The Cyprus Startup Visa is a government initiative designed to attract innovative businesses to Cyprus. This guide explains every aspect of the scheme, from eligibility to the application process, in clear, simple terms.

What is the Cyprus Startup Visa?

The Cyprus Startup Visa allows entrepreneurs from outside the European Union (EU) and European Economic Area (EEA) to live and work in Cyprus to build their startup companies. The programme runs until December 2026 with 150 visas available.

You might think 150 visas isn’t much. But that’s the point. The programme is designed to be selective, not quantity focused. The Cyprus government isn’t looking to approve any business idea – they’re looking for innovative startups with real potential to succeed and contribute to the growing ecosystem of Cyprus.

Think of it this way: if you have a solid startup idea you truly believe in, the limited visas shouldn’t scare you off. Instead, see it as a sign of the programme’s commitment to supporting serious, well thought through ventures.

But this selectivity means one thing: your application needs to be very well prepared. Even the best startup idea needs to be communicated well through your application and business plan. You need to show not just what your idea is but why it’s innovative, how it will work, and what impact it will have on the market.

That’s exactly why we created this guide. We’ll take you through the application process step by step, so you know what evaluators are looking for and how to present your startup in the best possible way. Think of this guide as your roadmap to creating an application that reflects your startup’s potential.

What is an “Innovative Startup” Under the Scheme

Let’s get into the details of what Cyprus considers an “innovative startup”. First, your company must meet all of these:

And what makes a startup “innovative”? Your company must be doing at least one of these:

• Creating new products, services or processes
• Disrupting existing markets
• Using new technologies or existing ones in new ways
• New business models

Who can apply: Two types of applications

Individual Startup Visa

For single founders who want to start their company alone. You must:

• Be from a non-EU/EEA country
• Own at least 25% of the company’s shares
• Be the sole founder of the startup

Team Startup Visa

This option allows up to 5 people to apply together. The team can be:

• All founders
• OR at least one founder plus senior executives

In both cases at least 25% of the company’s shares must be owned by one or more team members applying for the visa.

Benefits of the Cyprus Startup Visa

For Founders and Senior Executives

For Family Members

Application Categories and Requirements

Category A: Startups at Pre-Revenue Stage or Revenue under €1M

This category is for two types of startups:

1. Companies that haven’t made any sales yet
2. Companies with revenue under €1M

Understanding the Evaluation Process

So how does it work? Think of it like a judging panel at a competition. Two independent evaluators will review your business plan. Each one will score you out of 5 in 4 areas. To pass you need:

• At least 3 out of 5 in each area
• A total score of at least 15 out of 20

If both evaluators give your plan good scores (at least 3 points in each area AND a total of at least 15 points), you pass! Your company is considered 'Innovative' and you can move forward with the visa process.

If only one evaluator gives you passing scores, a third evaluator steps in as a tiebreaker. It's like getting another opinion when two judges disagree.

Criterion 1: Implementation (5 marks)

This criterion looks at your team’s ability to actually build what you propose.

Let's break it down:

Criterion 2: Impact: Commercial Strategy, Scalability and Sustainability (5 marks)

This section assesses your business strategy and growth potential. It’s about proving your idea can be a real business.

A couple of examples:

Criterion 3: Innovation & Feasibility (5 marks)

This criterion assesses how innovative and feasible your idea is. Let's break this down with a practical example:

A bad example would be proposing a standard food delivery app with no unique features – it’s already been done and doesn’t advance the state of the art.

Criterion 4: Financing Plan (5 marks)

Here you show the money makes sense. You need financial projections for 3 years.

The key is to be realistic. If you say you’ll reach €10 million in revenue in year 1 with no clear path to get there, evaluators will be skeptical.

Tips for Success

Category B: Post-Revenue Startups (€1M+)

For startups that are already gaining significant traction, Category B offers a different path. This might be for you if your startup has already proven itself in the market.

Here's what you'll need to qualify:

• Audited financial statements showing €1M+ revenue in your last year

• Proof that your R&D spend was at least 10% of your total operating costs in at least one of the last three years

• A detailed certificate from an external auditor who certifies that your revenue from your sales is at least €1M.

R&D requirement.

Your financial statements need to clearly show these research and development costs - they can't be buried in other categories.

The Application Journey: From Submission to Approval

Step 1: Initial Application

The first step is to submit your application to the Deputy Ministry of Research, Innovation & Digital Policy. Here's what happens:

Step 2: After Initial Approval

If you get approved, your next steps depend on where you are:

If you're outside Cyprus:

• You have 6 months to apply for your visa

• Submit your application through Cyprus Consular Authorities or the Migration Department

• They'll process it within 3 weeks

• Once approved, you must enter Cyprus while the visa is valid

If you're already in Cyprus:

• You have 1 month to apply for your residence permit

• Submit through the Migration Department

• Processing takes about 3 weeks

• If you're here as a visitor, you'll need special permission to change your status (this takes about 5 weeks)

Building Your Team: Understanding the Hiring Options

One of the most valuable aspects of this visa is the flexibility it offers for building your team. Let's break down exactly what you can do:

Initial Team Building

Basic Hiring Package:

• Hire up to 5 non-EU employees immediately
• Must pay each person at least €1,500 gross monthly salary
• They have the right to stay in Cyprus and work for your startup
• Their families can join them in Cyprus
• No need for Department of Labour approval

Investment-Based Expansion: If you invest €150,000 or more in Cyprus:

• Get 10 additional hiring slots (on top of the first 5)
• Same conditions apply (€1,500 minimum salary, residence permits, family benefits)
• Still no Department of Labour approval needed

Further Growth Options: Need even more team members? You can:

• Hire additional foreign workers through standard work permits
• Must keep foreign workers under 50% of total staff
• Still need to maintain €1,500 minimum monthly salary
• Department of Labour approval required
• No labor market test if salary is €1,500+

The Renewal Process: Long-Term Residence in Cyprus

After your initial three years, you can renew your visa for at least another two years. To do so, you must submit a new application two months before the end of the third year where you'll need to prove your startup is successful. Here's exactly what the evaluators will look for:

1. Business Growth Metrics

You need to show at least ONE of these:

• Revenue growth of 15% or more (shown in audited statements)

• Investment of at least €150,000 in Cyprus

2. Ecosystem Impact

Again, you need at least ONE of these achievements:

• Created at least 3 new jobs in Cyprus

• Actively participating in a local incubator or accelerator program

• Launched at least one new product or service that contributes to innovation and research

3. Digital Skills Requirements

This is about proving your team's technical capabilities:

For Individual Founders:

• Need at least 2 internationally recognized certificates

• Can be in: IT, Digital Marketing, Data Analytics, Machine Learning, Design/UX, Project Management, or New Product Development

For Teams:

• Each team member needs at least 1 certificate in these areas

• The Ministry might request specific certificates if they see gaps

Two months before your permit expires, submit your renewal application. The Ministry will evaluate it within 5 weeks.

If Your Application Gets Rejected

The response depends on your application category:

For Category A Applicants:

• If you scored above 12/20 but didn't quite make the cut, you get one more chance

• You'll receive detailed feedback from the evaluators

• Use this feedback to revise your business plan

• Submit your improved application

For Category B Applicants:

• Focus on clearly documenting your financials

• Make sure your R&D expenses are properly categorized

• Consider whether Category A might be a better fit

• You can also consider reapplying with improved documentation

Final Thoughts: Is the Cyprus Startup Visa Right for You?

The Cyprus Startup Visa is a unique entry point for innovative entrepreneurs from outside the EU who are ready to scale their startup. What makes this so exciting is that it’s not just about being allowed to live and work in Cyprus – it’s being part of a growing ecosystem that has many advantages for new businesses.

One of the best things about setting up your startup in Cyprus goes beyond the visa itself. The country has one of the lowest corporate tax rates in Europe and non-dom shareholders can pay 0% tax on dividends. These financial benefits can make all the difference in your startup’s early years when every euro counts.

How EasyCorporate can help

We’ve designed this guide to help you apply on your own but we know some entrepreneurs prefer extra support to make sure everything is done correctly. If you need help with any part of the process – from application preparation to company registration and beyond – our team is here to assist you. We’ll guide you through each step and make sure all requirements are met and all documentation is in order.

Don’t forget success in this programme is not just about having an innovative idea but about being able to communicate your vision and show your startup’s potential. Whether you go it alone or with professional support the key is to be thorough, honest and clear about how your business can contribute to the growing Cyprus entrepreneurial ecosystem.

If you need help with your startup journey in Cyprus, make sure to Fill in this Form or just send us an email at andreas.nicolaou@easycorporate.com.cy .

FAQ: Common Questions About This Topic

I'm from the EU, can I apply for the Cyprus Startup Visa?

No, the Cyprus Startup Visa is specifically designed for entrepreneurs from outside the EU and EEA. As an EU citizen, you already have the right to live and work in Cyprus. You can start your business in Cyprus directly, without needing this visa scheme.

Do I need to have my company registered before I apply?

No, you don’t need to have a registered company in Cyprus when you apply. You can submit your application with just your business plan and required documents. Once approved you will have time to register your company. If you have an existing company elsewhere you can either transfer it to Cyprus or open a branch.

Can my spouse work in any company or only in my startup?

Your spouse has the same work rights as you do in Cyprus. They can work for any company, not just your startup. This is part of the family reunification benefit and is very valuable as many other startup visa programs restrict spouse employment options.

What happens if my startup fails during the 3 year period?

The program understands that startups are risky. If your startup fails you will need to report this to the authorities. While this may affect your renewal chances you will have time to pivot your business model or start a new venture as long as you maintain open communication with the relevant authorities.

Can I run other businesses alongside my startup?

Your startup visa is tied to the specific innovative business described in your application. While you can invest in other companies, your main business activity must be the development of the approved startup. This ensures focused attention to the innovative venture that got you the visa.

How strict is the innovation requirement really?

Very. The evaluators look for genuine technological or business model innovation that creates new markets or disrupts existing ones. Bringing an existing business model to Cyprus or making minor improvements to existing solutions won’t qualify. Think substantial technological advancement or fundamentally new ways of solving problems.

What if I don’t have formal tech qualifications but my idea is innovative?

The evaluation focuses more on the innovation potential and feasibility of your business plan rather than your formal qualifications. However you will need to demonstrate how you will execute your idea. This might mean having team members with technical expertise or showing concrete plans to acquire the necessary technical capabilities.

Do I need to be physically present in Cyprus throughout the visa period?

While the visa doesn’t require constant presence, you need to have genuine business activity in Cyprus. Your startup’s management and control should be based in Cyprus even if you travel frequently. Long absences may affect your renewal application.

Can I apply for funding from Cyprus government programs?

Yes, having a startup visa makes you eligible for various local funding opportunities. Many Cyprus government programs support innovative startups, including grants and R&D funding. However these are separate applications from your visa process.

How much do I need to invest?

No minimum investment required for the initial visa. However you need to show sufficient funds to support your business and living expenses. For reference €40,000-€50,000 for basic startup costs and initial operations.