OVERVIEW
Cyprus offers a streamlined, business-friendly framework for the establishment of Companies of Foreign Interests and the relocation of key personnel and their families. This guide outlines the legal steps, required documentation, and indicative timelines, from incorporation and banking to immigration, tax
registration, and ongoing compliance, all coordinated through a single point of contact.
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.
■ 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.
STEP 1.A
A INCORPORATION OF A CYPRUS COMPANY
Key Actions
• Name approval
• Preparation of Memorandum & Articles of Association
• Appointment of Directors, Shareholders & Secretary
• Registered office in Cyprus
Documents Checklist
✓ Passport copies of Shareholders & Directors
✓ Proof of residential address (utility bill / bank statement)
✓ Description of business activities
✓ Proposed shareholding & group structure
✓ Occupation details of Directors & UBOs
▶ INDICATIVE TIMING
Preparation & filing: 1–2 weeks
Incorporation must be completed before banking, BFU andimmigration procedures.
STEP 1.B
CY LOGIN & ARIADNI GOVERNMENT PORTAL
Key Actions
• Access to Cyprus government electronic services
Documents Checklist
✓ Passport of Director / authorised person
✓ CY Login registration confirmation email
✓ Physical identification at Citizen Service Centre (KEP)
✓ Activation of Ariadni Portal account
▶ INDICATIVE TIMING
Account creation & identification: 1 week
Mandatory for UBO filings, immigration applications, and official submissions.
STEP 1.C
REGISTRATION OF ULTIMATE BENEFICIAL OWNERS (UBO)
Registrar of Companies – AML Compliance
Key Actions
• Initial UBO registration
• Ongoing AML compliance & annual confirmation
Documents Checklist
✓ Identification details of all UBOs
✓ Passport & proof of address for each UBO
✓ Confirmation of ownership and control structure
✓ Updates upon any corporate changes
▶ INDICATIVE TIMING
Submission via Ariadni: Immediate upon readiness
Failure to comply within 90 days from Incorporation of the Company WILL result in
administrative fines imposed on the company and its officers.
STEP 2A
OPENING OF A CYPRUS BANK ACCOUNT
Key Actions
• Selection of suitable Cyprus or international bank
• Corporate & personal KYC review
• Compliance approval & account activation
Documents Checklist
✓ Certificates of Incorporation & corporate certificates
✓ Memorandum & Articles of Association
✓ Passports of UBOs, Directors & authorised signatories
✓ Proof of address for all relevant persons
✓ Bank questionnaires / profile forms
✓ Source of Funds documentation
✓ Source of Wealth explanation
▶ INDICATIVE TIMING
Preparation: 1–2 weeks
Bank review & approval: 1–2 weeks
Timelines vary depending on the bank and compliance complexity.
STEP 2B
DEPOSIT AMOUNT OF EURO 200,000
Checklist
✓The amount must be made by the UBO himself/ herself from his/her FOREIGN BANK ACCOUNT
STEP 3
REGISTRATION WITH THE BUSINESS FACILITATION UNIT (BFU)
Ministry of Energy, Commerce & Industry
Key Actions
• Recognition as a Company of Foreign Interests
• Eligibility for fast-track immigration for key personnel
Documents Checklist
• Corporate certificates of Cyprus company
• Shareholding & group structure chart
• Director’s affidavit confirming foreign ownership
• Letter of Intent (business activity & operational plan)
• Passports of UBOs & Directors
• Lease agreement or title deed for Cyprus office
Note: The business should have its own separate offices. It is not allowed to se the
residential address or the registered address. An actual place has to be proved that is
either purchased or rented, A co working space in another office is acceptable
▶ INDICATIVE TIMING
Preparation & submission: 1–2 weeks
Authority review: 2 weeks
STEP 4
IMMIGRATION & RESIDENCE/WORK PERMITS
Eligible Persons
• Directors & key executives
• Senior & specialist personnel
• Supporting staff
• Family members (spouse & children)
A. EMPLOYEE / KEY PERSONNEL
Documents Checklist
✓ Passport
✓ Signed employment contract with Cyprus company (duration of at least 2 years)
✓ Monthly salary at least Euro 2,500
✓ CV & professional experience ✓ Academic or professional qualifications
✓ Clean criminal record certificate (Apostilled)
✓ Medical insurance covering Cyprus
✓ Medical examination results (issued in Cyprus -chest x-ray for TB and Blood test for HIV, Hep B, C, Syphilis)
✓ Employer’s liability insurance
✓ Rental residence agreement o title deed of property
in Cyprus
▶ INDICATIVE TIMING
File preparation: 1–2 weeks
Submission & receipt: same day
Residence permit card issuance: 4–6 weeks
NOTE: Health insurance must clearly state the phrases INPATIENT, OUTPATIENT
CARE +TRANSPORTATION OF CORPSE
B. FAMILY MEMBERS (SPOUSE & DEPENDENT CHILDREN)
Documents Checklist
✓ Passport copies
✓ Marriage certificate (Translated & Apostilled)
✓ Birth certificates for children (Translated & Apostilled)
✓ Medical insurance covering Cyprus
✓ Proof of accommodation in Cyprus
✓ School enrolment confirmation (if age applicable)
✓ Medical examination results
For children under 5yrs old, Test Mantoux is accepted
Family permits are dependent on the employee’s permit and do not immediately grant access to employment.
▶ INDICATIVE TIMING
Preparation: up to 1 week
Submission: same day – after main applicant
Residence permit card issuance: 4–6 weeks
Documents from Hague Convention countries require Apostille e.g. ISRAEL Documents from non-Hague countries require consular legalisation.
STEP 5
TAX & SOCIAL REGISTRATIONS
Key Actions
• Activation of corporate and employment obligations
Documents Checklist
✓ Corporate incorporation documents
✓ Director & employee identification
✓ Employment contracts
✓ VAT-related information (if applicable)
✓ Tax Identification Number (TIN)
✓ VAT registration (where required)
✓ Social Insurance & PAYE registration
▶ INDICATIVE TIMING
Registrations completed shortly after incorporation and hiring.
OUR ROLE
We coordinate documentation, timing, filings, authority liaison, and follow-ups, acting as a single point of contact for the company, its employees, and their families throughout the relocation lifecycle.
ONGOING CORPORATE & RELOCATION SUPPORT
Ongoing Requirements
• Corporate secretarial services
• Registered office & local substance
• Annual returns & filings
• UBO confirmations
• Immigration renewals
• Employment compliance
• Private client & family support
DOCUMENTS TO START COLLECTING BEFORE ARRIVAL
(Strongly recommended to avoid delays)
Personal & Family:
• Passports with validity of at least 12 months (all applicants)
• Criminal record for each member over 16 years old (Apostilled)
• Marriage certificate (Apostilled)
• Birth certificates (Apostilled)
Employment & Background
• Clean criminal record certificate (Apostilled)
• CV & professional summary
• Academic or professional qualifications
(copy of university degree if applicable)
• Health insurance valid for Cyprus
• Proof of accommodation (lease/ownership/booking)