Earlier this month, the Cyprus government approved a new scheme
aimed at attracting innovative start-ups to establish their
business operations in Cyprus and thus benefit from its
advantageous tax regimes offered to individuals and companies,
whilst at the same time contributing to Cyprus' economy and
job-creation.
The scheme permits third-country (non-EU) entrepreneurs with a
start-up capital of at least €50,000 to set up their
headquarters and achieve tax residence in Cyprus, provided the
proposed business is certifiably innovative and the applicant meets
a set criteria in education and language proficiency.
One hundred and fifty visas will be made available to eligible
investors, which may be an individual or a group, and will be valid
for two years, if an applicant can sufficiently demonstrate a
positive contribution to the Cyprus economy by way of job creation
and growth.
