As of January 1, Cyprus has changed the rules for obtaining startup visas under a program that allows startup owners to live and work in the country.
What has changed:
- The visa is now issued for 3 years (previously it was 2 years). It can be extended for an additional two years (previously, it could only be extended for one year).
- The requirements for participating startups have been updated: within three years of operation, the company must either increase its revenue by at least 15% or attract investments of at least €150,000.
- To apply for a startup visa, it is now sufficient to own 25% of the company’s shares instead of 50%.
- It is now permitted to hire up to 50% foreign employees (previously, the quota was set at 30%).
12 November, 2024
