articles | 27 November 2020 | ServPRO Accountants & Consultants

Cyprus Attracts Foreign Pharmaceutical & Tech Companies

On 7 October 2020 the Council of Ministers of the Republic of Cyprus revised the framework relating to the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic of Cyprus, as well as companies that have joined the Fast-Track Business Activation Mechanism.

Amongst other requirements, the framework requires the major shareholder of the company to be a third country national and the company to maintain offices and staff in the Republic of Cyprus. The UBO must initially invest at least €200,000 for the purposes of operating the company. In addition, the company can maintain up to 5 Senior Directors and 10 Middle Managers, Senior Executives and other key personnel, with a minimum monthly salary for new hires being €4,000 and €2,000 respectively. According to its annual turnover, the company will further be able to employ a number of foreign employees with a minimum monthly salary of €2,000.

The company is entitled to employ third country nationals in the following professions and skills with a minimum monthly salary of €2,000: Software and System Engineers, Application and Data Architects, Information and Communication Technology and Enterprise Solution Architects, Technical Assurance Professionals, Telecom and Space Engineers, Data Scientists, Machine Learning Engineers, Web Developers and Designers, UX User Experience Professionals, Quantitative Analysts, Quality Assurance Analysts, Mobile Application Developers, Augmented Reality/ Virtual Reality Programmers, Digital Marketing Specialists, Video Production Multimedia Specialists for Mobile Apps and Software, Analysts for Mobile Apps and Software, Designers of Prototype for Mobile Devices, DevOps Engineers, Cyber Security Specialists, Artificial Intelligence, Robotics and Big Data Specialists, Pharmaceutical Formulation Technologists, Pharmaceutical Engineer Validation Specialists, Pharmaceutical Patents Specialists, Pharmaceutical Regulatory and Quality Assurance Professionals, Marine Engineers, and Naval Architects.

The framework is part of the Government’s target to strengthen the incentives offered to companies wishing to establish and transfer their Headquarters in the Republic of Cyprus.







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