Factsheet for measure
CY-2024-5/3861
– measures in Cyprus
Employment of high qualified third country nationals by companies of foreign interests
Εργοδότηση εξιδεικευμένου προσωπικού τρίτων χωρών σε εταιρείες ξένων συμφερόντων
Background information
The measure is part of the broader strategy of the government for the registration of companies in the Registry of Foreign Interest Companies, which was first introduced in 2021 and then renewed in 2024 with the decision of the Council of Ministers. The aim of the strategy is to attract both international investments and talent in the country whilst the particular measure aims to support these companies to staff their companies with high qualified personnel from third countries.
Content of measure
The companies eligible to make use of the measure are:
(1) companies of foreign interests operating in the Republic and operating independent offices in Cyprus, which must be located in suitable premises and separated from private residence,
(2) Cypriot shipping companies,
(3) Cypriot high-tech/innovation companies and
(4) Cypriot pharmaceutical companies or companies active in the fields of biogenetics and biotechnology.
The set criteria for the employment of high qualified TCNs by these companies are:
- the employee needs to be paid a minimum gross monthly salary of €2500
- the employee must hold a university degree or diploma of equivalent qualification or certificates of relevant experience in a relevant job for 2 years
- the employee must present a contract of employment of at least 2 years duration.
The maximum number of TCNs who can be employed by a company of foreign interests is set to 70% of the total number of workers over a period of five years.
Use of measure
Currently, there are not information on the use of the measure.
Target groups
Actors and funding
|
Actors
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Funding
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National government
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No special funding required
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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|
Role
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No involvement
|
No involvement
|
|
Form
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Not applicable
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Not applicable
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Social partners' role in the
implementation, monitoring and assessment phase:
-
No involvement
-
Main level of involvement: N/A
Involvement
The measure was a decision of the Council of Ministers which is found within the broader strategy of the government to attract foreign investments and talent in the country. Social partners were not involved in the design phase and are not involved in the implementation and/or monitoring of the measure.
Views and reactions
Social partners’ views or reactions to the particular measure were not identified.
Overall, however, employers’ organisations and trade unions are in favour of measures facilitating both foreign investments and the employment of high-qualified staff covering the needs of the labour market.
Sources
