Cyprus is a land of new opportunities in a warm climate with beautiful landscapes. It is a European state open to business immigration, cooperation, investment, and assistance. Business immigration is supported by the local government as successful projects boost both the Cyprus economy and its image. Therefore, Cyprus Startup Visa is quite popular type of visa there.
Three advantages of immigration to Cyprus
- You will be able to live in Cyprus during the validity period of the residence permit with the ability to leave and come whenever you want (but you cannot be absent for more than three months in a row)
- Get the opportunity to quickly obtain permanent residence and citizenship (subject to certain material conditions) for the whole family (spouse and children under 21)
- You will be able to study, work, do business in the state (depending on the type of permit), use medical services. And also enjoy attractive conditions: income tax in Cyprus is one of the lowest in the world.
Startup Visa in Cyprus
Cyprus Startup Visa is a unique opportunity for progressive entrepreneurs to bring their innovative business idea to life. Entrepreneurs can get real value from their ideas and become residents of a European country (along with their family). Together with the star-up visa, the family of a businessman also receives a residence permit in Cyprus according to a simplified procedure.
It is especially important to open a startup visa in Cyprus for the development of innovations and conducting research activities. A visa can be obtained by both the founder of a startup company and its key managers (up to 5 people). However, on condition that the headquarters for the enterprise will be established.
Requirements for obtaining a Cyprus Startup Visa
- The candidate must be at least 18 years old
- You must fill out an application using a special form
- Confirm the availability of the necessary funds for a startup (20 thousand euros)
- Make a business plan for your startup project
- Know Greek or English
- Have a diploma of completed higher education.
- In case the startup company already exists, the applicant must submit an audit report.
Cyprus startup ecosystem
Since 2018, the government has been granting permanent work permits and permanent residence in Cyprus, if the project can prove itself to be truly successful. This means that there is no time frame for the development of a startup business. The resident can work as long as necessary, thereby replenishing the Cyprus startup ecosystem. Moreover, startups have the right to employ foreigners in their companies.
Thus, investment immigration is very developed here. Foreigners can obtain a long-term residence permit in Cyprus, and after 7 years of residence in the country, they can apply for Cypriot citizenship for themselves and the whole family.
But that’s not all. To attract foreign investment and replenish the Cyprus economy with startups, the government decided to allocate 500 thousand euros for applicants for a Cyprus Startup Visa. The Research Promotion Foundation will provide appropriate funds for progressive entrepreneurs wishing to participate in the Cyprus Startup Visa program.
The EU citizenship
Thus, to obtain permanent residence in Cyprus, it is enough to show the viability of the company and the plan for its promotion. The state gives progressive startups and their families the right to stay in Cyprus for as long as it takes to develop the company. After 7 years of being on the territory of the Republic of Cyprus, a businessman can obtain citizenship of a European country.
Opportunities of program
The compact country Cyprus is confidently moving towards advanced technologies and innovations. The government has created favorable business investment opportunities with the whole family. In Cyprus, 5 co-owners / managers of a company can immigrate and obtain citizenship with one startup visa. There are also venture capital funds in both countries to invest and develop your startup at an early stage.
Outcome
Cyprus Startup Visa gives you a unique chance to realize your idea and develop your own business in Cyprus. In this case, it is not even necessary to invest the initial capital. Residence permit and the issuance of a start-up visa to the whole family under a simplified system is a mandatory attribute of the program.
