Following Cabinet approval on December 18, 2024, Cyprus has made changes to its Startup Visa program. The changes came into effect January 205.
The government has adjusted several core requirements:
• Residence permits are now extended from two to three years
• Extension periods are extended from one to two years
• Equity requirements drop from 50% to 25%
• Foreign worker allowances increase from 30% to 50%
• Companies investing €150,000 or more can hire additional foreign staff
Entrepreneurs who want to extend their visa after three years must now meet one of these benchmarks:
• Generate 15% revenue growth
• Attract €150,000 in investment
• Create three new jobs in Cyprus
• Participate in local innovation support programs
• Launch at least one product or service
Deputy Minister for Research, Innovation and Digital Policy Nicodemos Damianou notes that “the revised plan allows for more flexibility and offers the opportunity to attract startups at all stages of their development.”
He revealed that the government has so far approved 21 startups under the program.
The program requires all employees to have basic digital skills. Non-EU startup owners and senior managers can enter, live and work in Cyprus while setting up new businesses or relocating existing operations.
The changes aim to support companies at different stages of development, from young companies to established businesses.
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TCME – Group worldwide is a leading professional international foreign trade relations investment and consulting firm, with 17 different departments spread in different countries around the world, with its head office in Malaysia.
We’ve helped thousands of people take their businesses abroad, legally reduce their taxes, and become dual citizens. We focus on high-net-worth individuals and their families as well as businesses, where we design and implement bespoke, holistic strategies for successful investors and entrepreneurs to legally reduce their tax burden, diversify and protect their wealth, invest abroad, a second citizenship and to live a freer life worldwide.
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