Velment

“The true value of a sound investment is immeasurable.”

– Velment Team

Program Overview: Cyprus work permit for qualified employees of companies registered under the BFU

  • Designed for third-country nationals and non-EU/EEA citizens working for companies registered under the Business Facilitation Unit (BFU).
  • The program simplifies the process for obtaining work permits for qualified employees.
  • Eligible companies must meet specific criteria, such as foreign shareholder participation or involvement in sectors like high-tech, pharmaceuticals, and shipping.
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Invest

No personal investment is required from employees to obtain a work permit under the BFU, but the company must meet specific financial criteria.

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Ease of Travel

The work permit under the Business Facilitation Unit allows for unrestricted entry and stay in Cyprus for permit holders.

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Processing Time

Work permits under the Business Facilitation Unit are typically issued within approximately one month.

Key Benefits: Cyprus work permit for qualified employees of companies registered under the BFU

  • The labour market test, which determines if vacancies can be filled by local residents, is not required for BFU applications.
  • Work permits are issued within approximately one month.
  • Work permits are valid for up to three years and may be renewed.
  • Potential tax and citizenship benefits, which are reviewed periodically.
  • Unrestricted entry and stay in Cyprus for permit holders.
  • Spouses and children under 18 also receive permits.
  • Access to the general healthcare system in Cyprus.

Cyprus work permit for qualified employees of companies registered under the BFU - Criteria

  • Company Ownership: The company must meet one of the following:
    • Third-country shareholders are the main shareholders, OR foreign participation is at least €200,000.
    • A minimum of €200,000 must be transferred from overseas to a Cyprus bank account in the company’s name.
    • The company is listed on a recognized stock exchange.
    • The company is a former offshore company approved by the Central Bank of Cyprus.
    • The company operates in specific sectors such as shipping, high-tech innovation, pharmaceuticals, biogenetics, or biotechnology.
  • Business Premises: The company must own or rent business premises in Cyprus.
  • Employment Composition: At least 30% of the company’s employees must be Cypriot or EU citizens who have been employed for over five years. This condition will be reviewed at the end of the five-year period.

Other Conditions

  • The company must own or rent business premises in Cyprus.
  • At least 30% of the company’s employees must be Cypriot or EU citizens who have been employed for over five years. This condition will be reviewed after the five-year period.

Step-by-Step Application Procedure

Qualifying Investment

A minimum investment of €200,000 must be transferred from overseas to a Cyprus bank account in the company’s name to qualify for the work permit.

Apply for work permit for qualified employees of companies

To apply for a work permit under the BFU, the company must meet the required criteria, and the application can be submitted to the relevant authorities in Cyprus.

Visit Cyprus

There is no specific requirement to visit Cyprus mentioned in the process for obtaining a work permit under the BFU.

About Cyprus

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Geography

The Republic of Cyprus is an island nation located at the crossroads of 3 continents: Europe, Asia and Africa. Its territory comprises the entirety of the Mediterranean’s third-largest island and some smaller islets, with a total area of 9,251 km².

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Population and Language

Cyprus has a population of 875,889. Although English is widely spoken by 90% of the population, the official languages are Greek and Turkish.

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Tourism

Cyprus is a very popular tourist destination with around 4 million tourists visiting annually – over 4 times its resident population.

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Education

Primary and secondary education is compulsory for Cypriot pupils until they reach the age of 15. However, almost all Cypriots proceed with higher education either in one of numerous university campuses on the island, or the United Kingdom, with a sizeable university student diaspora who return to the island after their studies.

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Health Care

The island has recently launched its own General Health System, a full-coverage, universal healthcare insurance programme that strives to provide all residents with affordable medical care.

Cyprus Factsheet

  • Continent: Europe
  • Population: 875,899
  • Government: Unitary presidential constitutional republic
  • Capital: Nicosia
  • Languages: Greek, Turkish
  • Currency: Euro (€)
  • Total area: 9,251 km²
  • Time zone: Eastern European (UTC+02:00)

Eligible Properties in Cyprus

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Napa Gem A 201 in Ayia Napa

Famagusta, Cyprus
€1050000
Property Type Bedroom Area m2 Price
Apartment 3 159.30 €1050000
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City Napa Residences Villa 1 in Ayia Napa

Famagusta, Cyprus
€1250000
Property Type Bedroom Area m2 Price
Villa 4 205 €1250000 + VAT
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FAQ

Can you obtain Cypriot citizenship through the Cyprus Residency Programme?

Yes, if an applicant successfully receives Permanent Residency status through the Cyprus Residency Programme, they can also become eligible for Cypriot citizenship following 7 years of continued permanent residency on the island.

How quickly can I obtain Cypriot Residency?

The application processing period for Cypriot Permanent Residency status takes between 1-2 months.

How safe is living in Cyprus?

Cyprus is one of the safest countries to live in the world, boasting the lowest crime rate in the European Union. Violent crimes are extremely rare, and locals would often leave their front doors unlocked if leaving their homes for a short while up until very recently.