The Cypriot Ministry of Finance has submitted two bills to the Parliament, which are aimed at attracting highly qualified professionals from third countries to the island.
In particular, the first one concerns the implementation of the Blue Card EU in the island state, and the second one concerns the reduction of the minimum wage threshold, which local companies are obliged to pay to foreign workers to be able to employ them.
The implementation of these innovations is expected to have a positive impact on the Cypriot economy by attracting new companies and investments to the island. Barring any force majeure events, the new rules will come into effect in the second quarter of 2024.
We are confident that the Blue Card EU program will help to attract to Cyprus large companies specializing in IT and communication technologies, as well as to increase the turnover of already registered foreign organizations. In turn, this will contribute to the increase of public revenues and the development of the economy through the creation of new jobs," the ministry said.
The Cypriot Finance Ministry stressed that the bills put for consideration are based on the "Directive (EU) 2021/1883 of the European Parliament and of the Council from October 20, 2021", which regulates the entry and residence of highly qualified professionals from third countries.
It should be noted that the changes are in line with the Cyprus government's policy of attracting talent from third countries and with the strategy of encouraging legal and reducing illegal migration.
The Blue Card is a residence permit, that gives the right to work in Europe. It can be obtained only by specialists with a profession in demand in the EU and proof of high qualifications. The residence permit is issued for the term of the employment contract from 1 to 4 years with the possibility of extension.
The main advantages of Blue Card:
- Legal employment in a profession in demand. At the same time, the salary for employees from the EU and other countries in the same position should be the same.
- Possibility to move at once with the whole family. After a specialist receives a blue card, his family (wife/husband and children up to 18 years old) is issued a residence permit, which allows them to immediately reunite and live together.
- Simplified process for obtaining a residence permit and citizenship. Provided you know the language and pay into the pension fund, you can apply for a residence permit faster - in 33 months, and after 5 years you can get citizenship.
- Social and economic protection. The card holder receives health insurance and is entitled to unemployment benefits and paid vacation. Children can study for free, and a wife or husband can enroll in a university.
Visa-free travel. This means that one can travel all over the European Union as a tourist and not worry about a visa.
The new employment rules, which were developed by the Ministry of Finance of Cyprus, also set the salary threshold for Blue Card applicants at a ratio of 1 to 1.6 to the median pre-tax salary.
