Cyprus enacted an innovative scheme in order to attract foreign investments to Cyprus through a non-EU country. The scheme is aimed at investors, either individual or group, who wish to found an innovative business in Cyprus.
The plan invites third-country nationals with start-up capital of at least €50,000, undergraduate-level education and are fluent either in Greek or English, to set up their headquarters and their tax residence in Cyprus, provided their proposed business is certifiably innovative.
150 start-up visas will be available to eligible investors which will remain valid for two years, given that their business takes off. In few words, the founders of these successful companies will enjoy permanent residence in Cyprus, the right to hire up to a certain number of staff and the right to reunite with their families in Cyprus.
The success story of these companies will be judged from the number of jobs created, the tax paid in Cyprus, volume of exports, contribution to economic growth and the extent to which it promotes innovation and research.
The start-up scheme will run on a trial basis for two years and for up to 150 residence permits.
Highlights of the scheme
Right of conducting business and residing in Cyprus for one year, with the option for extension this for at least one more year
Potential for residing in Cyprus for an indefinite period of time in case of success of the start-up
Enjoyment of the right of family reunification in case of success of the start-up
The scheme applies on an individual basis (only for the founder) or on a group basis (founder and managerial staff)
Ability to recruit a certain number of third country nationals without the prior approval of the Ministry of Labour of Cyprus
The capital of the venture should be at least €50,000
The start-up must have its headquarters and tax residency in Cyprus