What are Companies of Cypriot and/or EU Interests with High Turnover?
Companies of Cypriot and/or EU Interests with High Turnover are companies duly incorporated in the Republic of Cyprus, with the majority of shares held by either Cypriot Citizens and/or EU nationals. Companies of Cypriot and/or EU Interests with High Turnover may also be 100% owned by Cypriot Citizens and/or EU nationals.
Eligibility Criteria
- The majority of the company’s shares must be owned by Cypriot Citizens and/or EU nationals
- The company must have a high turnvover and fall in line with the nations’ development priorities
- All tax obligations need to be up to date, submited and setled
- The Company should operate in independent offices in Cyprus and pursuant to the relevant regulations
Staff Categories
Directors
This category includes the Directors or Partners registered in the Registrar of Companies and Official Receiver, the General Managers of branches and of mother companies of alien companies, the Departmental Managers and the Project Managers.
Middle Management Executives
This category includes the upper / middle management personnel
Specialists
This category includes professions and/or with skills relevant to the Company’s operating activities.
*The minimum gross annual salary for highly skilled employment is set at €35,000 (this includes Directors, Middle Management and Specialists).
*The maximum number of non-EU national employees is set at 30% of all employees.
*The non-EU citizen must have a university degree/diploma, or, proof of at least 2 years of relevant experience in a corresponding employment position.
Family Members
In order to preserve family unity, non-EU nationals with residence and employment permits are able to exercise their right to Family Reunification for their family members (spouse and minor children), provided that the relevant conditions of the Aliens and Immigration Law are met.
Spouses of employees who obtained a residence and employment permit in Cyprus and who receive a minimum gross monthly salary of €2,500 can have immediate and free access to the labour market.
The information provided by CRS is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.