Cyprus has recently introduced the "Cyprus Startup Visa" program for the granting of permits to enter, reside and work in Cyprus to talented third country nationals for the establishment, operation and development of startups. The aim of the program is to encourage growth and development of the business ecosystem and stimulate job creation and general economic growth for the island.
- Individual founders of the startup
- A group comprising of at least 1 founder and 5 top managers with more than 50% of the shares
- Applicants are third country nationals
- Capital of at least €50.000,00
- Head office and tax domicile of the startup in Cyprus
- Applicants are educated to degree level or hold equivalent professional qualification
- The business is innovative (research and development cost at least 10% of the operating cost)
- Good knowledge of the Greek and/or English language
- Residence and permit in Cyprus with validity for one year and right to renew for at least another year
- Work permit for employment by the startup
- Possibility to be granted permanent residence permit if startup is successful
- Ability to hire a specific number of third country nationals if startup is successful
- Right to family reunification if startup is successful
Our firm may undertake the startup visa application process and advise on all aspects, including the preparation of the necessary supporting documents, drafting and preparation of business plan, submission and monitoring of the application and communication with all pertinent Authorities.
July 9, 2018
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.