Cyprus Enhances its Startup Visa Scheme to Boost Innovation and Attract Global Talent

The Cypriot government has recently approved substantial revisions to the Startup Visa scheme, aimed at making Cyprus an even more attractive destination for innovative entrepreneurs from non-EU countries. As outlined by Deputy Minister of Research, Innovation, and Digital Policy, Nicodemos Damianou, the modifications are designed to enhance the effectiveness of the scheme and support the nation’s strategic objectives in innovation and entrepreneurship.

Key Updates to the Startup Visa Scheme:

1. Extended Residence Permits:
   1. The duration of residence permits has been increased from two to three years, with the possibility of renewing for an additional two years.
2. Reduced Equity Requirements:
   1. The equity ownership requirement for startup founders has been lowered to a minimum of 25% of the share capital, making it easier for diverse teams to qualify.
3. Increased Foreign Workforce Capabilities:
   1. Startups can now employ up to 50% of their workforce from abroad, up from the previous 30%, facilitating greater international collaboration.
4. Incentives for Significant Investment:
   1. Startups investing at least €150,000 in Cyprus can recruit additional foreign personnel beyond the set quota.
5. New Evaluation Criteria:
   1. Startups aiming for visa renewal after three years must now demonstrate a 15% revenue increase, secure €150,000 in investments, or achieve specific innovation milestones such as introducing new products or services.

These changes, effective from January 1, 2025, underscore Cyprus’ commitment to fostering a dynamic entrepreneurial ecosystem and positioning itself as a hub for startups looking to scale and innovate. The revised scheme offers greater flexibility and seeks to attract startups at various stages of their development, from early ventures to more established businesses.

Notable Startups Under the Visa Scheme: Since its inception in 2018, the Startup Visa has helped 20 companies establish and grow in Cyprus. Notable names include:

• Wargaming Group (www.wargaming.net)
• Viber (www.viber.com)
• eToro (www.etoro.com) … and many more, showcasing Cyprus’ potential as a startup hub.

For those looking for expert guidance on navigating the Startup Visa process, feel free to contact us at Savva & Associates. As leaders in Cypriot immigration and corporate services, we are equipped to provide comprehensive support to ensure your venture’s success in Cyprus.

For more information or to schedule a consultation, please contact our team at Savva & Associates.

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