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New residence permits for third country nationals
On 23 August 2014 the Civil Registry and Immigration Department of Cyprus (CRID) announced the issuance of special residence permits for third country nationals who are employed by foreign-owned companies. Taxand Cyprus takes a look at the new legislation.
Foreign-owned companies are either owned by a foreign shareholder or the majority of their shareholders are foreigners. In the case where the percentage of the foreign participation is equal or less than 50% of the share capital of the company, this should represent an amount of at least EUR 171,000 so that the company could be considered foreign. If the foreign-owned company satisfies the requirements it is allowed to employ third country nationals in the following positions:
- Executive Director
- Middle-management staff, executive staff and other key personnel
- Supporting staff
The CRID also stated that all residence permits already issued shall remain in force until their expiry and that any additional applications must be submitted by 25 October or the application will be rejected.
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