Cyprus held a regular cabinet meeting during which it approved important changes to the programme for granting start-up visas to foreigners.
This was announced on Wednesday 18th December by the Minister of the Sub-Ministry of Research, Innovation and Digital Policy, Nicodemos Damianou.
According to the changes, startup visas in the island nation will now be issued for 3 years, instead of the current 2 years. At the same time, third-country nationals will be able to renew them for 2 years instead of 1.
The main changes to the scheme are a reduction in the minimum shareholding of the applicant in the share capital of the company from 50% to 25% and an increase in the number of employees that can be recruited from abroad from 30% to 50%.
After the first three years of operation in Cyprus, a start-up must increase its turnover by at least 15% or attract at least €150,000 in investment. It is important to note that startups that invest at least €150,000 in Cyprus may hire additional staff from abroad. However, these employees must have basic digital skills.
Finally, companies must commit to create at least three new jobs in Cyprus, participate in a local innovation support programme or launch at least one product or service.
The new provisions will come into force on 1 January 2025 and are expected to make the Cypriot scheme more attractive and efficient.
The updated programme offers more flexibility and can attract start-ups at all stages of development, from the earliest ventures to more mature companies with revenues from sales or private investment," Damianou stressed.