The Cyprus Startup Visa scheme is a newly introduced migration initiative with the aim of encouraging the influx of high-skilled and ambitious tech entrepreneurs from non-EU countries to establish their startup in the Republic of Cyprus. Nationals from third countries can reside and work in Cyprus, as individuals or in a team (of up to 6), in order to develop, establish and operate a startup of high growth potential.
The programme provides for some enticing benefits if the startup is successful at the end of the two-year allocated period. If the startup is successful or presents sufficient development with a potential of future success, then the participants are entitled to:
- Residence in the Republic without any maximum time restrictions
- Family reunification
- Self-employment or Salaried Employment
- Prospective recruitment of specific number of personnel from non-EU countries
For your startup to be successful in its application these are the following conditions that need to be met:
- Access to 20.000 EUR capital
- At least one member of the team has an undergraduate degree or equivalent professional titled
- Good knowledge of English or Greek
- The business is ‘innovative’, i.e. 10% of its budget goes to research and development
- Commitment in the business plan that the enterprise’s head offices and tax domicile be established in Cyprus.
At its current run, the scheme will issue 150 visas.
The timeline of the application will take between 8 weeks to the maximum time limit which is 6 months.
Submit startup visa application >>> Evaluation of application (roughly 5 weeks) >>> Notification of Initial Approval (this does not automatically guaranteed you right of entry/residence/employment) >>> Application for entry/residence/employment permit based on the approval of your startup visa application (must be done within six months, and the process takes 3 weeks).
The documents needed are:
- Copy of a valid passport
- Filled-in Application Form CV
- Proof of good knowledge of English or Greek
- Bank statements proving access to 20.000 EUR
- Business plan (template of which we can provide)
The Startup Permit Scheme is part of the Policy Statement on Strengthening the Entrepreneurial Ecosystem in Cyprus and was launched in March 2019.
The competent authorities for evaluating the application and the business plan are the Ministry of Finance and the Department of Civil Registry and Migration.
How Dionysiou & Partners LLC can assist:
Our experienced professionals can assist with all the stages of the visa application as well as with the development of your startup enterprise. We can offer support in the preparation, collection and submission of all required documents for the registration of your startup company with the Cyprus Registrar of Companies. We can also provide assistance in drafting employment and rental contracts, obtaining the appropriate permits for third-country national employees and their family members, as well as any additional support towards ensuring your startup’s future success.