Cyprus Eases Startup Visa Rules: Big Opportunities for International Entrepreneurs

The government of Cyprus has announced significant changes to its startup visa program, making it easier for foreign entrepreneurs to invest and grow their businesses in the country.

Key Updates:

1. Longer visa duration: The startup visa now lasts for 3 years instead of 2. The extension period has also increased from 1 year to 2 years.
2. Reduced share capital requirement: Entrepreneurs now only need to hold 25% of their company’s share capital, down from the previous 50%.
3. Increased hiring flexibility for foreign workers: Startups can now hire up to 50% of their workforce from abroad, compared to 30% previously.
4. Support for larger companies: Businesses with investments of €150,000 or more are allowed to recruit additional foreign employees.

Conditions for visa renewal: To renew their visa after 3 years, businesses must meet at least one of the following criteria:

• Achieve a 15% revenue growth.
• Secure €150,000 in investment.
• Create 3 new jobs in Cyprus.
• Participate in local innovation programs.
• Launch at least one new product or service.

Nicodemos Damianou, Deputy Minister for Research and Innovation, emphasized that these updates would make the program more flexible and appealing, accommodating startups at all stages of development. So far, 21 startups have been approved under the program.

This revamped program not only offers significant opportunities for international entrepreneurs but also supports the growth of Cyprus’s startup ecosystem.