The “Cyprus Startup Visa” is part of the Policy Statement on Strengthening the Entrepreneurial Ecosystem. It allows talented entrepreneurs from third countries [outside the European Union (EU) and outside the European Economic Area (EEA)], individuals or a team, to enter, reside and work in Cyprus in order to establish / operate / 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. 

Eligible Beneficiaries are:

For an Individual Startup visa scheme – Eligible is a Non-EU country national who will act as the sole founder of an innovative Startup.

For a Team Startup visa scheme – Eligible is a Team of maximum 5 individuals consisting of Non-EU country nationals. The Team should consist solely of the founders of an innovative Startup or of at least one (1) founder and other senior executives.

In both the Individual and the Team Startup visa scheme at least 25% of the company’s shares should be owned by one or more member(s) of the applicant or team of applicants.

Applicants can apply under CATEGORY A or CATEGORY B, as described below:

• CATEGORY A: Startups at Pre-Revenue Stage or Post-Revenue under €1M

A Pre-Revenue Stage Startup is a startup that has not yet generated any revenues from the sale of products/services/processes.

The Applicant/s must submit an application which includes a Business plan demonstrating (1) how the proposed Startup fits the definition according to the EU Regulation no. 651/2014 of 17^th June 2014, and (2) 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. Startups that introduce disruptive business models creating new revenue streams or creating platform products scaling internationally are also eligible. Guidelines for the preparation of the business plan can be found in Annex VI.

• CATEGORY B: Startups at Post-Certain-Revenue-Threshold

The company submits an application demonstrating how the proposed Startup fits the definition according to the EU Regulation no. 651/2014 of 17th June 2014, and a Certificate from an External Auditor, certifying that its revenue from the sales of products/services/processes is at least €1mil. according to the most recent audited Financial Accounts AND that its research and development costs represent at least 10% of its total operating costs in at least one (1) of the three (3) previous tax years.

Additionally, the company submits its most recent audited Financial Accounts and the Financial Accounts for the specific year that its R&D costs represent at least 10% of its operation costs. The categories of expenditure on research and development in the financial statements must be clearly defined.

 The benefits of an individual / team in Case of Approval are: 

• Right to economic activity and residence in the Republic of Cyprus for three years, with the possibility of renewal. In the case of renewal, a new application may be submitted three months before the end of the third year, in order 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.

• For the Founders and Senior Executives family members:

(a) immediate right to residency in the Republic, and

(b) right to family reunification: the right concerns the Founders’ and Senior Executives’ spouse(s) access to the labour market in the same terms and conditions as the sponsor.

• Eligible to obtain a Certificate of Innovative Company.

 Applications should be submitted via email at the email address: [email protected].

More information can be found on the webpage https://www.gov.cy/service/schedio-cyprus-startup-visa/.

Contact person: Ms. Elena Poulli at +357 22 691 921, [email protected] or [email protected], +357 22 691 927