Cyprus has issued 150 visas under its “Startup Visa” valid until December 2026, to attract talented entrepreneurs from countries outside the European Union (EU) and the European Economic Area (EEA).
The scheme allows both individuals and teams to enter, reside, and work in Cyprus for up to three years with the possibility of permanent residency and establish, operate, and develop startups with high growth potential.
This announcement was made by Nicodemos Damianou, the Deputy Minister of Research, Innovation and Digital Policy of the Republic of Cyprus.
The primary objectives of this scheme are to create new jobs, promote innovation and research, and develop the business ecosystem in Cyprus, ultimately contributing to the country’s economic growth. The scheme supports both the establishment of new innovative startups and the relocation of established innovative startups to Cyprus.
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“… It is called Vision 2035: for Cyprus to be one of the world’s best places to live, work, and do business in….At the same time, Cyprus is now featuring in the Top 45 startup ecosystems globally according to the StartupBlink Global Startup Ecosystem Index”
“We offer attractive incentives to foreign workers to relocate to Cyprus, such as a 50 percent tax exemption for foreign nationals whose income is more than €55K per year (and that is for 17 years), …the Startup Visa for launching innovative startups in our country”, Damianou noted.
Cyprus startup visa options
Individual Startup Visa Scheme: This visa is available to individuals who are non-EU nationals and wish to act as the sole founder of an innovative startup.
Team Startup Visa Scheme: This option is for teams of up to five individuals, all of whom must be non-EU nationals. The team can consist entirely of founders or include at least one founder alongside senior executives. Crucially, at least 25 percent of the company’s shares must be owned by one or more members of the applicant team.
Benefits of visa
Residence of up to three years: Successful applicants will receive the right to engage in economic activities and reside in Cyprus for three years, with the possibility of renewal. A new application can be submitted three months before the end of the third year to assess the company’s success. If deemed successful, applicants may qualify for long-term residence.
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Self or paid employment: Founders have the right to self-employment or paid employment within their registered company in Cyprus.
Paid employment: Senior executives in the team scheme are entitled to paid employment within the company registered by the founders.
Family members residency and right to work: Immediate right to residency in Cyprus for family members of founders and senior executives. The scheme also gives family reunification rights, allowing spouses access to the labour market under the same terms.
These new visa schemes aim to foster innovation and entrepreneurship in Cyprus, creating a supportive environment for global talent and their families to thrive.
How to apply: The application form should be filled and sent via email at the following email address: startupvisa@dmrid.gov.cy
