Following the latest amendment of the Immigration Law, Cap. 105, which took place on the 6.12.2019, the Cyprus Migration Department has made some changes regarding the regulation for bank guarantees for work permits and based on the new regulation, the requirement for employers to provide a Bank guarantee for the purposes of granting temporary residence and work permit to third country nationals has been abolished.
Further to the aforesaid amendment, instead, a formal declaration signed by the employer/company will have to be submitted to the Migration Department, stating that the employer will have to cover possible expenses for the employee’s repatriation in case it is needed.
The following changes will take place:
In cases where a bank guarantee has already been submitted or where the amount of it has been provided to the Civil Registry and Migration Department, the bank guarantee will be refunded once the Employer provides the required confirmation letter for the expenses associated with the Employee’s potential removal. The aforesaid applies to third country nationals who:
- possess a valid residence and work permit.
- have submitted an application for employment to a new employer.
- remain illegally in the Republic.
- remain with the regime of asylum applicant
In case whereby an Employer refuses or omits to incur the removal costs of the third country national, then the Director of the Civil Registry and Migration Department shall initiate judicial proceedings against him for the purpose of receiving the owed amount and, whilst the Employer fails to incur the removal costs, no application shall be examined for the Employer in question in relation to the issue, amendment or renewal of a permit for any other third country national.
For the release of a Bank Guarantee which has already been submitted or for the return of the amount of Guarantee which is available to the Civil Registry and Migration Department, the employer shall submit his confirmation letter before the Civil Registry and Migration Department or before the relevant local authorities.
Should you need any further information and clarification about the above information, our professional team is always available to assist you.