Cyprus Relocation Option – Companies of Foreign Interest

Work and Residency Permit in Cyprus for Israeli Nationals

Lyssiotis Law Firm is an organization that specializes in Tailor-Made Company Relocation services and to its employees from Israel to Cyprus. We believe that our services can be of significant value to your esteemed organization, especially given our strong experience in assisting Israelis relocating to Cyprus, doing business and investing in real estate Our approach is personalized and extensive.

Our one-stop-shop approach streamlines the process. With Our dedicated team of experts which includes corporate and immigration lawyers, accountants, architects, engineers, real estate agents, and valuators.

Why Cyprus?

Individuals and families who decide to make Cyprus their new home, can enjoy multiple benefits, including the very favourable tax regime both for companies and individuals, as well as the advantage of English language in all business deals, a family-friendly Israeli environment, and a high-level education system for children.

According to the recent strategy that the Government has adopted in order to attract investors and highly-skilled individuals, the establishment of a company of foreign interests is a very appealing option for third country nationals that seek to relocate their business in Cyprus, as it provides them with the right to live and work in Cyprus with preferential treatments and advantages.

The fact that there are currently 20,028 valid permits based on the Scheme for companies of foreign interests showcases how popular and advantageous this route is.

The Benefits

• No limit to the duration of stay in Cyprus for employment purposes.
• Accelerated response times regarding the application examination by a specialised department of the Migration Department.and the Ministry Of Commerce
• Each permit duration up to three (3) years, renewable.
• Access to family reunification that covers the dependent family members of the main applicant, including their parents and parents in law.
• Free access to  employment for spouses.
• Eligibility for registration at GESY (the national health system) for the family.
• Faster procedure for obtaining Cypriot citizenship after 4 or 5 years of residence in Cyprus, instead of 8 years, provided that certain requirements are met, including Greek language knowledge.
• No limit as to the number of third-country nationals that can be employed by the company of foreign interests.

No need to obtain a special approval for the employment of a non EU citizen by the Ministry of Labour, which is normally a basic long and cumbersome requirement of other procedures for the employment of non EU citizens

The Main Requirements

• The majority of the shareholders need to be third country nationals.
• The UBO (Ultimate Beneficial Owner/shareholder ) of the company must invest an amount of at least Euros 200,000 in the bank account of that company. This money can be used for any expenses of the company immediately.
• Alternatively, evidence can be submitted of an investment made for the purpose of operation of the business of the Company, such as proof of office purchase, office equipment purchase etc.
• It is clarified that the investment of Euros 200,000 must derive from abroad.
• The registered address of the business of the company needs to be of a physical place where the actual business is conducted. Thus, this place needs to be either purchased or leased. Our firm provides a co-working space for rental upon request.
• Academic qualification and at least 2 (two) year of relevant professional experience as to the employee(s).
• A monthly salary of at least Euros 2,500.

The Procedure in a Nutshell

1) Formation of a company with the Registrar of Companies.

2) Registration of the Company with the Social Insurances Service and Tax Department so that it can become a legal employer.

3) Registration of the Company with the Business Facilitation Unit (the ‘BFU’). Upon success of the relevant application, the company is provided with a certificate of its registration with the BFU.

4) Preparing and submitting employee’s application for residence and employment under the Scheme, with the Migration Department.

Our experienced team will provide you with high quality advice that is tailored to your special needs and circumstances, and will guide you through every step of the procedure of relocating in Cyprus.

We’re committed to making your transition to Cyprus easy and efficient