Cyprus Startup Visa Programme
The aim of the Cyprus Startup programme is to create new job opportunities in Cyprus, encourage innovation and research, improve the business ecosystem and contribute to the country’s economic development. The residence permit for successful applicants extends to three years, with the possibility of two-year renewals.
Under the programme, innovative startups are defined as small unlisted enterprises registered within the last five years that have not yet distributed profits and have not been formed through a merger. The business should develop or offer new products, services or processes that disrupt or create markets. They should be based on new or adapted technologies or pioneer new business models.
Beneficiaries of the programme fall into either of two categories:
In both categories at least 25% of the company’s shares must be owned by the founder and/or their team. Team Startup Visa applicants must have a minimum of €20,000 in capital, or €10,000 if there are fewer than two founders.
The permitted proportion of third country nationals employed by a company is 50% of total staff. Companies can also hire additional foreign personnel if the start-up investment in Cyprus equals or exceeds €150,000.
The new Startup programme also offers more flexibility for foreign entrepreneurs and investors, with clearer criteria for renewing their start-up residency visas after three years. To renew their visas, the start-up must demonstrate it has met one of the following criteria:
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