The Business Support Center (BSC) of the Ministry of Energy, Commerce and Industry announced on 5 November 2026 the revision of the framework governing the registration of companies with foreign interests.
The new framework aims to facilitate entities with substantive presence and contribution to the Cyprus economy, with particular emphasis on companies operating in high value-added sectors of the economy, irrespective of their ownership structure, to obtain work permits for highly skilled non-EU national employees in a fast and efficient manner.
The revised framework broadens its focus beyond the ownership structure of eligible companies, placing greater emphasis on genuine business operations in strategic and high-growth sectors of the Cyprus economy.
More specifically, under the revised framework, companies with Cypriot shareholders can now register with the BSC Registry and benefit from the advantages available under this regime, provided that they operate in one of the following eligible business sectors, as specified in the revised framework:
- Research, innovation, experimental development and commercial exploitation of technology;
- Technology, Information and Communications Technology (ICT): development of software, digital applications, platforms or other technological solutions, including FinTech, digital gaming, cybersecurity and artificial intelligence solutions;
- Green development and renewable energy sources;
- Shipping: shipping, port and related services;
- Healthcare and life sciences, pharmaceuticals and biotechnology, including pharmaceutical research;
- Education, training and knowledge-based services;
- Export-oriented manufacturing;
- Air transport, aeronautics, aerospace and related services;
- Financial services, investment funds and internationally oriented professional services.
In this context, the revised framework provides clarity and guidance on the following additional matters:
- Required supporting documents for registration with the BSC Registry;
- Application procedure and processing time.
The revised framework will apply to registration applications submitted from 1 December 2026.
As part of the revised framework, emphasis is also placed on the compliance controls and monitoring mechanisms introduced to ensure the continued compliance and accountability of registered companies.
In this context, the revised framework provides clarity and guidance on the following matters:
- Reporting obligations in the event of changes to the company’s details and/or business activities;
- Requirements for maintaining registration with the BSC Registry;
- Permissible employment ratio between EU and non-EU employees and the applicable enforcement timeline (from 2029);
- Annual employment reporting obligation (from 2027);
- Grounds for removal of a company from the BSC Registry.
You can access the revised framework issued by the BSC here.
