Where should I go to apply for a permit in order to hire my brother, who is an Indian national, to work for my company in Cyprus? What are the requirements on the business?
Answers
You can register your business as a business of foreign interests which will enable you to hire foreign employees including your brother. The main requirement is to invest in your newly incorporated company 171,000 euros.
A business can hire third-country nationals by obtaining a temporary residence permit/work permit. A work permit has validity of 1 or 2 years depending to the employment contract and it is renewable. The hiring company must cover the following criteria: have a company capital of 213,000 euros; submit its financial report of two years before; submit its original tax clearance of the previous two years. The hiring company can hire up to five third-country nationals directors with a minimum monthly gross salary of 3,872 euros; up to 10 third-country nationals with a minimum monthly gross salary of 1,936 euros.
A company may apply to the Migration Department to obtain permission for hiring third-country nationals if
it meets the following criteria: it has a strict ownership structure and transparent capital sources; it has a fully
operative administrative office in Cyprus; it has stable financial growth confirmed, by annual accounting records; it has deposited at least 170,860 euros in a Cyprus
bank account, which originates from overseas (in case the foreign interest participation in the company is less than 50%, this amount increases to at least 171,000 euros); the amount of at least 41,010 euros (used from the initial investment of 170,860 euros) is maintained in a
fixed deposit in a Cyprus bank.
Please note that a company whose shareholders are non-EU and which has operations in Cyprus may employ non-EU nationals, provided it has invested the amount of approximately 220,000 euros in Cyprus. Alternatively, you have to perform the labor market test to demonstrate to the authorities that you cannot find a candidate in Cyprus or the EU so that you can be furnished with a work permit for your brother.