The Cyprus government has decided to expand the Cyprus Startup Visa scheme for another two years and grant up to 150 visas to non-EU and non-EEA nationals to enter, reside and work in for the establishment, operation and development of startups. The new scheme is valid from March 2019 to May 2021 and it is subdivided to two schemes: for individual and for team.

A. INDIVIDUAL STARTUP VISA SCHEME 

Requirements for individuals:

• Access to €20.000, which may include venture capital funding, crowdfunding or other sources of funding.
• Very good knowledge of the Greek and/or the English language.
• The business must be innovative, that is to say its research and development costs must represent at least 10% of its operating costs, in at least one of the 3 years from the submission of the application, certified by an external auditor. For new enterprises, the evaluation will be based on the business plan.
• The company must have its head offices and tax domicile in Cyprus.

Benefits for individuals:

• Right to economic activity and residence in Cyprus for 1 year, with the possibility of a further year of renewal.
• Right to self-employment or right to paid employment in his registered company within Cyprus.
• If the business succeeds: prospective unlimited duration of residence in Cyprus, enjoyment of family reunification and the prospective recruitment of a specific number of non-EU national personnel, without requiring to obtain the prior approval of the Labour Department. The success or failure of the enterprise will be assessed at the end of the second year.

B. TEAM STARTUP VISA SCHEME

Requirements for team:

• Maximum of 5 individuals.
• At least 1 founder and other senior executives. The senior management must belong to the third level of the administrative hierarchy (managers) (C-level employees) and will have the right to stock options.
• Posses, in total, more than 50% of the company’s shares.
• The founder has access to €10,000. In case the founders are more than 2 the total capital must be €20,000.
• At least one of the team members has to hold an undergraduate or an equivalent professional qualification.
• All team members must have a very good knowledge of Greek and/or English Language.
• The business must be innovative.
• The company must have its head offices and tax domicile in Cyprus.

Benefits for team:

• For the Founders: right to paid employment in their registered company within Cyprus.
• For the senior executives: right to paid employment in a company that the founders will register in Cyprus.  
• Prospective residence in Cyprus, without any maximum time restrictions, if the enterprise succeeds.
• Enjoyment of family reunification, if the enterprise succeeds.
• Prospective recruitment of a specific number of personnel from non-EU countries without prior approval of the Labour Department, in case of success of the enterprise.

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