The Business Facilitation Unit (BFU) mechanism also introduces new criteria regarding the employees of foreign interest companies. As of January 2022, there will be no categorization of the personnel of the company. Employees of foreign interest companies are now titled “high skilled employees” and they can apply for residence permit for up to 3 years given that:
- They will be paid a minimum gross monthly salary of at least €2,500.
- They hold a university diploma or degree or equivalent qualification or confirmation of relevant experience in a corresponding job of at least 2 years duration.
- They have an employment contract of not less than two years duration.
During the period of 5 years, from the date of joining the BFU, the maximum number of third country nationals that can be employed in a foreign interest company is set at 70% of all employees. When the said period comes to an end, in cases where it is impractical to employ 30% of Cypriot workers the matter will be examined on a case-by-case basis.
In addition to the above, the current legislation for family reunification is still in force and will apply to any third country national who has obtained a residence permit in accordance with the above criteria. This will provide immediate and free access to the labour market, with remunerated employment for the spouse of a high skilled third country national.
Moreover, the company can also employ third country nationals as support staff (with a gross monthly salary of less than €2500), given that the percentage of this staff will not exceed 30% of the total support staff. An employment contract between the third country national and the employer duly validated by the competent authority, will also have to be in place.