Cyprus has introduced changes to its startup visa program, effective January 2025. The updated startup visa terms make the program more flexible and accessible to foreign entrepreneurs. Find out what exactly has changed for investors planning to obtain a Cyprus Startup visa

From January 1, 2025, Cyprus will introduce a new Entrepreneur Visa (essentially a residence permit). At the end of December 2024, the Cabinet of Ministers of Cyprus approved changes to the program, which are aimed at making the program “more efficient and attractive”.

The new program allows startup owners and senior managers from third countries, individually or with their families, to enter, reside and work in Cyprus. This may be due to the creation of a new startup, the transfer of an existing one or the opening of a branch.

What has changed in the rules of the Startup Visa in Cyprus in 2025?

In January 2025, the following changes to the Cyprus Startup Visa came into effect:

1. The visa is issued for 3 years (previously for 2), with the possibility of extension for another 2 years (instead of 1 year).

2. Reduction of the share capital requirement. Now the minimum share is 25% of the company's shares (previously 50%).

3. Increase in the share of foreign labor. Now it is possible to hire up to 50% of employees from abroad (previously 30%).

4. Companies investing from 150,000 euros can hire more foreign staff.

5. Additional preferences will be offered to startups with a profit of more than EUR 1 million or R&D expenses of at least 10% of operating expenses over the last three years.

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You will need health insurance to safely move and find employment in a new country. You can issue an extended policy on our website using the link.

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What conditions of the Startup Visa in Cyprus have remained unchanged?

Certain rules for obtaining a Startup Visa in Cyprus have remained unchanged:

1. Requirements for the innovativeness of the startup and high risk.

2. The application processing time is up to 5 weeks.

3. Visa fees: €120 for entry and €130 for extension of residency.

4. Ability for family members to live and work in Cyprus.

What is required to extend the residence permit for Startup Visa holders in Cyprus?

In order to be eligible for an extension of the residence permit in Cyprus, the investor must:

1. Increase profits by at least 15%.

2. Attract investments in the amount of EUR 150,000.

3. Create at least three new jobs.

4. Participate in local innovation support programs or launch a new product or service.

Benefits of the Startup Visa in Cyprus

The program allows founders and managers to create companies, relocate businesses to Cyprus and benefit from tax benefits.

The Cypriot innovation ecosystem continues to grow: the technology sector accounts for 13% of GDP, and 300 fintech companies operate in the country.

The updated rules simplify business immigration and open up new opportunities for innovators.

A total of 21 startups have been established in Cyprus since the program was launched.

As a reminder, Cyprus is a Mediterranean country that attracts expats with its ideal climate and rich culture. We have already told you what the cost of living in Cyprus is in 2024, namely what are the prices of housing, food, transport and much more in the country.

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Igor Usyk - Head of Migration department at VisitWorld

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