Obtaining Residency in Cyprus through Employment

Irina Lugina
Head of direction
Visas and immigration
Reading time 3 minutes
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16 01.2024

Companies with foreign interest have the right to invite workers from third countries outside the European Union to work. The main advantage of such companies is that they can hire employees from third countries without the mandatory requirement to prove the absence of suitable candidates among the citizens of the European Union and Cyprus for a specific position.

“How to Open a Company in Cyprus and Relocate Your Employees.”

Obtaining residency in Cyprus through employment provides foreign citizens with the opportunity to take on managerial and executive positions in Cypriot companies with foreign interest. This includes roles such as director, department heads, management staff at various levels, project managers, and other specialists.

Criteria for potential employees include the following conditions:

  • Receiving a minimum monthly salary of 2500 euros;

For third-country citizens who already have a residence and work permit in a company with foreign interest and a monthly salary of at least 2000 euros, the rules will be maintained until December 31, 2026. They can extend their residency with the same employer without an increase in salary.

  • Having a relevant academic qualification or at least two years of work experience in a similar position;
  • Having an employment contract with a duration of at least two years.

The duration of the residence permit depends on the term of the employment contract and can be up to three years. Third-country citizens working in companies with foreign interest have the opportunity for indefinite stay with a valid temporary residence and work permit.

Benefits of Employment in a Cypriot Company with Foreign Interest

Family Reunification: Workers have the right to reunite with their families, allowing their close relatives to join and reside in Cyprus.

✅ Income Tax Reduction: Exemption of 50% from income tax for 17 years (starting from the month of employment) if the annual income exceeds 55,000 euros. More details:

✅ Tax Exemption: The first 19,500 euros of annual income are exempt from income tax.

✅ Simplified Citizenship Acquisition: The approved “Law on the Granting of Citizenship in an Accelerated Manner to Highly Qualified Foreign Professionals,” enacted on November 30, 2023, allows high-earning professionals from third-world countries working in Cyprus to obtain citizenship in just 4 or 5 years of residence on the island, with proficiency in the Greek language at the A2 or B1 level. This provides additional opportunities for foreign professionals to quickly acquire citizenship in Cyprus.

Our lawyers in Cyprus are ready to provide you with high-quality legal support and consultations in the fields of business, taxation, and immigration!

Feel free to contact us, and we will be happy to welcome you to our office in Larnaca!

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