Cyprus Government enacts Startup Visa for entrepreneurs

PUBLICATIONS / Articles / 2017 / Cyprus Government enacts Startup Visa for entrepreneurs
The Council of Ministers of the Republic of Cyprus approved the Cyprus Startup Visa for foreign entrepreneurs and investors, aiming to encourage investments in Cyprus in the areas of innovation and research.

Individuals investors (and groups of investors) from third countries, will be eligible to apply, provided that they meet a certain number of conditions.




For instance, the applicants should:

 
  • have a capital of 50 000 Euro;
  • establish headquarters and tax residency in Cyprus;
  • be University graduates;
  • have a good knowledge of either Greek or English;
  • additionally, their business should be a certified startup.
According to Constantinos Petrides, Undersecretary to the President, a total of two-year 150 licences will be given to startups. Petrides pointed out that “it is no secret that in international indices Cyprus is lacking in innovation and has not drawn innovative businesses. The absence is due to the lack of an ecosystem which benefits start-ups from abroad when it comes to innovation, research and development,” and noted that innovation and research are pivotal sectors for the government.

The entrepreneurs/investors who will establish successful startups will be able to enjoy the benefits of a permanent residence and work permit in Cyprus as well as family reunion benefits. Furthermore, they will be able to employ/hire a number of people, including foreign employees.

The Finance Ministry will assess the success degree of these startups based on their contribution to the economic development and to the promotion of innovation and research in the country.

Contact us if you want to discuss how the Startup Visa might be beneficial to you.


 

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