As reported before, as part of the Action Plan for attracting companies to establish or expand presence in Cyprus, a revised policy for the issuance of temporary residence and work permits to third country nationals was developed.
On 30 November 2022, the Council of Ministers approved the Amendment of the Policy for the Registration of Companies in the Register of Foreign Interest Companies. The decision entered into force on 12 December 2022.
The amendment concerns the eligibility criteria for companies aiming to be registered as foreign interest companies and specifically includes, as a criterion, the company’s obligation to prove an initial investment in the Republic of Cyprus of at least €200,000, which should be proven by presenting the appropriate certificates. The relevant amount should be legally transferred to Cyprus by the company’s Ultimate Beneficial Owner/s.