Cyprus Business Facilitation Unit: Can a Company Give You Residency?

Can you establish a Cyprus company and obtain residence through it? Potentially, yes, but the route is often misunderstood. The Business Facilitation Unit, now operating through the Business Support Center, does not grant passive residence simply because someone invests in a company or buys property.

What does the Business Facilitation Unit actually do?

The Business Support Center registers eligible businesses in the Register of Companies with Foreign Interests. Once registered, the company can use the simplified framework for employing qualifying third country nationals. The residence and employment permit is then issued through the Migration Department.

What does a typical foreign owned company need?

The current registration criteria include foreign ownership tests and an initial investment requirement of at least 200,000 euros. For a typical private company, the majority of shares may be held by third country nationals. Where foreign ownership is 50 per cent or less, the qualifying minority shareholding must have a value of at least 200,000 euros in addition to the initial investment requirement.

What counts as the initial investment?

The 200,000 euro investment may be evidenced by funds transferred by shareholders into the company's account with a credit institution licensed by the Central Bank of Cyprus, or by qualifying business expenditure such as the purchase of offices or equipment. The official guidance requires the investment to be recent and properly evidenced.

A property purchase by itself is not enough

This is especially important for property investors. The Business Support Center expressly states that buying real estate solely for conducting real estate related activities, such as a real estate agency or development company, does not by itself satisfy the initial investment criterion for registration under this route.

The company also needs genuine business premises

The application requires evidence of business premises, through title, purchase agreement or a rental agreement of at least 12 months. The business premises must be separate from a shareholder's residence.

What does the employee need for residence and employment?

For highly paid employment under the foreign interest company policy, the Migration Department currently requires a minimum gross monthly salary of 2,500 euros, relevant academic qualifications or at least two years of relevant experience, and an employment contract of at least two years.

How long does the process take?

The Business Support Center states that registration of an eligible company should be completed within ten business days from a duly completed application. The Migration Department states that a complete residence and employment permit application is examined within approximately one month. The permit may be issued for one to three years, depending on the employment contract.

What about family members?

Spouses and minor children may benefit from family reunification subject to the immigration rules. Spouses under the foreign interest company family route can have access to paid employment where the relevant conditions are met.

The practical solution

Treat this as an operating business route. First establish whether the company genuinely meets the foreign interest criteria, investment requirement and premises requirement. Then structure the employee position, salary, qualifications and employment contract for the Migration application.

Considering the Cyprus company route to residence?

Cyprus Law Chambers can coordinate company registration, foreign interest company eligibility, business premises, corporate documents and the residence and employment application.

General information only. Immigration eligibility depends on the current policy and the facts of the company and employee.