I want to apply for a start-up visa in order to establish a business in Cyprus. I understand that the initial visa is valid for two years and it can be extended for at least another year. I would like to know if and how I could become a permanent resident as a start-up visa holder. What requirements does the business need to meet to support my permanent residency application?
The scheme for start-up visas provides for two categories of applicants: the individual scheme and team scheme. The ministry will assess the application within five weeks and will take into account the number of jobs created, the taxes paid to the republic.
To become a permanent resident you will have to follow residency requirements: purchase a 300,000-euro residential property; declaration of 30,000 secured annual income (sourced outside Cyprus); evidence of a three-year fixed deposit of 30,000.
The startup visa does not refer to a grant of a permanent visa permit. However, there are other applications that can grant you the status of permanent residency. Depending on the category you would like to apply, there are different requirements to be analyzed and explained.
You may renew your visa if, following the valuation by the competent authority, your enterprise is considered to be successful.
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