Cyprus Relocation Through Employment with a Foreign Interest Company (BCS)

Introduction

Obtaining a residence and work permit in Cyprus as a non-EU national can be difficult, since Cypriot companies are generally expected to hire Cypriot or EU citizens first. However, the Foreign Interest Company (BCS) scheme, part of Cyprus’s strategy to attract international businesses, provides a pathway for foreign investors and professionals to obtain a work visa under specific requirements.

This guide explains the process of relocating through employment with a Foreign Interest Company in Cyprus, focusing on the Highly Paid Employees category. It is designed for foreign investors, HR managers, executives, and employees who want to understand how to use the program for company setup, branch openings, and employee permits.

Applicants earning at least €2,500 gross monthly salary qualify as Highly Paid Employees. They do not need prior labour market approval and can belong to any specialty. They must, however, meet education or experience requirements and hold at least a two-year contract.

Another key benefit is the ability to renew permits without a cap, opening the path to EU Long-Term Residence and eventually Cyprus citizenship. For many professionals, this program is not just a work visa but the beginning of a permanent life in Cyprus.

What is a Company of Foreign Interest?

A Company of Foreign Interest in Cyprus is a locally registered company that qualifies to employ non-EU nationals under fast-track procedures. These companies avoid typical labour market restrictions, provided they meet specific criteria:

·         Significant Foreign Ownership: More than 50% of shares must be owned by non-EU nationals. If foreign ownership is 50% or less, the company can still qualify if shareholders invest at least €200,000 in capital.

·         Substantial Capital Investment: At least €200,000 must be injected, proven via a Cyprus bank transfer, office purchase, or equipment investment. Supporting evidence such as SWIFT receipts or contracts is required.

·         Physical Presence in Cyprus: The company must operate from an independent office (owned or leased) in Cyprus.

·         Eligible Business Types: These include publicly listed companies, Cypriot shipping companies, certified high-tech firms, biotech/pharma companies, and companies owned by individuals who obtained Cypriot citizenship by investment, provided they meet the €200,000 requirement.

Step 1: Company Formation in Cyprus

The first step is to register a company in Cyprus. This company will act as the employer under the scheme. If an investor already owns a foreign company, they may open a Cyprus branch or subsidiary. Both new and existing businesses are eligible, as long as they meet the requirements of a Foreign Interest Company.

Step 2: Registering as a Foreign Interest Company

The company must then be registered with the Business Support Center (BSC). The BSC evaluates and approves companies for inclusion in the Register of Foreign Interest Companies. Only registered entities can sponsor non-EU employees.

The application must include a description of company activities, staffing, and supporting documents. Once approved, the business gains access to fast-track employment permits.

Step 3: Applying for Residence and Employment Permits

Once approved as a Foreign Interest Company, the employer can apply for for employees. Company owners are also eligible.

·         Entry to Cyprus: Highly paid non-EU nationals (€2,500+ monthly salary) may enter Cyprus with a visa from consular authorities or with an entry permit from the Civil Registry and Migration Department.

·         Residence: After arrival, the employee must register in the Aliens’ Register and obtain a temporary residence and work permit. Our legal team assists with preparing and submitting all required documents to ensure a smooth process.

Family Reunification and Spouse Employment

Once an employee receives a residence and work permit, their immediate family (spouse and children under 18) can join them in Cyprus.

A major advantage of the scheme is that spouses gain immediate access to the Cyprus labour market without requiring a separate work permit. This allows both partners to work and build careers in Cyprus, making relocation much easier.

When the main applicant renews their work permit, family permits are renewed as well, provided the family relationship continues.

Long-Term Residency and Citizenship Pathways

The Cyprus Foreign Interest Company scheme offers long-term opportunities:

·         Work permits for highly paid employees can be renewed indefinitely.

·         After five years of continuous residence, individuals may qualify for EU Long-Term Residence status.

·         After seven years (or five years in exceptional cases) of legal residence, foreigners can apply for Cyprus citizenship by naturalization.

Obtaining Cypriot citizenship provides an EU passport, granting full rights to live, work, and study across the European Union. This makes the program highly attractive for professionals and their families.

Conclusion

Relocating to Cyprus through a Foreign Interest Company offers significant benefits: fast-track work permits, family reunification, and long-term residency or citizenship opportunities.

At GEORGE LIASIDES LLC, we provide end-to-end support for companies and individuals, from company setup to immigration compliance. Contact us today to learn how we can help you take advantage of this program and secure your future in Cyprus.