Cyprus Startup Visa
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.
The Deputy Ministry of Research, Innovation and Digital Policy approves or rejects the Startup Visa applications, by evaluating the Business Plans which applicants are requested to submit with their application.
- Individual Startup visa scheme – Eligible is a Non-EU country national who will act as the sole founder of an innovative Startup and has very good knowledge of the Greek and / or the English language.
- 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.
- The Team of applicants should own, in total, more than 50% of the company’s shares.
- All team members should have very good knowledge of the Greek and/or the English language.
The benefits of an individual / team in Case of Approval are:
- Right to economic activity and residence in the Republic of Cyprus for one year, with the possibility of renewal for at least anotheryear.
- 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.
- Eligible to obtain a Certificate of Innovative Enterprises.
- After the end of the second year, a new application may be submitted to assess the success of the enterprise. If the enterprise is assessed as successful, applicants have the prospect of long-term residence in the Republic and can directly acquire the possibility of family reunification in the case of paid employment.
The Scheme is currently under review. Applications should be submitted via email in the following address: [email protected]. For more information, please contact Ms. Elena Poulli at +357 22 205 028 [email protected]
All relevant documents (Practical Guide, Application Form and Annexes) can be found below.
ADD LINK FOR MORE INFO: https://www.dmrid.gov.cy/dmrid/research.nsf/startupvisa_en/startupvisa_en?OpenDocument