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How can a business in Cyprus hire foreign nationals?

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
  • Vasiliou Law
    March 19, 2020

    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.

  • Evagoras Anastasiou & Associates LLC
    March 17, 2020

    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.

  • CA Advocates (Pourgoura & Aspri LLC)
    March 17, 2020

    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.

  • CHRISO SAVVA LLC
    March 17, 2020

    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.