New rules for foreigners doing business in Slovakia from July 1, 2025: Fundamental amendment to the Act on the Residence of Foreigners

On July 1, 2025, Act No. 178/2025 Coll. came into effect, amending Act No. 404/2011 Coll. on the residence of foreigners and amending and supplementing certain acts as amended (“the Act on the Residence of Foreigners”), which, among other things, introduces several significant changes concerning the temporary residence of foreigners for the purpose of doing business.

According to the explanatory memorandum, the aim of the amendment to the Act on the Residence of Foreigners is, in particular, to ensure that third-country nationals who have been granted temporary residence for the purpose of doing business actually fulfill this purpose through real business activities in Slovakia, while at the same time providing state authorities with more effective tools to prevent and eliminate abuse of this type of residence. The intention is also to strengthen security, and reduce the administrative burden on both foreigners and public authorities.

Key changes in granting temporary residence to foreigners for business purposes:

1. Where to submit your application

Applications for temporary residence for business purposes can only be submitted to a Slovak embassy accredited to the country that issued the third-country national's travel document or in which they reside. It is no longer possible to submit applications to the Foreign Police Department after the amendment comes into effect.

2. Submission of a business plan

Each applicant is required to submit a business plan, a template of which is available on the website of the Ministry of Economy of the Slovak Republic. The Ministry will assess these submitted business plans primarily in terms of the contribution of the business activity to Slovakia. The business plan must be translated into Slovak.

3. Quotas

The amendment also introduced a restriction on the maximum number of applications that individual representative offices can accept in a calendar year, which is set by the Slovak Government in a regulation. For 2025, the number of applications is limited to 700. However, as the amendment will not come into effect until mid-2025, only a proportionate number of applications will be accepted, specifically 350. Unused numbers of accepted applications will not be carried over to the next calendar year.

4. Proof of financial security

Third-country nationals must also provide proof of their financial means by submitting a bank statement or confirmation showing the balance of a bank account held in their own name.

5. Period of validity

Temporary residence for the purpose of business is granted for three years. Until now, temporary residence for the purpose of business was granted for the expected duration of the business, but for a maximum of three years.