What is the situation like with work in Cyprus? This question is asked by everyone who has or is planning to purchase real estate here. As well as for those, who have acquired a house or another type of property, but is not a citizen of the EU, and for those who have already become residents of the Republic of Cyprus the question is relevant and is asked at one stage or the other during the acquaintance with the island. What are the features of running your own business in Cyprus and is it possible to work as an employee? Let’s look at various options.
- Employment outside of Cyprus
It is possible to live on Cyprus, while receiving an income abroad. Local legislation offers unique opportunities and quite a fair policy in terms of income taxation (or dividends) for physical persons and legal entities. In the majority of cases, taxes can be equal to practically zero. Therefore, it is possible to be officially employed in another country, without requiring an employment permit in Cyprus, since you will be employed abroad.
- Running a business in Cyprus
It is possible to run a business in Cyprus. What are the requirements? To become an owner or a co-owner of a Cypriot company. Alternatively, you can become a non-executive director or member of the Board of Directors of a Cypriot company. Your income in such a case, will be in a form of dividends, without a traditional salary.
In fact, you can manage the business and make the decisions, but the majority of work will be performed by Cypriot employees, or citizens of other countries, whose status allows them to be legally employed in the Republic of Cyprus. In such a case, you do not require a work permit in Cyprus.
In order to be employed in one of Cypriot companies, you need to find an employer who will be interested in petitioning in the authorities, the company needs to provide necessary documentation, characterizing you as a valuable and unique employee. Upon a positive review of the application, you will receive a long-term employment permit. If you decide to look for work on your own, it is important to study the employment market of Cyprus in detail, provide potential employers with your resume and conduct negotiations with a possible employer remotely, while being outside of Cyprus.
- Work visa
As in an Other Country, the law protects the working population. This means that any foreigner who applying for a job in Cyprus must have a highly sought-after specialty, a considerable work experience, or must be an employee of a foreign company operating in Cyprus, that will apply for a work permit for this employee.