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What is the status of Cyprus’ startup visa?

I read that the country has introduced the visa on a pilot basis, with 150 given out at first. Is this program still available? What are some of the best practices for people who get this visa approved?


Answers
  • CA Advocates (Pourgoura & Aspri LLC)
    September 13, 2019

    There is a a third startup visa scheme that will be in place for a two-year period from 2021 until 2023, this time with a state funding of 500,000 euros. The scheme was originally launched on a pilot basis from February 2017 until February 2019, and figures from the Ministry of Finance showed that only 14 applications had been submitted, of which five were approved and six resident permits were granted. Four of the applications that were approved had been submitted by individuals of Russian origin, while one was from the U.S. The applications concerned start-ups in the fields of information and communications technology, marketing, real estate, tourism and energy (batteries). The government extended the application period for the scheme by two years following its completion last February. The revised scheme will be valid for the period March 2019 to March 2021, during which up to 150 visas can be issued. The Cyprus start-up visa scheme allows entrepreneurs from third countries, individuals or in a team, to enter, reside and work in Cyprus in order to establish/operate/develop a startup with a high growth potential. The scheme’s goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of Cyprus. Along with the renewal of the scheme the government made amendments to it in an attempt to improve its effectiveness. For example, the amount of capital that the applicants must have access to has been reduced to 20,000 from 50,000, which may include venture capital funding, crowdfunding or other sources of funding. Moreover, for persons eligible to participate in the scheme there is no maximum period of residence in Cyprus as long as they are under this scheme. As a result, these persons have the prospect of long-term residency.

  • Vasiliou Law
    July 07, 2019

    Initially it started in 2017 on a pilot basis until 2019. The government has decided to expand the Cyprus start-up visa program for another two years and grant 150 visas to third-country nationals to live and work in Cyprus for a year to establish, operate or develop their startup. The scheme concerns entrepreneurs (individuals or teams) from third countries to reside and work in Cyprus in order to establish/operate/develop a start-up with high growth potential. Successful applicants will have the right to economic activity and residence in the republic for one year, and with the possibility of renewal for at least another year.

  • AME Second Citizenship Ltd
    June 26, 2019

    The government has decided to expand the Cyprus start-up visa program until 2021. They look for innovative research projects for the development of the business ecosystem and consequently the economic development of the country, with the perspective of creating new jobs.

  • Christodoulos G. Vassiliades & Co. LLC
    June 19, 2019

    Please be informed that the government has decided to expand the Cyprus start-up visa programme for another two years and grant 150 visas to third-country nationals to live and work in the country for a year to establish, operate or develop their startup. The government has amended the following provisions of the scheme. For an individual investor, he or she must have access to a capital of at least 20,000 euros instead of 50,000 euros deriving from venture capital funding, crowd funding or any other ways of funding. For a group of investors, the founder must have access to capital of at least 10,000 euros instead of 25,000 euros. If the company has more than two founders, the capital must amount to at least 20,000 euros instead of 50,000 euros.