By Evelyn Ioannou, Advocate - Senior Associate
Did you know though that there is no definition of “company of foreign interests” in any law in Cyprus?
In accordance with Immigration Law, Cap. 105 of Cyprus, a third country national who wants to work in Cyprus should have a residence and work permit. If the majority of holders of the share capital of a company are foreigners, then the company, in order to employ third country nationals, would have to be registered as a company of foreign interests with the Civil Registry and Migration Department. The amount of investment would need to be at least 171,000 Euros.
Companies which fall within this scope can employ third country nationals to hold the positions of executive directors, mid-level directors and support personnel. Their families may also obtain a residence permit as well.
In light of the above, the term “company of foreign interests” becomes crucial, although there is no specific definition or guidance as to the meaning of this term.