Earlier this month, the Cyprus government approved a new scheme aimed at attracting innovative start-ups to establish their business operations in Cyprus and thus benefit from its advantageous tax regimes offered to individuals and companies, whilst at the same time contributing to Cyprus' economy and job-creation.
The scheme permits third-country (non-EU) entrepreneurs with a start-up capital of at least €50,000 to set up their headquarters and achieve tax residence in Cyprus, provided the proposed business is certifiably innovative and the applicant meets a set criteria in education and language proficiency.
One hundred and fifty visas will be made available to eligible investors, which may be an individual or a group, and will be valid for two years, if an applicant can sufficiently demonstrate a positive contribution to the Cyprus economy by way of job creation and growth.
Additional details for this new Scheme shall follow once the full information is released by the Cyprus Government.
1 March 2017
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