Cyprus has updated the rules for issuing startup visas

Commencing January 1, 2025, the Cypriot administration revised nascent enterprise visa regulations to refine immigration doctrines and allure external capital influx for exceptionally skilled professionals and pioneering commercial establishments executing avant-garde ventures.

The amendments are aimed at simplifying the procedures for obtaining temporary and permanent residence permits and creating a favorable legal regime for the implementation of innovative activities. These measures are in line with international standards for the protection of foreign investments and the integration of Cyprus into global value chains. When new conditions for the startup visa program in Cyprus came into effect from the beginning of January of this year, we’ll talk about it in the article.

The Cypriot officials have effected alterations to the regulations for granting entrepreneurial permits

1. The validity of the visa will be increased to 36 months with the right to a subsequent two-time extension, while previously the maximum period was 24 months with the possibility of a one-time extension.
2. The minimum threshold for owning shares in the authorized capital will decrease from 50% to 25%, which makes participation in the program more accessible to a wide range of investors, including entities with limited financial resources.
3. The proportion of external workers in the aggregate count of staff of the establishment soliciting for acquiring inaugural permits in Cyprus may attain 50%, whereas formerly this statistic was confined to 30%.
4. Startups that have invested at least 150 thousand euros are given the opportunity to attract additional personnel.
5. Participation in the program is available exclusively to legal entities with a stable financial position, confirmed by an annual turnover of at least 1 million euros. At the same time, special attention is paid to the innovative component of the activities of potential participants. A prerequisite is the implementation of significant investments in R&D, expressed as a share of at least 10% of total operating costs, which indicates the company's commitment to technological development and the creation of new products or services.
6. Extension of the validity of a visa issued for innovative activities is subject to the following criteria: creation of at least three new jobs, confirmed by relevant documents, participation in innovation stimulation programs implemented at the regional level, or demonstration of the effectiveness of an innovative project in the form of market launch a new product or service that meets modern market requirements.

Conclusion

Prevised rules for issuing startup visas in Cyprus expand the range of prospects for subjects of innovative activity at all stages of their life cycle, stimulating job creation in advanced segments of the economy. Their entry into force early this year is expected to increase Cyprus's attractiveness among foreign innovators. You can contact the relevant specialists of our company to receive individual advice with further assistance in obtaining a start-up visa in Cyprus.