Work visa in Cyprus (Executive Director’s Visa/Key Personnel Visa)
One of the ways in which it is possible to reside and do business in Cyprus is by obtaining a work visa, and in particular, a visa of the executive director. This category is suitable for businessmen whose companies are registered in Cyprus and who also have a registered physical office.
The main criteria are:
- The monthly salary of the newly recruited executive director must be at least 4,000 euros;
- The amount of foreign investment in the company should be 172 000-860 000 euros.
To obtain a visa the employee of the company must provide the company’s registration documents, financial reports, tax clearance and the director’s personal documents, such as police clearance. The Director will also need a personal account in a local Cypriot bank, to receive a salary and register with the Cyprus tax authority.
The spouse of the director and their children will also be able to live in Cyprus. The procedure for this is as follows: after receiving the director’s visa, a separate request has to be submitted to the Migration Service, without a work permit, of his/her family members, which is considered as a separate application.
All third-country nationals engaged in other technical, managerial, professional, clerical and other posts in Cyprus that are not in the previous category are classified as support staff. It is expected that the company will use Cypriots or Europeans for this category. The procedure for registering support staff employees follows the general provisions of the labour procedures of employees of companies in Cyprus.
For more detailed information on obtaining a visa for the Executive Director or any other type of work visa, please contact our specialists.