19 Dec 54 views

Cyprus Expands Start-Up Visa Program to Foster Innovation and Entrepreneurship

Cyprus Enhances Start-Up Visa Program to Boost Innovation

The Council of Ministers in Cyprus has approved significant changes to the Start-Up Visa Program, aiming to make it more attractive and effective for non-EU entrepreneurs and executives. This initiative supports the establishment of new ventures and relocation of existing start-ups to Cyprus, contributing to the nation’s economic growth and innovation.

Key Benefits of the Program

The program allows founders and senior executives from non-EU countries to:

Enter, work, and reside in Cyprus.
Establish or relocate start-ups.
Access a supportive environment for innovation and entrepreneurship.

According to Minister Damianou, the program aims to create a critical mass of start-ups and talent, generate jobs in cutting-edge industries, and enrich Cyprus’s economic model.

Main Changes to the Start-Up Visa Program

The updated program, effective January 1, 2025, includes:

Extended Residence Permits:
- Residence permits extended from two to three years.
- Renewal periods doubled to two years.
Lower Equity Stake Requirement:
- Minimum equity stake reduced from 50% to 25%.
Increased Allowance for Foreign Workers:
- Foreign worker quota increased from 30% to 50% of total staff.
- Start-ups investing €150,000 or more can hire additional foreign personnel.
Enhanced Evaluation Criteria:
- Different criteria for start-ups with:
  - Annual sales revenue of €1 million or more.
  - Research and development expenditure of at least 10% of operating costs in one of the past three years.
Objective Renewal Criteria:
- Companies must meet specific benchmarks after the initial three years:
  - Create at least three new jobs in Cyprus.
  - Launch at least one product or service.
  - Participate in a local innovation support program.

Goals of the Enhanced Program

The revised program aims to:

Attract dynamic start-ups and high-caliber talent.
Diversify Cyprus’s economic model.
Drive job creation in innovative industries.
Position Cyprus as a hub for entrepreneurship and technology.

Economic Growth and Innovation

By implementing these changes, Cyprus seeks to attract a larger number of foreign entrepreneurs and professionals, fostering an environment conducive to economic growth and technological advancement. The new provisions reflect the government’s commitment to innovation and global competitiveness.

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