The Council of Ministers approved the BUSINESS FACILITATION UNIT (BFU).
The Strategy is a very important initiative towards attracting both international businesses and talent. It includes a series of actions and reforms in several areas of intervention, aiming to enhance Cyprus position as an international high-growth business centre.
Which foreign companies are eligible to apply to the Business Facilitation Unit and how can a company apply?
All foreign companies are eligible to get facilitation through the new Unit.
Companies should send an e-mail describing the nature of their business, number of employees, expansion plans etc, listing the services they wish to obtain through the BFU.
Important is the establishment/ operation of independent offices in Cyprus, in suitable premises, separate from any private housing or other office. Hence the foreign companies should maintain their own business units.
The BFU will offer the following services:
- Provision of Services for the establishment of a company along with guidance for the establishment and operation of companies in Cyprus
- Company registration and name approval
- Registration to the Social Insurance Registry and the Employers Registry
- Registration to VAT Registry and to Income Tax
- Facilitation for the issuance of residence and employment permits in Cyprus.
New Policy for the Employment of 3rd country nationals in Cyprus:
- Minimum gross monthly salary €2.500
- University certificate or confirmation of relevant experience of at least 2 years in a corresponding job
- Employment contract of not less than 2 years
The issuance of residence and employment permits is up to 3 years and can be issued within 1 month.
Employment of support staff with gross monthly salary less than €2.500 is allowed provided that it does not exceed 30% of all support staff.
Immediate and free access to spouses whose financial supporter has obtained a residence and work permit in Cyprus and who receive a minimum gross monthly salary of €2.500 (not applicable for support staff).
Social Insurance, when a third-country national who has paid social security contributions in Cyprus returns for permanent residence in his/her country, he/she will be able to transfer the contributions paid to his/her country.
Digital Nomad Visa Issuance:
Are issued to 3rd country nationals self-employed or employees who work remotely with companies/employers outside Cyprus.
- They have the right to stay in Cyprus for up to 1 year, with the right to renew for another 2 years
- They can be accompanied by their family members, but they are not allowed to engage in any form of economic activity in Cyprus
- If they reside in Cyprus for a period totaling more than 183 days within the same tax year, they are considered tax residents of Cyprus, provided that they are not tax residents in any other country.
Main preconditions for Digital Nomad visa:
- Sufficient funds of €3.500 per month through the employment contract or services
- A bank account stating the sufficient funds received
- Medical insurance
- Clean criminal record
The amount of €3.500 is increased by 20% for the spouse/partner and by 15% for each child
Application for acquisition of Cyprus citizenship, after 5 years of residence and work in Cyprus or 4 years if they meet the criterion of holding a recognized certificate of very good knowledge of the Greek language.
PHS & Partners has the honour to advice our foreign companies/clients in order for them to be eligible to relocate their seat to Cyprus and move to the island without any obstacles and most importantly to make their family lives easy.
