The Cyprus Startup Visa program/scheme allows talented entrepreneurs from third countries outside the European Union (EU) and outside the European Economic Area (EEA), 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, provided that they meet certain criteria. The scheme provides for two categories of applicants: individual scheme and team scheme. (i) Requirements for individual scheme are the third-country national must: be the sole founder of the startup business and must own the majority of the shares; have capital of 50,000 euros or any other sources of funding; hold an undergraduate degree or equivalent professional qualification; and have very good knowledge of the Greek or English language. The enterprise must be innovative. An enterprise is considered innovative if its research and development costs (R&D) represent at least 10% of its operating costs in at least one out of three years preceding the application. In the case of a new enterprise without financial history, the evaluation will be based on the business plan, which will be submitted by the applicant. The business plan must provide information such as the head offices and tax domicile of the enterprise which should be in Cyprus. Requirements for team scheme are that the team must: Comprise of maximum five founder individuals, at least one founder and other senior executives. The senior management must belong to level C of employees and shall have a right of stock options. It must also: process in total more than 50% of the company’s shares; the founder must have access to capital of 25,000 euros, and in case of more than two founders ,the total capital must be 50,000 euros; at least one of the team members must hold an undergraduate degree or an equivalent professional qualification; and all team members must have a very good knowledge of Greek or English. Requirements of the enterprise are that it must be innovative. An enterprise is considered innovative if its research and development costs (R&D) represent at least 10% of its operating costs in at least one out of three years preceding the application. In the case of a new enterprise without financial history, the evaluation will be based on the business plan which will be submitted by the applicant. The business plan must provide information such as the head offices and tax domicile of the enterprise, which should be in Cyprus.
