Employees under an employment contract. Foreign nationals who will work in a new company or branch in Cyprus receive a temporary residence permit for the duration of the employment contract. If the contract is not renewed or terminated, it will not be possible to extend the residence permit either.
The employer is engaged in obtaining a residence permit for employees. The number of specialists from other countries is regulated and depends on the turnover of the company:
from five foreign employees - if the annual turnover up to 1 million euros;
From 100 to 200 foreign employees - if the annual turnover of more than 30 million euros.
The head of the company can immediately get a permanent residence permit if he invests in the development of the business from €300,000. The money must come from foreign sources. The investor’s company needs to employ at least five people.
If the owner of the business decides to get permanent residency by investment, his spouse, children under 25 years and parents will be able to get the status of a resident.
The investor also proves that he has money to live in Cyprus. The annual income of the investor must be at least €30,000 if he receives the Permanent Residence Permit alone. If the investor’s spouse and children participate in the program, the amount of annual income is added €5,000 per relative. For the support of the parents is added another €8,000 per person.
To have a residence address in Cyprus is a prerequisite for obtaining a permanent residence permit. Housing can be bought or rented.
Holders of Permanent Residence Card in Cyprus have the right to live, conduct business, and study in the country. Permanent residency status is valid for life, but cannot spend more than two consecutive years outside of Cyprus. Five years after obtaining a Permanent Residence Permit, an investor can apply for citizenship and be free to move around the 176 countries of the world.
Immigrant Invest helps you obtain permanent residency in Cyprus by investment. If you want to become a resident of the EU country, seek advice from the experts at Immigrant Invest.
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