WORKING VISAS for THIRD COUNTRY NATIONALS – Easy Process in 2 Simple Stages under Companies of Foreign Interest.
Introduction:
Cyprus, with its strategic location at the crossroads of Europe, Asia, and Africa, offers a vibrant economy and a favorable business environment. As a result, it has become an attractive destination for third country nationals seeking employment opportunities. However, navigating the complexities of obtaining Working Visas for Third Country Nationals can be daunting without the right legal guidance.
This is where the expertise of our law firm comes into play, offering invaluable assistance in securing Working Visas for Third Country nationals in Cyprus under Companies of Foreign Interest.
Understanding Working Visas for Third Country Nationals in Cyprus:
Cyprus offers various types of Working Visas for Third Country Nationals, each tailored to specific employment situations.
These visas include the Temporary Residence and Employment Permit, the Seasonal Employment Permit, the Domestic Worker Permit, and the Dependent Employment Permit, among others.
Navigating the eligibility criteria, documentation requirements, and application procedures can be overwhelming for individuals unfamiliar with Cyprus’ legal framework.
In this Article, we shall focus on the Working Visas for Third Country Nationals under Companies of Foreign Interest, along with its simple application process. It is important to note that the following criteria apply to any position held by the applicant, such as Director, Key Personnel, Specialist or even Support Staff.
What are Companies of Foreign Interest?
Companies of Foreign Interest refer to standardized Cyprus Companies (Set-up a Company in Cyprus), where under the ‘Business Facilitation Unit’ (BFU) of the Republic of Cyprus, are eligible to apply for such status, under the following basic criteria:
- Majority of the company’s shares are owned by third country nationals; and
- In case that, the percentage, of the company’s shares, owned by a third-country national is equal or less than 50%, the company is eligible if that foreign participation has a value of at least €200,000-.
Important Note: the Ultimate Beneficial Owner (UBO) must deposit a minimum amount of €200,000- in an account held by the Company of Foreign Interest with a credit institution licensed by the Central Bank. Alternatives: the company may submit UBO’s evidence of an investment amounting to €200,000- for the purposes of operating its business in Cyprus, such as an i) office purchase, ii) office equipment purchase, etc.
How to Apply under 2 Simple Stages:
Working Visas for Third Country Nationals are separated into 2 Stages, the Before and After Arrival Stage, where the applicant provided that he/she has already agreed with a Company of Foreign Interest to be employed, must follow.
Before Arrival:
The main Applicant prior entering the Republic of Cyprus, the following documentation must be submitted to the Civil Registry and Migration Department:
- Copy of a valid Passport.
- Brief Curriculum Vitae – CV (including copies of academic qualifications and/ or relevant professional experience of at least two years).
- Copy of Contract of Employment with at least two years of duration, dully signed – Yiorkas Law may draft and prepare a comprehensive Contract of Employment securing compliance with the Regulator.
- Employer’s Declaration for covering the return cost of the third country national.
- Original results of medical tests, showing that the third country national does not bear/suffer from HIV, Syphilis, Hepatitis B and C and Tuberculosis – TB (through chest x-ray). Ratification is necessary, except in the presence of a bilateral state agreements providing for an exception.
- Original Certificate of Criminal Record from the country of origin (if the applicant resides in a country other than the country of origin, the certificate should be issued from the country of residence).
After Arrival:
Once the above Before Arrival process and supporting documentation have been finalized, the Department issues the Entry Permit (M70) for the main applicant in order to enter the Republic of Cyprus and finalize the Working Visas for Third Country Nationals application, by submitting the following:
- Original Entry Permit (M70).
- Copy of the passport’s page, showing the latest arrival in the Republic.
- Original Contract of Employment, of at least two years of duration, dully signed and stamped. Note: the minimum gross monthly salary for highly skilled employment is set at €2500. Below this limit, employment is considered to be at support level and a contract must be dully stamped by the Department of Labor.
- Original results of medical tests performed in Cyprus, showing that the third country national does not bear/suffer from HIV, Syphilis, Hepatitis B and C and Tuberculosis – TB (through chest x-ray), certified from a Specialised Doctor in Cyprus.
- Title Deed or Rental Agreement of a house/apartment dully stamped.
- Certificate of Health Insurance for medical care that covers inpatient and outpatient care as well as transportation of corpse (Plan A), automatically renewable, OR Registration Certificate in the General Healthcare System (GHS – GESY) and private insurance for transportation of corpse.
- Employer´s liability insurance with an automatic renewal.
Actual Expenses:
Depending on whether it is your first registration or a renewal of your working visa, the following fees and stamped duties apply:
- Issuance of Entry Permit and a Residence Permit – €70
- Issuance or Renewal of a Residence Permit – €80
- Registration in the Aliens’ Register (only in cases of first registration) – €70
- Stamps Duties: Contract of Employment should be stamped and the exact amount depends on the value of the contract and can be calculated under the Formula provided by the Tax Department.
Examination Timeframe:
Working Visas for Third Country Nationals applications shall be examined within 1 month, provided that a duly completed application has been submitted. This time limit shall not apply if the information or documents submitted in the applications are insufficient and in such a case the examination time will be extended for as long as the remarks have been corrected.
This is where Yiorkas Law comes into play and ensures the duly completion and preparation of application, ensuring that the Working Visas for Third Country Nationals are issued earlier than a month.
Working Visas Duration:
The Working Visas for Third Country Nationals shall be according to the duration of the Contract of Employment, with a maximum cap of 3 years.
Upon the expiration of the Working Visa, it can easily be renewed by simply providing inter alia, a Social Insurance Statement, showing that the salary and social insurance contributions have been paid for the previous period.
Change of Employer?
A highly compensated employee working for a company of foreign interest has the option to switch employers and join another company of foreign interest, regardless of their duration of residence in the Republic, under the following 2 basic conditions:
- They secure new employment within one month of the termination of their previous job.
- The new employer is also a company of foreign interest, meeting the criteria established by the Council of Ministers and evaluated by the Business Facilitation Unit of the Ministry of Energy, Commerce, and Industry.
Important Note: Employees under Companies of Foreign Interest can transition to work for an employer who is not categorized under Companies of Foreign Interest, as long as they have not surpassed the maximum duration of residence permitted in the Republic for the specific residency category they seek to be employed in, and they satisfy the requirements of that category.
Expert Legal Assistance:
Yiorkas Law specializes in Cyprus Immigration Law and can provide comprehensive assistance throughout the Working Visas for Third Country Nationals application process.
From initial consultations to document preparation, submission, and follow-up, our legal experts ensure a smooth and efficient process for clients. They stay updated on changes in immigration laws and policies, offering clients the most current advice and guidance.
Tailored Solutions:
Every client’s situation is unique, and a one-size-fits-all approach simply won’t suffice when it comes to securing working visas for third country nationals.
Our Team takes the time to understand each client’s circumstances, offering personalized solutions to meet their specific needs. Whether it’s advising on the appropriate visa category, assisting with document procurement, or representing clients in appeals or administrative proceedings, the goal is always the same: “Achieving a successful outcome for the client”.
Ensuring Compliance:
Compliance with immigration laws and regulations is paramount to avoid legal pitfalls and potential repercussions. Our Law Firm ensures that clients fully understand their rights and responsibilities throughout the working visas for third country nationals application process and beyond. We provide guidance on maintaining legal status, renewing permits, and addressing any compliance issues that may arise during the course of employment in Cyprus.
Conclusion:
Securing Working Visas for Third Country Nationals in Cyprus can be a complex and time-consuming process, nevertheless with our legal support, it becomes manageable and stress-free.
A. Yiorkas & Co LLC specializes in immigration law, offers expert guidance, personalized solutions, and proactive assistance to navigate the intricacies of the Working Visas for Third Country Nationals application process successfully.
By partnering with us, you can realize our professional aspirations in Cyprus with confidence and peace of mind.