No bank guarantee is required to be submitted on behalf of the employer for the purposes of applying for a Cyprus work permit.
Employers applying for an Employment Permit for non E.U. Nationals (Work permit) in Cyprus should be aware of the latest amendments introduced by the Cyprus Migration Department regarding third-country employees.
New Cyprus Work Permit Regulations for Employers
Following the most recent amendment by the Cyprus Migration Department regarding third-country employees, a bank guarantee is no longer required for employment permit applications. Instead, a formal declaration signed by the employer or company must be submitted to the Migration Department confirming responsibility for possible employee repatriation expenses if required.
As a result, the following procedures apply following the amendment:
- For current employees with a valid work permit, the employer must submit a formal declaration, an authorisation for refund of funds (FIMAS), and a copy of the employer’s IBAN details so that the existing bank guarantee amount may be released and refunded.
- For released employees, the employer must submit a formal declaration, an authorisation for refund of funds (FIMAS), a copy of the employer’s IBAN details and a copy of the existing bank guarantee so that the bank guarantee amount may be released and refunded.
- For Family Reunification and Visitor permits, the bank guarantee requirement continues to apply.
