What does the Cyprus Startup Visa offer to foreign entrepreneurs and Startups?
The qualified applicants will enjoy:
- The right to economic activity and residence in the republic for one year, with the opportunity of renewal for at least another year.
- The right to self-employment or paid employment under his registered company.
- Prospective residence in the country without any restriction in the case the enterprise succeeds.
- Family residence in the case the enterprise succeeds.
- Cyprus registered startup will be able to benefit from the attractive Cyprus tax incentives and advantages.
- Shareholders will enjoy the reduced income tax, deductions and tax exemptions based on the local tax legislation.
- Employees have the advantage to be taxed as Cyprus citizens thus benefit from the local personal tax regime.
- Prospective recruitment of a specific number of personnel from non-EU countries without prior approval of the Department of Labour, in case of success of the enterprise. The success or failure of the enterprise will be assessed at the end of the second (2) year.
Who is eligible? Eligible are non-EU nationals who:
- Is founder of the business and owns the majority of the shares.
- Has access to €50.000 as a funding for the startup (can include may include venture capital funding, crowdfunding or other sources of funding.)
- Hold an undergraduate degree or an equivalent professional qualification.
- Good knowledge of English or Greek language.
How is an enterprise considered innovative?
Innovative company is the one that if its research and development costs represent at least 10% of its operating costs, in at least one of the three years preceding the submission of the application, as certified by an external auditor, on the basis of international accounting standards. In the case of a new enterprise without any financial history, the evaluation will be based on the business plan submitted. The business plan must provide that the enterprise’s head offices and tax domicile be established in Cyprus. The head offices can be common co-working spaces (eg. business accelerators, incubators or co-location with other enterprises) .
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