27 Aug A Quick Guide to Working in Cyprus
If you’re planning to move to Cyprus and invest in your permanent residence on the island, you must be considered about the work permit, job market and economic situations. All those who are non-EU citizens and have acquired properties or a house in Cyprus, need to first make sure that they are applying for a work permit.
Many expats relocate to Cyprus because their firms or employers send them to the island, while many others make the decision themselves, choosing to operate businesses and real estate ventures in Cyprus. In this article, we will walk you through a brief guide about obtaining work permits, managing foreign income and operating businesses in Cyprus.
Receiving a Foreign Income
It is absolutely possible for you to live in Cyprus and receive a foreign income from an abroad-based job. The legal rules of Cyprus provide opportunities with a favorable policy on income taxation for individuals, business entities and legal bodies.
In most of the cases, the taxation terms for foreign income amount up to practically nothing, and therefore, it is possible for you to live in Cyprus and work abroad remotely without needing a work permit from Cyprus.
Running a Business in Cyprus
You can absolutely run a business in Cyprus, but it has certain requirements. In order to own a company based in Cyprus, or even become a co-owner, you can become a non-executive director of member of the Board of directors of a Cypriot firm. In such an instance, you will receive your income in terms of dividends as opposed to a traditional salary.
This will not rob of you off the right to manage the business or make key decisions, but in fact, you can delegate majority of the work to Cypriot citizens, and employees from other countries who have obtained the relevant permits by the Republic of Cyprus to live and work.
In order to find employment in a Cyprus-based firm, you need to find a company or employer who will be willing to petition the Cypriot government, and submit the required documents that will prove you to be a unique and skillfully valuable addition to Cyprus’ working population.
Once this application is reviewed, you will obtain a long-term employment permit. In the instance you decide to venture out on your own and looking for potential employers, be sure to review the employment market of Cyprus, send out your resumes to all the companies and make sure that you can negotiate with your employer before entering Cyprus.
Like most other countries, the Cypriot law is protective of its working citizens and job seekers, and any foreigner who is applying for a job in Cyprus, and competing with the Cypriot workers, will have to go through certain regulations.
First and foremost, the foreigner must have a credible and sought-after specialty in his/her field, followed by a significant work experience, or employment at a renowned foreign multinational company operating on the island. In the case of a multi-national employment, the firm will be responsible for applying for the work permits of their employees.