Cyprus Start-Up Visa
The “Cyprus Startup Visa” programme/ scheme allows talented entrepreneurs from third countries
[outside the European Union (EU) and outside the European Economic Area (EEA)], individuals or in a
team, to enter, reside and work in Cyprus in order to establish / operate / develop a startup with a high
growth potential. The Scheme’s goal is the creation of new jobs, the promotion of innovation and
research, the development of the business ecosystem and consequently the economic development of
the country. The introduction of the “Cyprus Startup Visa” is part of the Policy Statement on
Strengthening the Entrepreneurial Ecosystem. The goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and national economic development through the attraction of foreign tech companies to Cyprus.
Who can benefit: individual start-up scheme: the approved and participate in the Individual Scheme will benefit from the following:
Right to economic activity and residence in the Republic for one year, and with the possibility of
renewal for at least another year.
Right to self-employment or right to paid employment in his/her registered company within the
Republic.
Prospective residence in the Republic without any maximum time restrictions, if the enterprise
succeeds.
Enjoyment of family reunification, if the enterprise succeeds.
Prospective recruitment of specific number of personnel from non-EU countries without prior
approval of the Department of Labour, in case of success of the enterprise. The success or failure
of the enterprise will be assessed at the end of the second (2) year.
Team start-up visa scheme
- Τhe persons that will be approved and participate in the Team Scheme will benefit from the following:
- Right to economic activity and residence in the Republic for one year, and with the possibility of
renewal for at least another year. - For the Founders: right to paid employment in their registered company within the Republic.
- For the senior executives: right to paid employment in a company that the founders will register
in the Republic. - Prospective residence in the Republic without any maximum time restrictions, if the enterprise
succeeds.
Cyprus as an innovation hub
Cyprus has embraced the digital era and offers great incentives through research, innovation and technology for foreign companies to relocate or set-up their business on the island. The start-up visa is only one among many advantages offered such as a low corporate tax at 12.5%, a highly skilled human resource capital, a sound legal system as well as competent authorities to help with paperwork and bureaucracy.
To find out more about the Start-Up Visa and the innovation and technology opportunities offered in Cyprus, get in touch with us at [email protected]
