Following Cabinet approval on December 18, 2024, Cyprus has enacted modifications to its startup visa program. The changes have come into effect today.
The government has adjusted several core requirements:
- Residence permits now extend to three years from two years
- Renewal periods stretch to two years from one year
- Share capital requirements drop to 25% from 50%
- Foreign workforce allowances rise to 50% from 30%
- Companies investing €150,000 or more can hire additional foreign staff
Entrepreneurs who want to renew their visas after three years must now achieve one of these benchmarks:
- Generate 15% revenue growth
- Attract €150,000 in investments
- Create three new jobs in Cyprus
- Join local innovation support programs
- Launch at least one product or service
Deputy Minister of Research, Innovation, and Digital Policy Nicodemos Damianou notes that “the revised plan allows for more flexibility and provides the opportunity to attract startups at all stages of their development.”
He revealed that the government has approved 21 startups under the program so far.
The program requires that all employees maintain basic digital skills. Non-EU startup owners and senior executives can enter, live, and work in Cyprus while building new ventures or relocating existing operations.
The changes aim to accommodate businesses at various development stages, from early ventures to established companies.
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