| FEBRUARY 2017
CYPRUS STARTUP VISA FOR FOREIGN NATIONALS OF NON EU COUNTRIES CYPRUS “STARTUP VISA” (STARTUP PERMIT SCHEME) Wednesday, 15 February 2017 In an effort to support entrepreneurship particularly in the startup sector, the Presidency’s Administrative Reform Unit (ARU), taking into account the international trend and understanding the possibilities and dynamics that characterize these innovative enterprises, promoted the preparation of a National Plan to attract entrepreneurs from third countries for establishing / operating / developing a startup with a high growth potential. The Council of Ministers, today Wednesday 15 February, approved the Cyprus Plan for startups from third countries, the CYPRUS "STARTUP VISA". The Scheme’s goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of the country. The introduction of the "Cyprus Startup Visa" is part of the Policy Statement on Strengthening the Entrepreneurial Ecosystem and was prepared in cooperation with the Ministry of Interior, the Ministry of Labour, Welfare and Social Insurance, the Ministry of Finance and the Ministry of Energy, Commerce, Industry and Tourism and there was consultation with other relevant departments and the Start Up Cyprus. It is based on good practices from other European countries and non European countries, which recognize that innovative companies and startups can have an important role in boosting economic growth, creating jobs and increasing productivity. The "Cyprus Startup Visa" programme/ scheme allows talented entrepreneurs from third countries [outside the European Union (EU) and outside the European Economic Area (EEA)], individuals or in a team, to enter, reside and work in Cyprus in order to establish / operate / develop a startup with a high growth potential, provided that they meet certain criteria including access to €50,000, innovative enterprise, and the enterprise’s head offices and tax domicile be established in Cyprus. The programme/scheme will operate on a pilot basis for two (2) years from February 2017 to February 2019. During this two year period 150 visas will be issued.
| FEBRUARY 2017
PRESIDENCY OF THE REPUBLIC OF CYPRUS