in business
Individuals who are foreign nationals can run businesses
in Cyprus and can be on a Board of Directors of a company,
although those from outside the EU require more in the way
of work and residence permits, as opposed to individuals from
other EU member states. Non-EU nationals also require a permit
if they wish to acquire real estate in Cyprus.
EU residents, and people coming to Cyprus from a number of
other countries, including: Argentina, Australia, Brazil,
Brunei, Canada, Chile, Costa Rica, El Salvador, Guatemala,
the Vatican, Honduras, Iceland, Israel, Japan, Malaysia, Mexico,
New Zealand, Nicaragua, Panama, Paraguay, San Marino, Singapore,
South Korea, the United States, Uruguay, and Venezuela, do
not need to obtain a visa before coming to Cyprus.
Residents of countries other than those listed above will
need to obtain either a short stay (less than three months)
or multiple entry visa, or a Temporary Residence (and) Employment
permit (TRE).
Applications should be submitted to the Cypriot Consulate,
in person or by recorded delivery, and the following documents
and information are required:
- Completed application form
- 2 passport photographs
- Passport (valid for at least three months longer than the
visa that is being applied for)
- Details of onward/return travel arrangements
- Letter of invitation from a Cypriot business (if the trip
is being made for business purposes)
- Letter of invitation from family or friends (if the trip
is being made for visiting purposes), including an ‘assumption
of responsibility’ form, completed by the host
- Medical insurance details
- Evidence of sufficient funds to cover the cost of the entire
stay
- Evidence of income
- In certain cases, a bank guarantee letter covering the costs
of possible repatriation (between EUR341 and EUR854, depending
on the country of origin
TRE permits, valid for five years, and renewable thereafter
(or permanent residence can be applied for at that point)
are available in various different categories, depending on
the applicant’s intentions and situation.
- Category A permits are for people intending to work for
themselves in the areas of agriculture, animal husbandry,
or the breeding and cultivation of fish. Evidence that the
applicant has adequate land, or a permit to purchase same,
is also required, as is evidence that the applicant has at
least EUR427,150 in capital.
- Category B permits are for people intending to work for
themselves in the mining sector. Evidence that the relevant
permits have been obtained, and that the applicant has at
least EUR341,720 in capital is required
- Category C permits are for people intending to work for
themselves in a trade or professional capacity. The relevant
permits, and evidence of at least EUR256,290 in capital, are
required.
- Category D permits are for people planning to work for themselves
in the scientific field. Proof of the relevant professional
qualifications, and of adequate funds, must be provided, and
there must be a need to the applicant’s skills in Cyprus
- Category E permits are for those that have been offered
permanent employment in Cyprus
- Category F permits are for immigrants that do not intend
to work during their stay in Cyprus, either because they are
retired, or independently wealthy. Evidence of a secured annual
income of at least EUR9,568 is required (plus EUR4,613 for
each dependent).
The cost of obtaining a TRE permit, at the time of writing,
is EUR119, and the following documents must be submitted with
the application:
- Valid passport (for at least a year)
- 4 passport photographs
- Birth certificate (and marriage certificate where appropriate)
- Evidence of income
- Evidence of medical insurance
- Evidence of residence
- Application form, plus EUR35 fee
- Copies of the above
Applications should be submitted in person, and once this
has been done, an Alien’s Registration Certificate will be
issued. The TRE should then be issued during the next six
months.
Performing artists should have their agents submit their
application, through the immigration branches of the police
force, to the Civil Registry and Migration Department; the
requirements are similar to those previously detailed (application
form and related fee, photocopy of passport, bank guarantee
to cover possible repatriation costs, etc).
EU residents looking to come to Cyprus for less than three
months need not obtain a permit, and can commence working
straight away. Where the intended stay is longer than 3 months,
they should apply for an Alien Registration Certificate (ideally
within 8 days of coming to Cyprus) at the local immigration
branch of the police force.
The EU resident in question should then apply for a social
security number, once they have found employment, and for
a residence permit, as above. (Required documents usually
include a valid passport or ID card, and stamped authorisation
from the Labour Department, in some cases.)
Those looking to work in professions such as law, accountancy,
medicine, engineering, or as an electrician, should contact
the appropriate regulatory authority in Cyprus, which will
examine the equivalence of their professional qualifications
with the standards in place in Cyprus.
A business permit will also likely be required in order to
establish a business in Cyprus.
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