Cyprus Plans to Issue 150 Startup Visas to Non-EU Entrepreneurs by 2026

Cyprus Plans to Issue 150 Startup Visas to Non-EU Entrepreneurs by 2026

Key Takeaways

  1. Cyprus plans to issue 150 startup visas to entrepreneurs from non-EU and non-EEA countries by 2026.
  2. Nicodemos Damianou, Cyprus' Deputy Minister of Research, Innovation, and Digital Policy, stated that the program's goal is to create new jobs.
  3. The startup visa initiative aims to foster innovation and business development within Cyprus.

Cyprus is set to issue 150 startup visas by 2026 to attract skilled entrepreneurs from outside the European Union (EU) and European Economic Area (EEA). This announcement came from Nicodemos Damianou, the country's Deputy Minister of Research, Innovation, and Digital Policy.

The program allows entrepreneurs and their teams to live and work in Cyprus for up to three years, with the potential for permanent residency. It also supports the establishment and operation of high-potential startups.

According to Damianou, the program aims to generate new job opportunities, promote innovation and research, and enhance Cyprus' business ecosystem. He highlighted that the initiative is part of the country's Vision 2035, with the goal of making Cyprus one of the best places globally to live, work, and conduct business. Cyprus is currently ranked among the top 45 startup ecosystems worldwide, as per the StartupBlink Global Startup Ecosystem Index.

Cyprus also offers incentives to foreign workers, such as a 50% tax exemption on income exceeding €55,000 per year for 17 years.

Enhancement of the Startup Visa Program
In December 2024, the Cyprus Council of Ministers approved changes to the startup visa program to attract more foreign entrepreneurs. These changes were confirmed by Damianou.

The updated scheme aligns with the country’s strategy to strengthen its innovation and entrepreneurship sectors. Key modifications include extending the residence permit from two to three years and doubling the renewal period to two years.

Damianou emphasized that these revisions aim to attract dynamic startups, diversify Cyprus' economy, and stimulate job creation. These changes are set to take effect at the start of this year.

Additionally, Cyprus introduced the Golden Knowledge Program last year to attract more tech talent, distinguishing it from the Golden Passport Program.

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