Cyprus Reaches Out To Foreign Innovators

Earlier this week, the Cypriot government approved a scheme to attract innovative start-ups to the Republic and thus benefit from its advantageous tax regimes for individuals and companies.

The scheme effectively 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 are 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.