Pink Slip in Cyprus is valid for 1 year and can be renewed on an annual basis. Under this permit, a person is allowed to live in Cyprus as a visitor (without the right to work).
Also, his family members, spouse, and children (under 18 years old), can get the pink slip as dependents. The whole family applies at the same time; each family member files a separate application form and gets his temporary residence card.
Applications for the issue of Entry and Temporary Residence and Employment Permits must be submitted by the Cypriot employer through the District Office of the Aliens and Immigration Unit of the Police or at the Central Offices of the Civil Registry and Migration Department.
The applications should be submitted along with the contract of employment certified by the Department of Labor of the Ministry of Employment and Social Insurance, which is the competent Department for securing that there are no Cypriots or citizens of Member States of the European Union, available or adequately qualified for the specific job or post prior to recommending the employment of third country nationals.
The applicant must proceed to register with the District Office of the Aliens and Immigration Unit of the Police.
The maximum duration of employment in most cases is four years (exemptions may apply).
The Companies who meet the criteria to be classified as foreign interest companies are also eligible to employ third country nationals in Cyprus. They must meet the following criteria:
New companies should prove that they have direct foreign capital investment amounting to at least EUR 171,000 brought legally to Cyprus from abroad.
Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalisation, currently after seven years of staying in Cyprus within 10 calendar years.
The Applicant has made a purchase or has participated in companies or organisations established and operating in Cyprus with investment costs of at least €2m.
The invested funds must be channelled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.Such companies or organisations must have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states.
The minimum number of employees will be increased if more than one applicant invests simultaneously (or almost Simultaneously) in the same business or company.
The Applicant has bought units with a value of at least €2m, from AIFs established in Cyprus and which are licensed and supervised by CySec.
These investments must be made in Cyprus exclusively.
These investments must meet the criteria of the Scheme or in areas approved by the Minister of Finance.
The Applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2m.
Within this option (combination of investments) the Applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period.
The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic.
Investments in government bonds through the secondary market are not considered eligible.
Please feel free to contact us for more information and/or a personalized consultation