Fast Track Business Activation Program
The new program provides for the possibility of employing a higher number of third country nationals of specific professions and/or skills, without a prior labour market test and aims to further attract foreign business to Cyprus as well as to provide fast and efficient services to foreign business wishing to establish presence in Cyprus.
- Third country shareholders should own the majority of the company’s shares.
- The Company must make a foreign direct investment of at least €200.000, for the purposes of operating the company in Cyprus.
- The Company must be established in Cyprus and/or operate through independent offices in Cyprus, in suitable premises, separate from any private housing or other office, except in the case of business cohabitation.
- There are no restrictions on the maximum duration of stay of third country nationals under this category of stay in the Republic (Directors, Key Personnel, Specialists).
- It is not required to secure a sealed employment contract from the Department of Labour for third-country nationals under the Categories of Directors, Key Personnel and Specialists, as defined above.
- Third country nationals with residence and employment permits under this Policy have direct access to family reunification with their family members (spouse and minor children), provided that the relevant conditions of the Aliens and Immigration Law, Cap.105 as amended, are met.
The new Program provides for:
- the Establishment of Eligible Companies (within 7 days);
- the Licensing of Operations;
- the Employment and Residence permits in Cyprus (within 4-6 weeks depending on the number of permits requested); and
- a greater number of third country nationals in specific professions and with specialised skills with the majority being related to digital skills, Pharmaceutical, Video producing, Marine Engineers, Data Analytics and Naval Architects.
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