ARTICLE · 26 DECEMBER 2024

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Cyprus Enhances Its Startup Visa Scheme To Boost Innovation And Attract Global Talent

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The Cypriot government has recently approved substantial revisions to the Startup Visa scheme, aimed at making Cyprus an even more attractive destination for innovative entrepreneurs from non-EU countries.

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The Cypriot government has recently approved substantial revisions to the Startup Visa scheme, aimed at making Cyprus an even more attractive destination for innovative entrepreneurs from non-EU countries. As outlined by Deputy Minister of Research, Innovation, and Digital Policy, Nicodemos Damianou, the modifications are designed to enhance the effectiveness of the scheme and support the nation's strategic objectives in innovation and entrepreneurship.

Key Updates to the Startup Visa Scheme:

Extended Residence Permits:
- The duration of residence permits has been increased from two to three years, with the possibility of renewing for an additional two years.
Reduced Equity Requirements:
- The equity ownership requirement for startup founders has been lowered to a minimum of 25% of the share capital, making it easier for diverse teams to qualify.

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