Foreign Interest Company (FIC) in Cyprus: how to set up and relocate your team

What is a Foreign Interest Company (FIC)

A Foreign Interest Company (FIC) is not a separate legal form. It is a status that an ordinary Cyprus company (usually a Ltd) obtains from the government's Business Facilitation Unit (BFU). Setting up the Ltd itself is covered in detail in our guide to company registration in Cyprus — FIC status sits on top of it and unlocks what people actually get it for: fast-tracked hiring of third-country nationals and residence permits for the founder and the team.

In short: if you only need a Cyprus company as an EU entity with a bank account and a 15% tax rate, FIC status is not required. But if you or your staff (non-EU nationals) plan to live and work in Cyprus, it is almost impossible to do so legally without it.

Who FIC is for — three scenarios

The status makes sense in three situations:

• The founder relocates to Cyprus. You set up a company and want residence for yourself and your family through your own business, rather than through buying property.
• Relocating a team. You have staff who are non-EU nationals (from Russia, Ukraine, Armenia, CIS countries) whom you need to hire and move to Cyprus legally.
• An IT/tech company. You are building a product or service company and plan to hire foreign specialists — for them the status provides a streamlined work-permit process.

If you do not fall into any of these categories, an ordinary Ltd may be enough. For help deciding, see our article «Shelf company or registering from scratch».

FIC requirements in 2026

For a Cyprus company to receive FIC status through the BFU, it must meet all of the conditions below at the same time. This is the most important part — these are the points people most often trip up on.

How FIC connects to residence and work permits

The main value of the status is immigration-related. A Foreign Interest Company grants the right to arrange:

• Work permits and residence for key personnel — third-country nationals in director, middle-management and specialist roles.
• Residence for the founder working in their own company.
• Residence for family members — spouse and children under 18 — through family reunification.

Permits are issued through the Civil Registry and Migration Department. An important advantage: for key personnel of Foreign Interest Companies there is no labour market test, and such permits are often decided within 4–6 weeks. The full immigration stage with family typically takes 2–4 months after the company is registered and a complete package is filed. For an overview of all routes, see our guide to residence and permanent residency in Cyprus.

Requirements for a third-country employee

To obtain a work permit and residence for an employee, beyond the company's status, conditions relating to the employee themselves must be met:

1. Salary — gross of at least €2,500 per month.
2. Qualifications — a relevant university degree or at least 2 years of professional experience matching the role.
3. Employment contract with the Cyprus company — in practice a minimum of 2 years; the work permit for key personnel is issued for up to 3 years and is renewable.

The package will also require:

• a criminal record certificate from the country of origin (or, if the applicant lives elsewhere, from the country of residence);
• a Cyprus rental agreement or proof of property ownership;
• medical insurance (GESY, plus private cover where required).

Family members

An employee at a FIC-status company can relocate to Cyprus together with their family: the spouse and children receive residence based on the main employee's permit. Spouses of highly skilled professionals gain access to the Cyprus labour market and can work without a separate work permit.

Permanent residency and fast-track citizenship

Working at a Foreign Interest Company also leads to long-term statuses:

• after 5 years of continuous legal residence — EU long-term resident status (permanent residency);
• fast-track naturalisation under the law of 30 November 2023 for highly skilled employees: after 4 years of residence with Greek at level B1, or after 5 years at level A2. The target processing time is around 8 months, and family members can apply at the same time.

Cypriot citizenship opens up full EU citizen rights — the freedom to live and work in any EU country. For all routes and requirements in detail, see our guide to Cyprus citizenship.

How to set up a FIC in Cyprus: step by step

1. Register the company (Ltd). Name check and reservation, articles of association, appointment of a director, secretary and registered address. The entity itself — 7–10 business days.
2. Open a corporate account and transfer the investment of €200,000 from abroad.
3. Rent an office and confirm a real presence in Cyprus.
4. Register with the BFU and obtain Foreign Interest Company status.
5. File for work permits and residence for the founder, key personnel and families.
6. Register for tax and accounting — TIC, VAT and ongoing support (see accounting and audit in Cyprus).

Timelines

Final timelines depend on the company structure, the number of employees to relocate and the volume of immigration applications — we assess your scenario individually. The investment amount (€200,000) and the salary threshold (€2,500/month) are set by the state and are not negotiable.

5 mistakes that break FIC status

FIC or an ordinary Ltd — which to choose

A quick guide:

• You only need a European holding, account or trading vehicle — with no people relocating. An ordinary Ltd is enough; FIC status is not needed.
• You need residence permits and to hire third-country nationals. FIC status is essential — it is the only tool that works.

We handle the whole journey — from registering the Ltd to FIC status and residence for the founder and team — and in practice we see the same mistake again and again: people try to obtain the status on an «empty» shell without a real office or an investment from abroad, and then lose time to refusals.

Frequently asked questions