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Cyprus Announces New Startup Visa Changes, Slashes Share Capital Requirement · IMI Podcasts

• 0:00
  SPEAKER_00: Following cabinet approval on december eighteenth, twenty twenty four, Cyprus has enacted modifications to its startup visa program.
• 0:06
  SPEAKER_00: The changes have come into effect today.
• 0:09
  SPEAKER_00: The government has adjusted several core requirements.
• 0:12
  SPEAKER_00: Residence permits now extend to three years from two years.
• 0:17
  SPEAKER_00: Renewal periods stretch to two years from one year.
• 0:21
  SPEAKER_00: Share capital requirements drop to 25%, from 50% foreign workforce allowances rise to 50% from 30%.
• 0:30
  SPEAKER_00: Lastly, companies investing€150,000 or more can hire additional foreign staff.
• 0:36
  SPEAKER_00: Entrepreneurs who want to renew their visas after three years must now achieve one of these benchmarks, generate 15% revenue growth, attract€150,000 in investments, create three new jobs in Cyprus, join local innovation support programs.
• 0:53
  SPEAKER_00: Lastly, launch at least one product or service Deputy Minister of Research, Innovation, and Digital Policy.
• 1:00
  SPEAKER_00: Nicodemos Damiano notes that, quote, the revised plan allows for more flexibility and provides the opportunity to attract startups at all stages of their development, end quote.
• 1:11
  SPEAKER_00: He revealed that the government has approved 21 startups under the program so far.
• 1:17
  SPEAKER_00: The program requires that all employees maintain basic digital skills.
• 1:21
  SPEAKER_00: Non-European Union startup owners and senior executives can enter, live, and work in Cyprus while building new ventures or relocating existing operations.
• 1:31
  SPEAKER_00: The changes aim to accommodate businesses at various development stages, from early ventures to established companies.
• 1:40
  SPEAKER_00: This episode first appeared as an article by Amada Bas on IMIDaily.com.
• 1:45
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