Startup Visa

The Cyprus Startup Visa is a residence and work permit scheme for non-EU/EEA entrepreneurs who wish to establish, operate, or develop an innovative startup with high growth potential in Cyprus. The programme targets founders in sectors such as artificial intelligence, fintech, biotech, and green energy. It is administered jointly by the Deputy Ministry of Research, Innovation and Digital Policy (DMRID), which evaluates business plans, and the Migration Department, which handles residence permits. Significant revisions took effect on 1 January 2025, extending permit durations and reducing equity requirements. The scheme is valid until December 2026 with a cap of 150 visas.

• Non-EU/EEA national
• Individual Scheme: sole founder with an undergraduate degree or equivalent professional qualification
• Team Scheme: up to 5 members, with at least one holding an undergraduate degree; senior executives must hold manager or C-level positions with stock options
• Proficiency in Greek and/or English
• Innovative business plan with high growth potential
• At least 25% of company shares owned by applying team members (reduced from 50% as of January 2025)
• The startup must allocate at least 10% of operating costs to research and development
• Valid medical insurance
• Clean criminal record

• Individual Scheme: minimum EUR 50,000 (including crowdfunding, venture capital, or other sources)
• Team Scheme with single founder: EUR 25,000
• Team Scheme with multiple founders: minimum EUR 20,000 collectively
• Self-employment path: proof of EUR 10,000/year for living expenses
• Paid employment path: minimum EUR 850/month gross salary for startup employees

• Business plan indicating office locations in Cyprus and recruitment projections
• Short CV for each applicant
• Undergraduate degree or equivalent (translated and certified)
• Proof of Greek and/or English language proficiency
• Valid passport or travel document (minimum 2 years validity)
• Bank statements demonstrating access to required capital
• Audited financial accounts for existing enterprises
• Criminal record certificate
• Medical insurance certificate
• Payment receipt for applicable fees

The initial residence permit is valid for 3 years (increased from 2 years as of January 2025). It can be renewed for an additional 2 years (increased from 1 year). Renewal applications must be filed at least 1 month before expiration, with proof of tax settlement and social insurance contributions. At renewal, the startup is evaluated and may receive one of three outcomes: "Scale-Up" status granting unlimited residence and employment rights, "Intermediate Approval" with a 1-year extension, or "Failure" resulting in permit revocation.

To qualify for Scale-Up status, the startup must demonstrate at least one of the following: 15% revenue growth, EUR 150,000 in new investments attracted, creation of at least 3 new jobs in Cyprus, participation in a local innovation support scheme, or launch of at least one product or service.

Family reunification is available after the startup receives its successful final evaluation. Spouses of startup visa holders gain free access to Cyprus's labour market for paid employment. This benefit was expanded under the 2025 revisions.

As of 1 January 2026, Cyprus has a corporate tax rate of 15% (increased from 12.5%). The IP Box regime can reduce the effective rate to 3% for qualifying intellectual property income. Stamp duty has been abolished. R&D expenditure benefits from a 120% super-deduction (extended through 2030). Tax losses can be carried forward for up to 10 years. Withholding tax on dividends to resident domiciled individuals is 5%. Non-domiciled tax residents are exempt from Special Defence Contribution on dividends, interest, and rental income for the first 17 years.

The process has two phases. In Phase 1, applicants submit their business plan to DMRID via email. The plan is assessed by two independent evaluators across five criteria: international market significance, innovative and expandable model, competitive advantage sustainability, management team quality, and intellectual property protection. A minimum score of 11 out of 15 is required. DMRID issues a decision within 5 weeks. In Phase 2, approved applicants apply for entry and residence permits through the Migration Department or Consular Authorities, processed within 3 weeks. The application fee is EUR 120 for entry and temporary residence permits, plus EUR 130 for permit issuance or renewal, and EUR 70 for first-time Aliens Registry registration.

The startup must maintain its head offices and tax domicile in Cyprus. Co-working spaces, incubators, and business accelerators are acceptable as office locations. The company must be registered in Cyprus and comply with all local business registration and tax filing requirements.

Upon receiving Scale-Up status, startups can recruit up to 5 additional foreign workers earning a minimum of EUR 1,500/month without Labour Department approval. Startups investing at least EUR 150,000 in Cyprus can hire up to 10 additional foreign employees beyond the standard limit. With Labour Department approval, up to 50% of total personnel may be foreign nationals.