Cyprus: Cyprus adopts start-up visa for third country nationals

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Cyprus: Cyprus adopts start-up visa for third country nationals

sarantopoulou.jpg
kokoni.jpg

Maria Sarantopoulou

Zoe Kokoni

Cyprus adopted the "start-up visa" plan (start-up permit scheme) on February 15 2017 for third country nationals interested in residing and investing in innovative businesses in Cyprus.

Specifically, it allows talented entrepreneurs from third countries (Non-EU and Non-EEA), be it individuals or group of investors, to reside in Cyprus and to establish and/or operate and develop their own innovative start-up companies with high growth potential, provided that they meet certain criteria.

Such criteria mainly include:

  • Access to €50,000 ($53,000) worth of capital;

  • An innovative scope;

  • Principal offices registered in Cyprus;

  • Exercise of the management and control of the companies from Cyprus;

  • Possession of certain academic qualifications; and

  • Very good knowledge of Greek and/or English.

The criterion of innovation will be considered to be met if 10% of the operational expenses within a certain year are related to research and development.

This national plan will initially be applied for two years, during which 150 residence permits are available to be issued.

The start-up visa plan consists of two parts:

1) The individual start-up visa plan; and

2) The group start-up visa plan.

A start-up group may consist of up to five founders or at least one founder and additional executives (C-level employees entitled to stock options). In any case, the group must not exceed five members. The third country nationals must own, in total, more than 50% of the shares of the company. The founder must have access to €25,000 capital. If the founders consist of more than two, then the capital must amount to at least €50,000 in total.

The benefits of the program include:

  • Residence and work permit issued by the government for one year, with renewal rights for at least another one year;

  • For the founders: ability to be employed by their own company in Cyprus;

  • For the executives: ability to be employed by the company of the founders in Cyprus;

  • Ability to reside in Cyprus without a maximum time limit in case of the company's success;

  • Option of family reunification in case of company's success; and

  • Ability to hire a certain number of foreign staff without the prior approval of the Labour Division, in case of company's success.

The evaluation of success of the company will be performed after two years of operations by the Ministry of Finance or the relevant authority appointed by the ministry. During the evaluation, a number of factors will be taken into account, such as number of employees, taxes paid by the company, exports, income and any further investments in the company.

Maria Sarantopoulou (maria.sarantopoulou@eurofast.eu) and Zoe Kokoni (zoe.kokoni@eurofast.eu)

Eurofast Taxand Cyprus

Tel: +357 22699222

Website: www.eurofast.eu

more across site & shared bottom lb ros

More from across our site

It follows a court case concerning a Freedom of Information request lodged by the founder of a software company
After years of deafening silence, the UK tax authority is taking overdue action against corporates that fail to prevent the facilitation of tax evasion
The US president has raised India’s tariff rate to 50% because of its importation of Russian oil; in other news, firms made key international tax partner hires
Tax auditors themselves had not been aware of the new TP ‘transaction matrix’ requirements, ITR hears as five German partners share their client experiences
Its features include a built-in AI assistant as well as expert insights and commentary from Deloitte specialists
AI is rapidly finding its way into tax advisory services. But how can AI be deployed responsibly, reliably, and in compliance with legal standards?
Specified taxpayers will have to apply a 19% VAT rate on services offered by third parties through their platforms; in other news, Donald Trump imposed 30% South African tariffs
A ‘quiet revolution’ in HMRC’s compliance strategy has caused Adam Craggs to rethink how to advise clients, he tells ITR
If the Reform leader becomes UK prime minister then he may follow the direction of the US in at least one significant way
Trump declared a new national emergency in issuing the order; in other news, Grant Thornton Germany is up for sale and the subject of interest from both its UK and US counterparts
Gift this article