The Cyprus Startup Visa represents a unique opportunity for entrepreneurs, researchers and foreigners with creative and innovative ideas to implement their projects in a favorable business environment with optimal taxation. This program is limited to 150 visas.
The Cyprus startup visa allows foreign entrepreneurs from third countries to reside and work in Cyprus for the purpose of creating/managing/developing their startup. with high growth potential. Successful startups, as well as their directors, will have the right to hire foreign staff. Family members may also be eligible for family reunification.
The goal pursued by the Government of Cyprus is to stimulate the creation of new jobs, support innovation and research, promote the development of the business environment and contribute to the economic growth of the island.
There are two options for obtaining a Cyprus startup visa, depending on the current stage of development of your project:
“Cyprus Startup Visa for Team” – a team (maximum 5 people) is eligible to participate. The team should consist exclusively of the founders of the innovative startup, or at least one founder and other senior executives.
“Cyprus Startup Visa for Founder” – as the sole founder of an innovative startup. To obtain a startup visa, you must demonstrate the viability of your company and develop a plan for its development.
Benefits of the Cyprus Startup Visa
Cyprus offers extensive infrastructure including accelerators, business incubators and innovation centers that provide support for start-ups. To obtain a residence permit in Cyprus through a startup visa, entrepreneurs need to demonstrate the viability of their companies and develop a strategy for their promotion.
The state also grants the right of residence to entrepreneurs and members of their families for the period of business development. After seven years of residence in Cyprus, foreigners and their families are eligible to apply for citizenship.
Entrepreneurs of high-tech companies are given the opportunity to receive an 80% tax exemption.
In their guide to obtaining a Startup Visa in Cyprus, the Deputy Ministry of Research, Innovation And Digital Strategy points out the following main advantages of obtaining:
Right to economic activity and residence in the Republic of Cyprus for two years, with the possibility of renewal. After the end of the second year, a new application may be submitted to assess the success of the company. If the company is assessed as successful, applicants have the prospect of long-term residence in the Republic.
For the Founder/s: Right to self-employment or paid employment in their registered company within the Republic.
For the senior executives (Team Scheme): right to paid employment in a company that the Founders of the Company will register in the Republic.
Eligible to obtain a Certificate of Innovative Enterprises.
Requirements for obtaining a Startup visa
Participation in the program is possible according to two different schemes: Individual, when only the founder submits an application, or Team.
Individual Startup Visa Scheme
Requirements for candidates applying for a residence permit in Cyprus under the “Start Up” program in an individual scheme include the following conditions:
Citizen of a non-EU country;
Will act as the sole founder of an innovative Startup;
Possesses a Bachelor’s degree or equivalent professional qualification.
Has at least 20,000 euros of funds to invest in the enterprise (funds may include equity financing, venture capital financing, crowdfunding or other sources of financing);
Very good knowledge of the Greek and/or the English language.
Team Startup Visa Scheme
Requirements for a startup team include the following:
Team (maximum 5 people) consisting of citizens of non-EU countries;
The team should consist exclusively of the founders of the innovative startup, or at least one founder and other senior executives.
Besides:
The applicant team must collectively own more than 50% of the company’s shares;
The founder must have at least 20,000 euros of funds to invest in the company. If the team consists of more than 1 founder, each founder must have at least 10,000 euros available. Funds may include self-funding, venture capital funding, crowdfunding, or other sources of funding;
At least one team member must have a bachelor’s degree or equivalent professional qualification.
All team members should have very good knowledge of the Greek and/or the English language.
The enterprise must be innovative.
Startup visa application process
The applicant must submit an application to the Department of the Ministry of Research, Innovation and Digital Policy of Cyprus, which will approve or reject the application within 5 weeks of receiving the complete application.
Submit an application form (the form is available here).
Submit all the required documents.
Submit a business plan. A Business plan should be submitted describing the ability of the Startup to develop new or clearly improved products, services or processes with high technological or industrial risk, which are characterized as innovative in their field / market.
Wait for the decision. The application’s initial approval does not automatically guarantee a right of entry, residence or employment in the Republic.
Submitting an application to enter the Republic of Cyprus. When the applicant/s receive the Initial Permit Notice while abroad, they must, within 6 months, apply for a visa to the consular authorities of the Republic or the Department of Civil Registration and Migration to obtain permission to enter/register/reside. The application will be reviewed within 3 weeks after complete submission. If approved, the applicant must register for entry into the Republic during the validity period of the document.
Apply for work and residence permit. To issue a work residence permit, it is necessary for the third-country national to provide his biometric data (photo and fingerprints).
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Cyprus Startup Visa - FAQ
What are the required documents for a Cyprus startup visa?
The application requires providing information about the applicant and attaching the following documents in English:
Business plan.
Brief resume of the applicant.
Diploma or other proof of knowledge of Greek or English.
A copy of a current passport or other identification document.
Bank statement confirming the presence of €20,000 in initial capital.
Latest financial report, if the company is already operating.
What is the minimum amount required to obtain a Startup Visa?
The founder must have at least 20,000 euros of funds to invest in his startup.
How to extend a Startup visa in Cyprus?
Upon expiration of the validity period, a new application must be submitted to the relevant department of the Ministry of Research, Innovation and Digital Policy of Cyprus. The government agency will assess the success of the startup, determine whether it has achieved the required development and whether it has the potential for success.
The application for renewal of residence permit is submitted by email and must include:
Updated business plan.
Confirmation of payment of contributions and social insurance status for the founder and team of participants.
Certificate of absence of corporate tax arrears.
A form with data on the composition of the company’s personnel.
Certified financial statements.
Bank account statement.
Article author
Luhina Iryna Head of department Visas and Immigration Ukraine
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in: visa support by category for financially ...
In 2006 graduated from the National Aviation University (NAU), Kiev with a degree in Philology, Translation. Irina Lugina has many years of successful work experience in large companies with a voluminous workflow. Within Feod Group specializes in:
visa support by category for financially independent foreigners, visas for entrepreneurs and investors in the EU, Great Britain and the USA.
preparation and compliance of packages of documents for registration of companies in low-tax jurisdictions, opening bank accounts.
obtaining a residence permit and permanent residence in Ukraine on the basis of marriage and through company registration.
Since 1992, Feod Group has been providing a wide range of legal, business and immigration services in Europe, the USA and other countries of the world.
The company has accredited western lawyers, experts in various fields of law and jurisdictions of the world.
Having offices in Europe and the USA, Feod Group provides rapid paperwork and maximum customer comfort.
We provide our clients with related services, such as relocation and adaptation abroad, organizing family relocation abroad, enrollment of children in schools and many other services.
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