New Startup Visa Rules in Cyprus from 2025!

On December 18, the Council of Ministers of the Republic of Cyprus approved changes to the Startup Visa program for citizens of non-EU countries. The updated rules will come into effect on January 1, 2025. According to the Minister of Research, Innovation, and Digital Policy, Nikodimos Damianou, these changes aim to make the program “even more effective and attractive.”

Key updates to the program:

• Extension of visa validity

One of the most significant changes is the extension of the Startup Visa duration. It will now be issued for three years instead of two, with the possibility of extension for an additional two years instead of one. This will allow entrepreneurs to focus on business development without frequent documentation renewals.

• Reduction of company ownership threshold

To obtain a visa, it is now sufficient to own 25% of a company’s shares (previously 50% was required). This change makes the program more accessible to a broader audience of entrepreneurs, including those working within partnerships or joint projects.

• Increase in the limit for foreign employees

The program also simplifies the process of hiring international specialists. Startups can now hire up to 50% of employees from abroad instead of the previous 30% limit. Additionally, companies investing at least €150,000 in the Cypriot economy will be able to attract additional personnel from other countries. This is particularly relevant for technology companies that require access to international talent.

• New requirements for visa renewal

To renew the visa, the startup must meet one of two conditions:

• Increase company revenue by 15% within the first three years
• Attract at least €150,000 in investments

These requirements encourage founders to actively develop their businesses and attract external resources.

• Conditions for startup growth

The program sets clear objectives for participants. To operate successfully, the startup must:

• Create at least three jobs
• Participate in local innovation projects or launch at least one product or service on the market

These conditions are aimed at integrating startups into the Cypriot economy and supporting the local market.

The updated Startup Visa program in Cyprus offers more flexible and attractive conditions for entrepreneurs. These changes make Cyprus an even more competitive platform for startup development and innovation-driven business.

If you plan to launch your startup in Cyprus, now is the time to start preparing for the updated program.

Contact us for a consultation!