Individuals who are foreign nationals can run businesses in Cyprus and can be on a Board of Directors of a company, although those from outside the EU require more in the way of work and residence permits, as opposed to individuals from other EU member states. Non-EU nationals also require a permit if they wish to acquire real estate in Cyprus.
EU residents, and people coming to Cyprus from a number of other countries, including: Argentina, Australia, Brazil, Brunei, Canada, Chile, Costa Rica, El Salvador, Guatemala, the Vatican, Honduras, Iceland, Israel, Japan, Malaysia, Mexico, New Zealand, Nicaragua, Panama, Paraguay, San Marino, Singapore, South Korea, the United States, Uruguay, and Venezuela, do not need to obtain a visa before coming to Cyprus.
Residents of countries other than those listed above will need to obtain either a short stay (less than three months) or multiple entry visa, or a Temporary Residence (and) Employment permit (TRE).
Applications should be submitted to the Cypriot Consulate, in person or by recorded delivery, and the following documents and information are required:
TRE permits, valid for five years, and renewable thereafter (or permanent residence can be applied for at that point) are available in various different categories, depending on the applicant’s intentions and situation.
Category A permits are for people intending to work for themselves in the areas of agriculture, animal husbandry, or the breeding and cultivation of fish. Evidence that the applicant has adequate land, or a permit to purchase same, is also required, as is evidence that the applicant has at least EUR427,150 in capital.
Category B permits are for people intending to work for themselves in the mining sector. Evidence that the relevant permits have been obtained, and that the applicant has at least EUR341,720 in capital is required
Category C permits are for people intending to work for themselves in a trade or professional capacity. The relevant permits, and evidence of at least EUR256,290 in capital, are required.
Category D permits are for people planning to work for themselves in the scientific field. Proof of the relevant professional qualifications, and of adequate funds, must be provided, and there must be a need to the applicant’s skills in Cyprus
Category E permits are for those that have been offered permanent employment in Cyprus
Category F permits are for immigrants that do not intend to work during their stay in Cyprus, either because they are retired, or independently wealthy. Evidence of a secured annual income of at least EUR9,568 is required (plus EUR4,613 for each dependent).
The cost of obtaining a TRE permit is EUR119 (2010), and the following documents must be submitted with the application:
Applications should be submitted in person, and once this has been done, an Alien’s Registration Certificate will be issued. The TRE should then be issued during the next six months.
Performing artists should have their agents submit their application, through the immigration branches of the police force, to the Civil Registry and Migration Department; the requirements are similar to those previously detailed (application form and related fee, photocopy of passport, bank guarantee to cover possible repatriation costs, etc).
EU residents looking to come to Cyprus for less than three months need not obtain a permit, and can commence working straight away. Where the intended stay is longer than 3 months, they should apply for an Alien Registration Certificate (ideally within 8 days of coming to Cyprus) at the local immigration branch of the police force.
The EU resident in question should then apply for a social security number, once they have found employment, and for a residence permit, as above. (Required documents usually include a valid passport or ID card, and stamped authorisation from the Labour Department, in some cases.)
Those looking to work in professions such as law, accountancy, medicine, engineering, or as an electrician, should contact the appropriate regulatory authority in Cyprus, which will examine the equivalence of their professional qualifications with the standards in place in Cyprus.
A business permit will also likely be required in order to establish a business in Cyprus.
This article is an extract from Personal Business Tax Guide , dated 4th January 2011, for the latest version please click here .