• Home
  • >
  • Без категории
7 January, 2025

The rules for issuing startup visas in Cyprus have changed

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%).
18 December, 2024

BVI Extends the Deadline for Filing First Financial Reports

Companies that were required to submit their first (initial) annual reports through a registered agent by September 30, 2024, according to the Notice issued by the Financial Services Commission, now have an additional 9 months to meet this requirement — until June 30, 2025.

Penalties for failing to submit reports within the established deadline include fines of up to $5,000 and the removal of the company from the register.