Sovereign Cyprus - Foreign Interest Company (FIC)

Generally, companies in the Republic of Cyprus are required to prioritise the employment of Cypriots and EU nationals before considering third-country nationals. However, Cyprus offers an exception to companies of foreign interest, allowing them to employ third-country nationals subject to specific requirements. This framework is particularly advantageous for third-country nationals who wish to incorporate their own company in Cyprus.

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Cyprus Foreign Interest Company (FIC)

To qualify as a Cyprus FIC, the firm is required to:

· Be registered with the Cyprus Registrar of Companies and Intellectual Property.

· Have economic substance in Cyprus.

· Have a majority of shareholders who are third country nationals.

The ultimate beneficial owner/s (UBO) must deposit at least €200,000 in the company’s Cyprus bank account or, into the operation of its business. If the company has more than one UBO, the €200,000 can be deposited or invested by a single UBO or collectively.

In addition to the standard benefits available to Cyprus companies, the key benefit of an FIC is the ability to obtain residency, and work permits for its non-EU citizen Directors, Middle Management, Key Personnel and Specialists, as well as their families.