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

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

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

Brazil appears to be adopting protocols to align national taxation with international standards, but recent changes are not immune from criticism, experts tell ITR
The US president did not have the authority to impose the tariffs, a court ruled; in other news, Fried Frank and Crowe Ireland made key tax hires
Pillar two considerations have become a fact of life for taxpayers everywhere, not least in Switzerland, where companies nonetheless continue to be active with investment
The Dutch TP software company’s co-founder tells ITR about speeding up documentation processes, following in Steve Jobs’s footsteps, and what makes tax cool
The ruling underscores the need for companies to provide robust and defensible valuations of intangible assets, one partner tells ITR
Pillar two is certain to be a game-changer for tax advisers and their clients. Russell Gammon of Tax Systems outlines 10 reasons why
Despite a general decline in corporate tax rates around the world, jurisdictions are now more reliant on it than in 1990, a Tax Foundation economist found
Australian law firm Webb Henderson’s report said PwC had met 46 of 47 targets; in other news, the OECD has issued new transfer pricing country profiles
The arrival of a seven-strong team from Baker McKenzie will boost WTS Germany’s transfer pricing capabilities and help it become ‘a European champion’, the firm’s CEO said
Germany has forgotten to think about digital reporting requirements, a WTS partner claimed at ITR’s Indirect Tax Forum 2025
Gift this article