Updates for bank guarantee
No bank guarantee is required to be submitted on behalf of the employer for the purposes of applying for a work permit.
Following the most recent amendment by the Cyprus Migration Department to the regulations on third country employees a guarantee is no longer required. In its place, a formal declaration signed by the employer/company will have to be submitted to the Migration Department. Such declaration will state that the employer is responsible to cover possible expenses for an employee’s repatriation in case it is required.
As a result, the following procedures will apply from the time of the amendment:
• For current employees with a valid work permit, the employer shall submit a formal declaration, an authorization for a refund of funds (FIMAS), and a copy of the employer’s IBAN number, so that the existing bank guarantee amount may be released and refunded to the employer’s account.
• For released employees, the employer will need to submit a formal declaration, an authorization for a refund of funds (FIMAS), and a copy of the employer’s IBAN number and a copy of the existing bank guarantee so that the bank guarantee amount may be released and refunded to the employer’s account.
• For Family Reunification and Visitor permits, the requirement of a bank guarantee shall continue to apply.
For more information and clarifications on the above amendments please feel free to speak with our Eliza Sergiou and Associates & LLC expert team now