Cyprus Startup Visa

Individual Startup visa scheme – Eligible is a Non-EU country national who will act as the sole founder of an innovative Startup .

Team Startup visa scheme – Eligible is a Team of maximum 5 individuals consisting of Non-EU country nationals. The Team should consist solely of the founders of an innovative Startup or of at least one (1) founder and other senior executives.

In both the Individual and the Team Startup visa scheme at least 25% of the company's shares should be owned by one or more member(s) of the applicant or team of applicants.

to enter, reside and work in Cyprus in order to establish / operate / develop a Startup with a high growth potential.

The Scheme supports the establishment of new innovative Startup or the move of established innovative Startup to Cyprus. Applications for established startups may be for the transfer of an already existing startup to Cyprus or the creation of a branch of the existing startup in Cyprus. In all cases the startup to be established or moved to Cyprus must be an Innovative Startup.

For the purposes of this Scheme, Innovative Startups are defined as unlisted small enterprises up to five years following their registration, which have not yet distributed profits and have not been formed through a merger. The enterprise should have and/or should be developing new products/services/processes that create new or disrupt existing markets. Such products/services/processes are based on new technologies or are adapting existing technologies and/or are employing new business models.

In both the Individual and the Team Startup visa scheme at least 25% of the company's shares should be owned by one or more member(s) of the applicant or team of applicants.

The Applicant/s must submit an application (Annex I) which includes a Business plan demonstrating (1) how the proposed Startup fits the definition according to the EU Regulation no. 651/2014 of 17 th June 2014, and (2) the ability of the Startup to develop new or clearly improved products, services or processes with high technological or industrial risk, which are characterized as innovative in their field / market.

The Business Plan is evaluated by two independent evaluators

4.a. CATEGORY A: Startups at Pre-Revenue Stage or Post-Revenue under €1M

4. b. CATEGORY B: Startups at Post-Certain-Revenue-Threshold

and a Certificate from an External Auditor (Annex ΙV), certifying that its revenue from the sales of products/services/processes is at least €1mil. according to the most recent audited Financial Accounts AND that its research and development costs represent at least 10% of its total operating costs in at least one (1) of the three (3) previous tax years.

Additionally, the company submits its most recent audited Financial Accounts

1. Whether the company has proved to be viable (scaling up) – this shall be proved by a presentation of the company’s N-1 or N-2 year’s audited Financial Statements that demonstrate the company's growth as evidenced by increase of at least 15% in revenue or investments of at least 150k EUR during its period of operation in Cyprus (where N = the current year of re-evaluation).

• For the Founder/s: Right to self-employment or paid employment in their registered company within the Republic.

• For the senior executives (Team Scheme): right to paid employment in a company that the Founders of the Company will register in the Republic.

• For the Founders and Senior Executives family members: (a) immediate right to residency in the Republic, and (b) right to family reunification: the right concerns the Founders’ and Senior Executives’ spouse(s) access to the labour market in the same terms and conditions as the sponsor.

The Deputy Ministry of Research, Innovation and Digital Policy approves or rejects the application within five weeks of receiving a completed application.

The application’s initial approval does not automatically guarantee a right of entry, residence or employment in the Republic.

When the applicant/s obtains the Notification of Initial Approval while abroad, they must submit within six (6) months an application for

If the applicant/s receive the Notification of Initial Approval while legally staying in the Republic, they must submit within one (1) month an application to the Migration Department

In case of approval, a residence permit is issued, valid for one year from the date of the Notification of Initial Approval.

which grants them the right to economic activity in the Republic of Cyprus for two years, with the possibility of renewal for at least another year, from the date of issue.

Right to economic activity and residence in the Republic of Cyprus for three years, with the possibility of renewal. In the case of renewal, a new application may be submitted three months before the end of the third year, in order to assess the success of the company.

If the company is assessed as successful, applicants have the prospect of long-term residence in the Republic.