There is a a third startup visa scheme that will be in place for a two-year period from 2021 until 2023, this time with a state funding of 500,000 euros. The scheme was originally launched on a pilot basis from February 2017 until February 2019, and figures from the Ministry of Finance showed that only 14 applications had been submitted, of which five were approved and six resident permits were granted. Four of the applications that were approved had been submitted by individuals of Russian origin, while one was from the U.S. The applications concerned start-ups in the fields of information and communications technology, marketing, real estate, tourism and energy (batteries). The government extended the application period for the scheme by two years following its completion last February. The revised scheme will be valid
for the period March 2019 to March 2021, during which up to 150 visas can be issued. The Cyprus start-up visa scheme allows entrepreneurs from third countries, individuals or in a team, to enter, reside and work in Cyprus in order to establish/operate/develop a startup with a high growth
potential. The scheme’s goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of Cyprus. Along with the renewal of the scheme the government made amendments to it in an attempt to improve its effectiveness. For example, the amount of
capital that the applicants must have access to has been reduced to 20,000 from 50,000, which may include venture capital funding, crowdfunding or other sources of funding.
Moreover, for persons eligible to participate in the scheme there is no maximum period of residence in Cyprus as long as they are under this scheme. As a result, these persons have the prospect of long-term residency.
