Cyprus Startup Visa Program: Exciting New Changes for 2025

Residency by Investment
Published Date: 08.01.2025

The Cyprus startup visa program just became more attractive following recent changes approved by the Cabinet on December 18, 2024. Entrepreneurs looking to establish or relocate their businesses to Cyprus will now benefit from extended residence permits, reduced share capital requirements, and increased foreign workforce allowances. These updates are designed to make Cyprus a premier destination for startups at all development stages, boosting the country’s innovation ecosystem.

Extended Cyprus Residence Permits and Simplified Renewal Process

One of the most significant updates is the extension of residence permits from two years to three years. This gives entrepreneurs more time to grow their ventures without worrying about early renewals. Additionally, renewal periods have been stretched to two years, doubling the previous one-year timeframe.

Renewing a startup visa now comes with achievable benchmarks. Entrepreneurs must meet at least one criterion, such as generating 15% revenue growth, securing €150,000 in investments, or creating three new jobs. These updates aim to simplify the renewal process while encouraging impactful contributions to the Cypriot economy.

Lower Share Capital and Increased Workforce Flexibility in Cyprus

The government has halved the share capital requirement from 50% to 25%, making it easier for startups to qualify. This reduction lowers the financial barrier, especially for early-stage businesses.

Moreover, companies can now hire up to 50% of their workforce from abroad, a significant increase from the previous 30%. Businesses investing €150,000 or more can even hire additional foreign staff, providing more flexibility for startups scaling their operations. These changes make Cyprus an ideal hub for global talent and innovation.

Cyprus Enhances Opportunities for Startups of All Stages

The revised program offers benefits for startups at different growth stages, from early ventures to established companies. Entrepreneurs can enter, live, and work in Cyprus while building new businesses or relocating existing operations.

Deputy Minister Nicodemos Damianou emphasized the program’s flexibility, stating it aims to attract startups in various phases of development. He also highlighted that 21 startups have already been approved under the program, showcasing its growing success. With support for innovation programs, product launches, and job creation, Cyprus is solidifying its reputation as a startup-friendly destination.

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Conclusion

The updated Cyprus startup visa program demonstrates the government’s commitment to fostering innovation and entrepreneurship. By extending permits, lowering share capital requirements, and increasing workforce flexibility, Cyprus is now more accessible to global startups. These changes aim to create a thriving ecosystem that supports both local and international entrepreneurs.

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