The Cyprus StartUp Visa Scheme is an exciting initiative designed to attract non-EU entrepreneurs to Cyprus. By fostering innovation and job creation, this scheme aims to enhance the economic development of Cyprus.
What Does the Cyprus StartUp Visa Scheme Involve?
Cyprus has introduced two main visa schemes: the Individual Start-Up Visa Scheme and the Team Start-Up Visa Scheme. The Individual Scheme is for sole founders with a significant capital reserve, while the Team Scheme caters to groups of founders or executives meeting specific contribution and investment criteria.
What Are the Requirements for the Individual Start-Up Visa?
The Individual Start-Up Visa focuses on non-EU entrepreneurs who are either sole founders or meet the criteria set for enterprise requirements:
Sole founder of the start-up.
Access to a minimum capital of €50,000.
Proficiency in English or Greek.
Holds an undergraduate degree or equivalent.
Who Qualifies for the Team Start-Up Visa?
This visa is for teams structured as:
Up to five founders or a combination of one founder and senior executives.
Possession of the majority of shares (over 50%).
Collective capital of €25,000 or €50,000, depending on the team size.
English or Greek language proficiency.
At least one member with a professional qualification.
What Are the Benefits for Entrepreneurs?
The benefits of the Cyprus Start-Up Visa Scheme extend beyond mere residency rights. Successful applicants can enjoy:
A one-year residency with potential renewals.
Opportunities for self-employment or paid employment within their designated business.
Access to the lucrative EU market and potential EU grants.
A favourable business climate supported by a low corporate tax rate and robust legal structures.
How is a Business Defined as Innovative?
To be deemed innovative, a start-up must invest at least 10% of its operating costs into Research & Development. This applies to both new start-ups and those relocating to Cyprus. For existing enterprises, documented financial history or a business plan is necessary to verify this innovation criterion.
What is the Application Process for the Cyprus Start-Up Visa Scheme?
Applicants must create a complete dossier demonstrating eligibility, including business plans and qualification proofs. Applications are reviewed within five weeks, potentially granting a two-year business operation period in Cyprus. Subsequent evaluations determine further extensions and permanent residency options.
Successful businesses gain the right to permanent residency and can hire non-EU personnel without restrictive permits.
Why Choose Cyprus for Your Start-Up?
Cyprus offers an ideal environment for innovative start-ups. The attractive tax regime, combined with the support structures from local authorities and regulatory frameworks, provides an excellent launchpad for new enterprises.
This initiative aligns seamlessly with I.K.Kouppas & Co LLC’s (IKK Law) mission to provide expert legal guidance. With our bespoke services, businesses can navigate the complexities with ease and ensure their start-ups reach full potential in Cyprus and beyond.
For those contemplating an innovative endeavour in Cyprus, IKK Law stands ready to offer the tailored legal solutions necessary to thrive. Please contact us via email at info@ikklaw.com.cy and subscribe to our newsletter at ikklaw.com.cy for more insights and assistance. Stay connected and explore the possibilities that the Cyprus Start-Up Visa Scheme offers.
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