• Operate from their self-contained office:

• Prove, on the basis of their annual financial statements, that they are continuously operating and they are financially sound and credit worthy.

2.1. Eligible BCs may employ third country nationals in executive positions on the island. The maximum number of such executives is three (3), unless the Director of the Civil Registry and Migration Department is persuaded that a greater number is justified.

2.2. A third country national who wishes to be employed in an executive position on the island, must:

• be at least 24 years old
• have suitable qualifications
• receive appropriate remuneration

Applications by EU Nationals must be completed on forms MEU accompanied by the relevant documents and a fee of CYP5,00. Application forms are available at the Civil Registry and Migration Department of the Ministry of Interior and at the District Aliens and Immigration Branches of the Police. They are also available at the web site of the Ministry of Interior: moi.gov.cy. Applications by executive staff are made to the Civil Registry and Migration Department and by non-executive staff to the District Aliens and Immigration Branches of the Police.

2.3. The minimum acceptable annual salary for newly appointed executives is CYP24.000. This amount may be adjusted annually by the authorities according to fluctuations in the salaries index.

2.4. The term “executive” includes third country nationals registered as
(i) Directors or _{with the Registrar of Companies or}
(ii) Partners
(iii) General managers of subsidiaries and branches of publicly quoted overseas companies and
(iv) Department Managers of BCs operating from Cyprus for at least 2 years.

The term “non-executive”, refers to third country nationals who do not fall under the aforementioned 4 categories and who may be employed in managerial, professional, administrative, technical or clerical positions on the island.

2.5. BCs are expected to recruit non-executive staff from within the island. They may employ third country nationals in non-executive positions if comparable Cypriot personnel or EU Nationals are not available. BCs are advised not to commit themselves to employing a third country national via a non-executive position in Cyprus before first securing his Temporary Residence Permit from the Civil Registry and Migration Department.


3. ADMINISTRATIVE PROCEDURES

3.1. General

3.1.1. The Director of Civil Registry and Migration Department, is the authority responsible for the first issue and subsequent renewals of Temporary Residence Permits granted to all non-Cypriots employed by BCs in Cyprus. The Director of Civil Registry and Migration Department acts in consultation with other competent authorities such as:

• The Registrar of Companies
• The Labour Department of the Ministry of Labour and Social Insurance
• The Cyprus Police

3.2. First Permits

3.2.1. Executive staff

The application for an executive’s First Temporary Residence Permit is made to the Civil Registry and Migration Department. The Civil Registry and Migration Department issues to the applicant executive his first Temporary Residence Permit within one month, unless his case warrants for further consideration. The application form must be accompanied by the following original documents:

3.2.1.1. In respect of the company

• Certificate of Registration
• Memorandum and Articles of Association by the Registrar of
• Certificate of Directors and Shareholders* Companies
• Certificate of Registered Office
• Profile describing the nature of the company’s business and details of its office operations and staff requirements in Cyprus
• List showing the names of the Directors and Shareholders with their passport number, nationality and addresses abroad
• In case of new BCs, lease agreement for its office in Cyprus (if not available, it should be presented to the Civil Registry and Migration Department within 2 months)

• ·Contract of employment, stating annual salary and service duration by the duly stamped Commissioner for Stamp Duty.

• Proof that both the applicant and members of his / her family have adequate funds so that then may not become a burden on the social Welfare System of the Republic during the validity of their permit for at least one year and until the company will operate fully. Such proof could be the equivalent amount to a year’s salary deposited in a local bank and presentation of monthly statements of this account.

• Forms M61 (application for Temporary Residence Permit) and M64 (application for employment permit) fully completed and duly signed.

• Copy of applicant’s C.V.
• Copy of passport’s data pages
• Certificate of criminal record
• Bank Guarantee from the employer
• Medical certificate
• Medical insurance certificate
• Fee: CYP20,00

• Certificate of Registration
• Memorandum and Articles of Association by the Registrar of
• Certificate of Directors and Shareholders Companies
• Certificate of Registered Office
• Profile describing the nature of the company’s business and details of its office operations and staff requirements in Cyprus
• List showing the names of the Directors and Shareholders with their passport number, nationality and addresses abroad
• In case of new BCs, lease agreement for its office in Cyprus (if not available, it should be presented to the Civil Registry and Migration Department within 2 months)

• Contract of employment, stating annual salary and service duration stamped by the District Labour Office
• Forms M61 (application for Temporary Residence Permit) and M64 (application for employment permit) fully completed and duly signed
• Copy of applicant’s C.V.
• Copy of passport’s data pages
• Certificate of criminal record
• Bank Guarantee from the employer
• Medical certificate
• Medical insurance certificate
• Fees CYP20,00