Cyprus Offshore Companies
Cyprus Registered companies that have foreign shareholders [corporate or individuals (third country nationals only)] and wish to trade in Cyprus and employ third country nationals are required to register their companies in immigration, in the department of offshore companies (BCS).
Applicant – who should apply?
- Foreign companies that wish to open a branch in Cyprus and proceed in actively trade in the country
- Companies from the following industry sectors: marine services, financial services, stock market trading (approval from the CYSEC is needed for these companies to operate in CY), trading companies
- Business men who are holders of Category E and F long term residency permits. For the holders of these 2 types of long term residency permits, approval from the Ministry of Interior is needed in order to register their companies in BCS department
- A holder of Category F permit has the right to be a shareholder in a Cyprus registered company but not be employed or take part in the daily running of the company.
Duration of permit
A company is allowed to be registered in the BCS Department as long as it is employing third country nationals and the shareholders of the company are foreign. Provided these criteria are maintained, the company has the right to be registered in BCS Department for as long as these criteria are met. Please note that the registered company will need to renew its registration at the department on an annual basis.
The company employees that apply for a permit together with the registration of the company at BCS Department are given a work permit for 1 year only. When their permit expires and they will continue to be employed with the company, the duration of their permit will be based on the duration of their employment – for example if their contract is for 2 years, then the work permit will be valid for 2 years.
How long does it get to get a permit?
Provided that the Authorities have accepted the application, a decision is given by the Immigration Authorities within 2 weeks. Employment permit is given in 2 weeks from the date of submission of the application.
How long can a holder of employment permit be out of CY?
Not more than 3 months in a row.
Immigration Permit types:
- Registration of an EU citizen and his/hers family members that are also EU citizens – View
- Residence card of a non – EU citizen who is married with an EU citizen – View
- Temporary Residence permit (pink slips) – View
- Permits for the spouse/relatives of CY citizens (pink slips) – View
- Employment Permits (non – EU nationals) – View
- Registration of Cyprus companies with foreign affairs – View
- Long Term Residence Permits (Category E) – View
- Long Term Residence Permits (Category F) – View
- Citizenships – by naturalization or by exception – View