Authorities in Cyprus are planning to issue 150 startup visas until the end of 2026 as part of efforts to attract talented entrepreneurs from countries located outside the European Union (EU) and the European Economic Area (EEA).
Such comments have been made by the Deputy Minister of Research, Innovation and Digital Policy of Cyprus, Nicodemos Damianou, Schengen.News reports.
The program permits persons and teams to enter, reside, and work in Cyprus for up to three years, with the possibility of permanent residency, and also establish and operate startups with high potential.
The Minister told Business Daily that the main objectives of this program are to create new jobs while also promoting innovation and research and developing the business ecosystem in Cyprus.
It is called Vision 2035: for Cyprus to be one of the world’s best places to live, work, and do business in….At the same time, Cyprus is now featured in the Top 45 startup ecosystems globally according to the StartupBlink Global Startup Ecosystem Index.
The Minister said that Cyprus offers incentives to foreign workers to relocate to this country, such as a 50 percent tax exemption for internationals whose income is over €55,000 per year, and it is for 17 years.
Enhancement of the Startup Visa Program
In December 2024, the Council of Ministers in Cyprus approved new changes to the startup visa scheme to attract a larger number of foreigners.
The implementation of the new changes to this scheme was confirmed by the Deputy Minister for Research, Innovation, and Digital Policy, Nicodemos Damianou.
The revised scheme reinforces our key strategic objectives regarding the strengthening of the country’s innovation and entrepreneurship ecosystem.
Among the main changes to this program is extending the residence permit from two to three years. In addition, the renewal periods doubled to two years.
Minister Damianou emphasized that the new changes have been created to attract, particularly, a wave of dynamic startups, diversify Cyprus’ economic model, and drive job creation.
The Minister emphasized that the new changes would become effective from the beginning of this year.
Last year, Cyprus introduced its Golden Knowledge Program in a bid to bring a larger number of tech talent to this country, insisting that the program is not similar to the Golden Passport Program.
