Filenews 27 May 2022 - by Vassos Vassiliou
Foreigners can be employed or reside in Cyprus when they have an insured income of €40,000 per year, a privately owned accommodation worth €250,000, when they are investors or self-employed or employees, under certain conditions.
The above are provided for in regulations approved by the Council of Ministers and which state that, an immigration permit may be granted to foreigners who fall into the following categories:
(a) A self-employed alien, i.e. a person intending to self-employed in a business or profession or science in the Republic, provided that the following are cumulatively met:
(i) possesses the qualifications for the pursuit of that profession or science or for the operation of that undertaking;
(ii) if a professional or other licence is required in order to be able to work in the field he chooses, he/she holds that licence;
(iii) holds sufficient funds for this purpose, which are determined by a Decision of the Council of Ministers,
(iv) has settled any obligations to the Social Insurance Services and the Tax Department, in relation to taxes and contributions, and
(v) this employment will bring a benefit to the Republic, will be in line with its development priorities, will not adversely affect its general economy and will not create unjustified competition in the domestic labour market;
(b) An employed alien: It concerns a person who is offered employment and who intends to accept it, provided that it does not create unjustified competition in the category of employment in which he intends to work.
It is understood that the alien and the employer have concluded an employment contract between them, duly certified by the competent authority, where applicable.
It is further understood that the employer meets the criteria and conditions for the employment of foreigners and that he has settled any obligations to the Social Insurance Services and the Tax Department, in relation to taxes and contributions.
(c) An investor of a foreigner: It concerns a person who has made a significant investment in the Republic, the amount and type of which is determined by a Decision of the Council of Ministers, with funds coming from legal sources outside the Republic.
(d) A self-sustaining foreigner, i.e. a person who intends to reside in the Republic, without exercising any employment or other economic activity in the Republic and has at his disposal an insured annual income of €40,000, increased by €10,000 for each additional member of the family, as well as a suitable privately owned accommodation in the Republic for the stay of himself and the members of his family worth €250,000.
The regulations also state that an immigration permit may be granted to a foreigner when the following conditions are met cumulatively:
(a) The alien is in possession of a valid passport or other travel document and
(b) The alien does not pose a threat to national security, public order, and public health in any way.
