Normally IBCs may employ up to three non EU Nationals in executive positions. The company is expected to recruit non-executive staff within the island unless comparable Cypriot personnel are not available.
The non EU Nationals who wish to be employed in an executive position in Cyprus must be at least 24 years old and have suitable qualifications. The minimum acceptable annual salary is € 42.000.
The following is required to obtain a work permit.
In respect of the company
Newly established companies in Cyprus need to have an issued and paid share capital of € 42.000. Established companies need to submit audited financial statements of the previous year, movement of the company’s accounts that prove the normal functioning of the company by the Registrar of Companies in Cyprus and the tax clearance issued by the Inland Revenue Department.