The Council of Ministers has approved significant revisions to the “start-up visa” scheme, aiming to enhance its appeal and impact, Deputy Minister of Research, Innovation, and Digital Policy Nikodemos Damianou announced on Wednesday.
Since its inception, the scheme has facilitated the operations of 21 start-ups in Cyprus, Damianou noted. The program enables start-up founders and senior executives from non-EU countries to enter, reside, and work in Cyprus to establish new ventures or expand existing ones.
“These updates align with our strategic goal of bolstering the country’s innovation and entrepreneurship ecosystem,” Damianou said after the cabinet meeting. He highlighted that the revised scheme supports job creation in high-tech industries, stimulates economic growth, and diversifies Cyprus’ economic model.
Key Changes to the Scheme
The revised plan introduces several improvements, including:
Damianou emphasized that the updated scheme offers flexibility, catering to start-ups at all stages—from early-stage ventures to established companies generating revenue or attracting private investments.
Stricter Renewal Criteria
To renew their start-up visa after the initial three-year period, businesses must meet objective criteria. These include:
Additionally, employees must possess basic digital skills.
The revised scheme will take effect on January 1, 2025.
Source: Stockwatch Cyprus