Working - Employment & Business in Cyprus

Working and Employment in Cyprus
Prior to Cyprus entry into the EEC in April 2004, opportunities for working in Cyprus were limited and strictly controlled under “Pink Slip” - "Alien" Immigration and Work Permit procedures, requiring lodgement of formal applications, supported by full C.V’s listing Qualifications and evidence that this work was not in ‘competition’ with or ‘to the detriment of’ local Cyprus Companies or Cypriot workers

As a full EEC Member such restrictions no longer apply – to EEC Citizens - under EEC Law which provides for Free & Unrestricted Movement of Labour within EEC Member States and equal opportunity for Employment

Work Permits still have to be applied for by an Employer for the Registration with the Immigration Authorities, Social Services and Inland Revenue

It is also now permitted to register to work on a "self-employed" basis

 

Establishing a Business – Local Companies

Again, prior to Full EEC Membership, major restrictions applied regarding the establishment and our ownership a Company in Cyprus.

 

It was permitted under application and laid down criteria; to establish an "Offshore Company" - 100% owned - in Cyprus – provided all that Companies Operations and Income were derived ‘outside’ Cyprus in Foreing Exchange.

 

Full ownership of a Cyprus based and operating Company, especially in the "Tourist or
Food / Restaurant" sectors was not permitted

Any such Local Companies had to have a minimum 51% Cypriot ownership & control

Further such Companies could not be registered or established if shown to be in direct competition with existing “local” 100% owned companies, especially in the “Tourist” related Industries, including Restaurants and Bars

 

This situation has also changed since April 2004 Full EEC Membership – as the EEC Charter prohibits any such restrictions

Applications to establish and register an “owned/controlled" local Company still have to be lodged, with supporting C.V and Bank Statement of liquidity and financial ability, but for EEC Citizens, cannot now be refused on the grounds of not being 51% local Cypriot owned/controlled.