The “Cyprus Startup Visa” programme allows talented entrepreneurs from third countries, outside the European Union (EU) and outside the European Economic Area (EEA), individuals or in a team, to enter, reside and work in Cyprus in order to establish, operate  and develop a startup with a high growth potential. The programme consists of two schemes: (i) individual and (ii) team.

Individual Scheme

Who can benefit:

Non-EU country nationals who:

• Is the only founder and meets the requirements of the enterprise below.
• 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.

Requirements of the Enterprise:

• The enterprise must be innovative. The enterprise 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, on the basis of international accounting standards.  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 etc.) or co-location with other enterprises.

What are the benefits for the founders:

• The 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 the 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 (2) 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.
• It is possible to transfer to the Team Scheme, provided that the requirements for that scheme are met and provided that the number of 150 visas has been reached.
• In case the requirements for the Team Scheme are not met, and/or the founder wishes to recruit in his/her enterprise additional foreign personnel, then the existing procedures for recruiting foreign personnel should be followed by obtaining the approval of the Department of Labour. It is clarified that the Department of Labour will approve additional recruitment of foreign personnel in the cases where the total number of foreign workers in the enterprise does not exceed 30% of the total staff.

Team Scheme

Who can benefit:

Team consisting of Non-EU country nationals:

• Comprises: solely of founders that meet the requirements of the enterprise below and are of a maximum number of five (5) individuals, or; of 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 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.

Requirements of the Enterprise:

These are the same as with the Individual Scheme.

What are the benefits for the founders:

Τhe persons that 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 the 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 (2) year.
• At any time within the two (2) years of the Notification of Initial Approval, there is the possibility for completing the maximum number of five (5) team members, provided that the requirements of the scheme are met and provided that the number of 150 visas has been reached.
• In case the company wishes to recruit additional foreign personnel, then the existing procedures for recruiting foreign personnel should be followed by obtaining the approval of the Department of Labour. It is clarified that the Department of Labour will approve additional recruitment of foreign personnel in the cases where the total number of foreign workers in the enterprise does not exceed 30% of the total staff.

Why Cyprus:

Low Business Costs

Starting and running a business in Cyprus reduces the costs of launching, giving you a longer runway and more flexibility. The money saved on starting and running costs means that more capital can be put into the growth and development of your business.

Attractive and Simple Tax System

Cyprus has one of the lowest tax burdens in Europe and a highly competitive set of tax incentives for businesses and individuals. The Corporate Tax rate of 12.5% is one of the lowest in Europe.

Excellent Regulatory Structure

Cyprus has an efficient regulatory structure for starting and running a business, the legal system is closely aligned to the English common law legal system and with a strong protection for IP.

International Business Center

Cyprus has a wide range of services to make starting and running a business stress free.

Cyprus and EU Grants & Funding

New tech companies can apply for a range of both national and European grants and incentives.

EU Connection & Access to Markets

In 2008, Cyprus became a member of the Eurozone. As a member of the EU, companies in Cyprus have full access to the European market and EU trade agreements.