MBCS COMPANIES – LICENSE FOR EMPLOYMENT OF TCN

As per the amendment of policy for companies of foreign interests that has come into force as of 2.1.2022 the requirement of direct foreign capital investment of EUR 200K does not apply and the amendment classifies the below as eligible companies to acquire a license for employing third-country personnel:

1. Third-country shareholders should own the majority of the company’s shares.

OR

In cases where the percentage of foreign participation in the company’s share capital

is equal to or less than 50% of the total share capital, in order for the company to be

considered as eligible, then the foreign participation should represent an amount

equal to or greater than the amount of € 200.000 as nominal capital.

​

OR

2. Companies that fulfil the following criteria:

•  Public companies registered in any recognized stock exchange

•  Former offshore companies that were operating in Cyprus by approval of the Cyprus Central Bank, before the change of their offshore status

• Cypriot shipping companies

• Cypriot companies of high technology / innovation

• Cypriot pharmaceutical companies or companies operating in the fields of biogenetics and biotechnology

• Persons who have acquired Cypriot citizenship by naturalization based on economic criteria, given that they will prove that the conditions under which they were naturalized are still met

Benefits of acquiring a license to employ highly skilled third-country personnel in Cyprus:

• Licensed companies are no longer restricted as to the number of third-country employees they are allowed to employ

• New policy has set a 5-year period limit for securing at least 30% personnel from CY or EU countries from date of acquiring license