The Council of Ministers, with its Decision on 07/10/2020, proposed its revised policy regarding the issuance of temporary residence and employment permits to employees of foreign interests companies registered and operating in the Republic of Cyprus.

The key amendments of the policy are the following:

• The foreign direct investment requirement is increased to at least € 200.000, for the purposes of the company operating as a foreign interests company in Cyprus.
• A third-country national could be now employed as a Specialist, a new category of employment, which includes professions/individuals with skills in certain fields. The number of employees that may be employed under this category will be determined based on the company’s turnover.
• The minimum salary requirement for each category of employees is amended as follows:
  1. for Directors, General Managers, Project Managers, Departmental Managers, the acceptable minimum gross monthly salary is €4.000;
  2. for Middle management executives and Key personnel, the acceptable minimum gross monthly salary is €2.000;
  3. for Specialists, the acceptable minimum gross monthly salary is €2.000.

For more information on the above, please refer to our detailed Legal Briefing or contact Andrea Papouri or George Economides.