OBTAINING A PERMIT
The Central Bank is responsible for issuing permits to non-residents wishing to acquire equity in legal entities registered in Cyprus.
Permits concerning international business and shipping companies are normally issued within a few days, depending on the availability of the requisite information or assurances.
REGISTERING AN INTERNATIONAL BUSINESS COMPANY
Non-residents wishing to acquire any share or participation in a Cypriot legal entity should apply through a lawyer or accountant practising in Cyprus. The lawyer/accountant will submit to the Central Bank an application containing the requisite information, ie share capital, economic activities etc.
RESIDENCE/EMPLOYMENT PERMITS
Applications by foreigners wishing to live or work in Cyprus are handled by the Ministry of Interior and the Ministry of Labour. In the case of international business companies, arrangements have been made whereby the Ministry of Interior may issue and renew the temporary residence-employment permits of their expatriate executives upon the recommendation of the Central Bank, while it retains ultimate authority over all such permits.
Details on the Issue and Renewal of Temporary Residence and Employment (TRE) Permits.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances from a local lawyer or accountant.
