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        • Permanent Residency

          Permit into Europe

        • How to Apply for an

          Executive Directors

          Work Permit Visa?

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Duration

The first permit is issued for a period of 2 years and can be renewed.


Procedure

Who can apply?
Any eligible company may apply for permit to employ third Country Nationals as Executive Directors. The minimum acceptable total annual salary for an executive director is €41,006 (plus any additional allowances/benefits). All the certificates / supporting documents required concerning the application of Executive Directors are mentioned In Appendix 2.


Which Companies are eligible?
All companies of foreign Interest should fulfill the following in order to be eligible to employ third country nationals in Cyprus:

1. The majority of the Company's shareholders should be foreign shareholders.
This means that the foreign participation in the share capital must be over 51%.
2. In case where the percentage of the foreign participation in the share capital of the Company is equal to or below 51% of the total share capital, this percentage should represent an amount equal to or higher than €170,860 in order for a company to be considered eligible. Applications by Companies that deal with offering services or consulting services that invest capital lower than €170,860 will be examined given the fact that the nature of the work does not require a higher capital investment,

3. The Company should operate from their self-contained office in Cyprus, which should be located in suitable distinct premises, not part of private residence or another office. Cases where the nature of work allows people to work from their home will be examined.

All supporting documents required concerning the company are mentioned In Appendix 3


Procedure following the registration of Company:

1.    Bank Accounts: when applying for work permit, the authorities will require proof that the direct foreign capital investment amounts to at least €170,860 and it comes from abroad. This is evidenced by presenting a bank document, referred to as “credit advice”, which the bank issues when the capital investment is brought to Cyprus.
2.     Submission and examination of Applications: The Civil Registry and Migration Department is the authority responsible for the first issue and subsequent renewals of the Temporary Residence Permit end Employment Permit granted to third country nationals employed by companies of foreign interest in Cyprus. The application forms accompanied with all necessary documents must be submitted to the Civil Registry and Migration Department.

All supporting documents required concerning the renewal of permit are mentioned in Appendix4.

APPENDIX 1

Certificates and Supporting Documents Required for Temporary Residence Permit to be granted to dependants (spouses / children)

(all documents must be original or certified copies)

•    M6l Application Form for temporary residence permit
•    One passport photo
•    Application fee (€34.17) per year
•    Copy of passport’s, data pages of the applicant
•    Bank Guarantee
•    Full Medical Insurance automatically renewable
•    Marriage Certificate or registered living together relationship issued by the relevant authority of the country of origin and birth certificates of the children.

APPENDIX 2

Certificates and Supporting Documents Required in respect of Executive Directors

(all documents must be original or certified copies)

•    Application Form M58for entry permit or Application Form M61for temporary residence permit
•    Application Form M64 for employment permit
•    One passport photo
•    Fee(€34.17) per year with application form
•    Copy of passport's data pages of the applicant
•    Copy of Alien Registration certificate (A.R.C.)
•    Bank Guarantee (personal or collective)
•    Full Medical Insurance automatically renewable
•    Medical Examination certificates (AIDS, syphilis, Hepatitis B) and chest x-ray for tuberculosis from doctors In Cyprus
•    Proof that the third country national who will be employed has adequate funds so that he/she and his/her family members may not become burden on the Social Welfare System of the Republic of Cyprus during their stay and until the company will operate fully. In cases where employees are also shareholders of the company, the equivalent amount to their annual salary must be deposited in a Bank in Cyprus either in a personal account or the company's account

APPENDIX 3

Certificates and Supporting Documents Required in respect of Companies

(all  documents must be original or certified copies)

•    Certificate of incorporation
•    Memorandum & Articles of Association
•    Certificate of Director/Secretary
•    Certificate of Shareholders
•    Certificate of Registered Office
•    Profile describing the nature of company’s business and details of it operations.
•    List with names, full addresses, passport numbers and nationality of the initial shareholders of the applying company.
•    Lease Agreement or Title Deed or contract of purchase of their office In Cyprus. If these are not available, when the application is submitted, then they should be submitted within 3 months from the day of application

APPENDIX 4:

Certificates and Supporting Document: Required for renewal of

(all documents must be original or certified copies)

•    Company’s annual report by offices of Certified Public Accountants
•    Audited company's Accounts for the previous year, including auditors’ report for the viability of the Company.
•    Income tax clearance certificate for the applicants and corporate tax clearance for the company
•    List company's personnel
•    All certificates and supporting documents mentioned in Appendix 1, except for the certificate of criminal record
•    Copy of the previous Residence and Employment Permit
•    Fee (€34.17) per year