Cyprus Start-Up Visa: A Comprehensive Guide
Cyprus Start-up Visa: An Overview
The Cyprus Start-up Visa is a program designed by the local government to boost the nation’s business potential. It allows non-EU entrepreneurs with innovative business plans to establish, operate, live, and work in Cyprus.
This program is typically valid for a period of two years and operates with a quota limit. For example, the total quota for the Cyprus Start-up Visa program is limited to just 150 slots during the 2024–2026 cycle.
Holders of the Start-up Visa are granted the following rights:
1. Residency and Extension: They are allowed to operate their business locally for a period of three years. This visa can be extended for at least two additional years and, if the venture is successful, it can be converted into a long-term residency permit for permanent stay in Cyprus.
2. Hiring Foreign Employees: Visa holders can hire foreign employees and apply for their employment visas without being subject to standard visa constraints. However, a key condition is that the ratio of Cypriot employees to foreign employees within the company must be at least 5:5. If the investment in the start-up company reaches or exceeds €150,000, the number of foreign employees may be increased at the discretion of the authorities.
3. Tax Benefits: Both the visa holder and any employees with an annual salary exceeding €55,000 are eligible for a 50% tax exemption on their income.
Eligibility Criteria:
The Cyprus Start-up Visa is divided into two distinct schemes based on the number of people involved in the founding team:
1. Individual Start-up Scheme
This option is for a single person who establishes and applies for a start-up company. The applicant must be a key technical or executive figure within the new enterprise.
2. Team Start-up Visa Scheme
This is for an entire founding team applying collectively. The team size is limited to a maximum of five members, who must collectively own more than 25% of the new company’s equity. In certain situations, the team may also be required to meet a minimum investment threshold of either €25,000 or €50,000.
Regardless of the scheme, every applicant must individually satisfy the following conditions:
Must hold a university-level degree or higher qualification.
Must be proficient in either English or Greek.
Must possess a minimum of €20,000 in capital to launch the project. (This financial requirement is reduced to €10,000 for teams consisting of two or fewer members).
The main hurdle in securing the Cyprus Start-up Visa is demonstrating the company’s viability: you must provide clear evidence that the new venture is genuinely innovative and supported by a credible, high-potential business plan.
Cyprus Start-up Via: Application Process
You can submit your Start-up Visa application either from overseas or from within Cyprus to the Deputy Ministry of Research, Innovation and Digital Policy. All required documents must first be submitted via email to: startupvisa@dmrid.gov.cy.
Required Documents:
The necessary documents for this program include:
Applicant Identification Documents: The principal applicant’s passport (valid for at least two years), passport-sized photos, and a personal business résumé (CV).
Business Plan.
Proof of Financial Resources: The principal applicant must provide a bank statement showing a deposit of at least €20,000 to prove financial capability.
Language Proficiency Proof: You need to demonstrate proficiency in at least one of the following languages: English or Greek.
Tax Documentation: If you are applying for the Start-up Visa using an already established company, you must provide the company’s previous tax filings to demonstrate its financial status.
All documents that are not in English or Greek must be translated into English. Furthermore, all documents must be Apostilled (Hague Convention certification) or certified by a Cypriot embassy or consulate.
Assessment and Approval:
The Deputy Ministry of Research, Innovation and Digital Policy will review the applicant’s qualifications and the business plan. The initial review process typically takes around five weeks.
The Ministry evaluates the project across five key dimensions, with a maximum score of 3 points for each:
1. Significant international market with upward trends.
2. High-growth business with an innovative and expandable business model.
3. A clear and sustainable competitive advantage.
4. Management Team.
5. Intellectual Property Protection.
If your project scores at least 11 out of a possible 15 points and there is still available quota for the program, the application will receive preliminary approval.
Visa Submission and Issuance:
Once preliminary approval is granted, the applicant will receive an official notification. You must then submit the final Start-up Visa application to a Cypriot embassy or consulate overseas, or to the Department of Civil Registry and Migration if you are already in Cyprus, within six months of receiving the notification.
The final visa processing time generally takes around three weeks.
Visa Validity:
Visa Duration and Renewal:
The Cyprus Start-up Visa is initially valid for three years. Upon expiry, it can be extended for an additional two years, depending on the operating status of the company. If the business proves successful, the visa can be converted into a long-term residency permit, allowing the holder to reside in Cyprus permanently.
The key to renewing the Cyprus Start-up Visa is that the start-up company must meet at least one of the following five conditions:
1. The company has generated a profit of at least 15%.
2. The company has employed a minimum of three Cypriot citizens.
3. The company has successfully attracted at least €150,000 in investment.
4. The company has successfully launched at least one product or service.
5. The company has participated in one or more official innovation support programs organized by the Cypriot government.
Permanent Residency:
Foreign nationals are eligible to apply for Permanent Residency after legally residing in Cyprus for a period of five years.
Naturalization:
To be eligible to apply for Cypriot citizenship by naturalization, a foreign national must:
Have legally resided in Cyprus for a total of seven years (2,555 days).
Have continuously resided in the country for the entire year immediately preceding the citizenship application date.
Be over 21 years old.
Have a clean criminal record.
Still satisfy the original conditions of the visa they hold.
Generally demonstrate a basic knowledge of the local language, history, and culture.
The required residency period can be shortened for applicants who are the spouse of a Cypriot citizen (three years) or those deemed highly skilled professionals (five years) needed in the local market.
Useful Links:
Cyprus Civil Registry and Migration department：http://www.moi.gov.cy/moi/crmd/crmd.nsf/home_en/home_en?openform
Cyprus Start-up Visa: https://www.dmrid.gov.cy/dmrid/research.nsf/startupvisa_en/startupvisa_en?OpenDocument