The Cyprus Startup Visa Scheme was introduced in 2019. This scheme allows talented entrepreneurs from third non-EU countries, individuals or in a team, to enter, reside and work in Cyprus in order to establish, operate, and/or develop a startup with a high growth potential. The Scheme’s goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of the country.
The Cyprus Startup Visa Scheme consists of two parts: Individual Startup Visa Scheme and Team Startup Visa Scheme.
Individual Startup Visa Scheme
Those who can benefit from this, are non-EU country nationals who:
• Is the only founder and meets the requirements of the enterprise, such as, the enterprise must be innovative. It will be considered as innovative if its research and development costs represent at least 10% of its operating costs, in at least one of the three years preceding the submission of the application, as certified by an external auditor. In the case of a new enterprise without any financial history the evaluation will be based on the Business Plan submitted by the applicant. The Business Plan must provide that the enterprise’s head offices and tax domicile be established in Cyprus. The head offices may be common co-working spaces (e.g. business accelerators, incubators, digital hubs) or co-location with other enterprises.
• Has access to €20.000, which may include venture capital funding, crowdfunding or other sources of funding.
• Has very good knowledge of the Greek and/or English language.
Those individuals who will be approved and participate in the Individual Scheme will benefit from the following:
• Right to economic activity and residence in the Republic for one year, and with a possibility of renewal for at least another year.
• Right to self-employment or right to paid employment in his/her registered company within the Republic.
• Prospective residence in the Republic without any maximum time restrictions, if the enterprise succeeds.
• Enjoyment of family reunification if the enterprise succeeds.
• Prospective recruitment of specific number of personnel from non-EU countries without prior approval of the Department of Labour, in case of success of the enterprise. The success or failure of the enterprise will be assessed at the end of the second year.
• For persons eligible to participate in the Scheme there is no maximum period of residence in the Republic as long as they are under this scheme. As a result, these persons have the prospect of long term residence in the Republic and directly acquire the possibility of family reunification in the case of paid employment and when the family members are already in the Republic. In the case of self-employment, immigration law allows family reunification after two years and while family members are abroad.
Team Startup Visa Scheme
Those who can benefit from this scheme, are team consisting of non-EU country nationals, who are comprises:
• Solely of founders that meet the requirements of the enterprise below and are of a maximum number of five (5) individuals or
• At least one (1) founder and other senior executives that their total does not exceed five (5) individuals. The senior management must belong to the third level of the administrative hierarchy (managers) (C - level employees) and will have the right to stock options.
• Possess in total more than 50% of the company’s shares.
• The founder has access to €10.000. In case the founders are more than two (2) the total capital must be €20.000 which may include venture capital funding, crowdfunding or other sources of financing.
• At least one of the team members holds an undergraduate or an equivalent professional qualification.
• All team members have a very good knowledge of Greek and/or English language.
The requirements of the Enterprise are:
• Innovative if its research and development costs represent at least 10% of its operating costs, in at least one of the three years preceding the submission of the application, as certified by an external auditor. In the case of a new enterprise without any financial history the evaluation will be based on the Business Plan submitted by the applicant.
• The Business Plan must provide that the enterprise’s head offices and tax domicile be established in Cyprus. The head offices may be common co-working spaces (e.g. business accelerators, incubators, digital hubs) or co-location with other enterprises.
Those individuals who will be approved and participate in the Team Scheme will benefit from the following:
• Right to economic activity and residence in the Republic for one year, and with a possibility of renewal for at least another year.
• For the Founders: right to paid employment in their registered company within the Republic.
• For the senior executives: right to paid employment in a company that the founders will register in the Republic.
• Prospective residence in the Republic without any maximum time restrictions if the enterprise succeeds.
• For persons eligible to participate in the Scheme there is no maximum period of residence in the Republic as long as they are under this scheme. As a result, these persons have the prospect of long term residence in the Republic and directly acquire the possibility of family reunification in the case of paid employment and when the family members are already in the Republic. In the case of self-employment, immigration law allows family reunification after two years and while family members are abroad.
• Prospective recruitment of a specific number of personnel from non-EU countries without prior approval of the Department of Labour, in case of success of the enterprise. The success or failure of the enterprise will be assessed at the end of the second year.
Our firm is at your disposal to assist you in order to fulfil the above requirements in the relevant authorities.