Updated Startup Visa Scheme in Cyprus
The Deputy Ministry of Research, Innovation and Digital Policy announced at the end of 2024, that the Council of Ministers approved the revision of the Startup Visa Scheme to attract more global talent and businesses.
Effective from 1 January 2025, the changes include:
− Initial residence permits now last three years, with two-year renewals.
− Applicants need only 25% equity, down from 50%.
− Startups can hire up to 50% foreign staff or more if they invest €150,000 in Cyprus.
− Tailored criteria for businesses with €1 million in sales and significant R&D spending.
Benefits of the Scheme
- Founders, senior executives, and their families gain the right to live and work in Cyprus.
- Founders have the right to self-employment or paid employment, and senior executives have the right to paid employment in the registered business.
- Family members gain immediate residency and spouses can join the workforce under the same terms as the sponsor.
- Eligible startups can obtain a Certificate of Innovative Company, boosting their credibility.
These updates aim to attract and support startups at all stages, fostering innovation, creating jobs, and driving Cyprus’s economic growth.
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