{"id":50192,"date":"2025-07-11T15:18:19","date_gmt":"2025-07-11T15:18:19","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&#038;p=50192"},"modified":"2025-07-11T15:18:19","modified_gmt":"2025-07-11T15:18:19","slug":"cyprus-start-up-visa-scheme-revised","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/cyprus-start-up-visa-scheme-revised\/","title":{"rendered":"CYPRUS: START-UP VISA SCHEME REVISED"},"content":{"rendered":"<p><strong>The Cyprus Deputy Ministry of Research, Innovation and Digital Policy, announced on 19 December 2024 that a revised star-up visa has been approved. This revision has as its primary strategic goals the enhancement of innovation and the development of the local entrepreneurship ecosystem. The Cyprus star-up scheme is now more effective, flexible and attractive, contributing to further establishing Cyprus as a start-up hub.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The Scheme enables owners and senior executives from third countries, either individually or as a group, to enter, reside, and work in Cyprus for the purpose of establishing a new start-up or transferring an existing one or its branch to Cyprus.<\/p>\n<p>The key changes to the Scheme, which has already facilitated the operation of 21 start-ups in Cyprus, include the following:<\/p>\n<p>1.Extension of residence permits in Cyprus from two (2) years to three (3) years.<\/p>\n<p>2.Reduction of the share capital requirement held by the applicants from 50% to 25%.<\/p>\n<p>3.Increase in the proportion of foreign employees from 30% to 50%. Introduction of additional foreign personnel hiring, provided that investments in Cyprus equal to or exceed \u20ac150,000.<\/p>\n<p>4. Implementation of distinct evaluation criteria for start-ups generating at least \u20ac1 million in sales revenue and allocating at least 10% of their operating expenses to research and development in one of the past three (3) years.<\/p>\n<p>5. Moreover, more objective evaluation criteria have been introduced for the renewal of the startup visa after the initial three-year period.<\/p>\n<p>The new provisions of the Scheme will come into effect on January 1, 2025<\/p>\n<p>ARTICLE BY Stella Strati: Partner &#8211; Corporate Finance, Tax, Private Client<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-50192","legal_developments","type-legal_developments","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments\/50192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/legal_developments"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/legal_developments"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=50192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}