Cyprus Business Visa

Startup Visa explained

The Cyprus Startup Visa scheme targets talented entrepreneurs within a team (Maximum 5 individuals) or as individuals from Third Countries only. The scheme has been devised to:

• Create new jobs;
• Promote Innovation and Research;
• Develop the Business ecosystem of the Republic, consequently the economic development of Cyprus.

The scheme is valid until May 2024 with 150 visas that can be issued.

The successful applicants will be able to reside and work in Cyprus, initially for one year to establish, operate, develop a startup with high growth potential, with the possibility to renew for another year or longer if the venture is successful. The founder must meet the requirements, have access to €20,000 to include, venture capital funding, crowdfunding, other sources of Funding, to include:

• Innovative enterprise;
  • Research and Development to be no more than 10% of the operating costs;
• Detailed Business plan to provide details of the Head Οffice and Tax domicile within the Republic;
• 50% of the company’s shares to be owned by one or more members of the team of applicants;
• Proven yearly income of €10,000;
• Right to Self-Employment or right to paid employment in the registered company;
• Has a proven knowledge of Greek and/or English.

The many benefits of this scheme are highlighted below:

• Long term residency if the scheme is successful;
• Paid employment within the company;
• Family reunification if successful;
• Eligible to obtain a “Certificate of Innovative Company”.

Rideo Group professionals will be able to assist you or your team with the application necessary for a positive outcome. The process is complicated but through experience we are able to support you from day 1 until the successful conclusion of the application. The application process in brief can be seen below:

• Submit the application whilst abroad or in the Republic via email to startup.visa@mof.gov.cy, documentation to be submitted in English;
• Application to include individual and team members names and company status;
• Detailed Business plan to include;
• Office location in Cyprus;
• Employee numbers that it’s planning to recruit;
• CV of all team members;
• Proof knowledge of Greek or English language;
• Copy of valid Passports or other travel documents with a validity period of at least 2 years;
• Bank account statements that show at least 2 founders have access to €20,000;
• Existing Business to include recent audited accounts.

Once the application has been submitted the Consular Authority will evaluate the evidence and notify the member or members of its decision, the process usually completes in 5 weeks from the date of submission. It must be noted that approval does not automatically guarantee entry into the Republic.

If the application is successful then the members must individually apply (within 6 months) for a visa to the Consular Authorities of the Republic or to the Department of Civil Registry and Migration to secure an Entry Permit, fees are required which Rideo Group will advise at the time of application.

The next step after the Entry Permit has been issued is to arrange for a Work and Residence Permit, this to be completed within 1 month of arrival into the Republic. The application requires the individual to submit the documentation and pay relevant fees to the Department of Civil Registry and Migration. Documentation required at this stage is:

• Indication as to whether the individual will be employed as a paid employee in the company;
• Biometric Data in the form of photograph and fingerprints;
• Applicants signature.

When the Residence Permit requires renewing, the applicant should apply to the Department of Civil Registry and Migration at least 1 month before expiration and pay the relevant fees. The renewal application must be accompanied by the following documents:

• Proof of Tax/Salary payments to the Social Insurance Fund;
• Biometric Data in the form of photograph and fingerprints;
• Applicants signature.

The possibility of recruiting additional team members up to the maximum of 5 persons is allowed as long as it is within 2 years of initial approval, this is subject to the relevant checks and approval being obtained from the Department of Labour.

If the renewed Residence Permit is due to expire then the applicant needs to submit a new application (within 2 months of expiry) to the Competent Authority, who will evaluate whether the startup is successful by presenting sufficient development (scale up), has failed or, has not presented sufficient development but has a potential of success.

Any application for renewal must be submitted via email to the Competent Authority startup.visa@mof.gov.cy with the relevant documentation:

• Revised Business Plan;
• Proof of Contributions payments;
• Status of Insurable Earnings to the Social Insurance Fund for all team members;
• Corporate Tax Clearance Certificate from the Department of Tax;
• Annual Corporation Tax payment receipt from the Registrar of Companies and Official Receiver;
• Company's personnel status form;
• Signed and audited accounts by independent auditors;
• Bank account statements;
• Proof that at least 2 team members have access to €10,000 each which may include venture capital funding, crowdfunding or other sources of financing.

The authority will take the following into account during the assessment to reach its decision:

• Number of jobs created;
• Taxes paid by the company;
• Companies exports;
• Companies revenue;
• Any additional investments made within the company.

The decision will be available within 5 weeks and will be in the form of one of the following reasons:

1. The company is scaling up;

a. Personnel working in the company will be ensured the right of Residence and employment in the Republic with no time constraints. Employees will be allowed to access their right for Family Reunification, in accordance with Immigration Laws;

b. The company will be able to recruit additional personnel that do not exceed 3 individuals without prior notification of the Department of Labour and will receive a gross monthly salary of at least €1,500. The additional foreign employees will be allowed to reside in Cyprus with no time limit, as long as they are employed by the company with relevant checks completed and approved.

2. The enterprise has failed:

a. If the evaluation is negative the contact person will be notified by the Competent Authority as will the Department of Civil Registry and Migration. The personnel will need to depart from the Republic of Cyprus.

3. The enterprise, although it has not presented sufficient scale up, has a positive outlook for success:

a. If the Competent Authority considers the start up has potential to develop then the contact person will receive a Notification of Intermediate Approval;

b. Upon receipt of the Notification of Intermediate Approval all personnel should update their Residency Permit by applying to the Department of Civil Registry and Migration for renewal;

c. Renewed Residence Permits will be examined within 3 weeks after submission and approved for a further 1 year from the date of the Notification of Intermediate Approval with each individual applicant notified accordingly;

d. Two months before the expiration date the renewed Residence permit will require reapplication to the Competent Authority for final evaluation as to whether the start up has succeeded or failed;

e. Further documentation may be required by the Competent Authority, any application will be free of charge.

The Competent Authority will assess the request within 5 weeks and make its decision on whether the operation has succeeded or failed and will notify the contact person and the Department of Civil Registry and Migration for further action.

Rideo Group colleagues are on hand to assist with the application, work together with the applicant or team members for a smooth transition and successful outcome. If you are interested in pursuing this opportunity please contact us for an informal chat and to discuss how we can help you.

The Republic of Cyprus is a popular destination for both tourists and immigration opportunities, this is why many investors and families look at relocating here permanently. The benefits of living in Cyprus:

• Safe living environment - One of the European Union's (EU) lowest crime rates;
• Over 300 days of warm sunshine;
• Cheaper standard of living;
• Beautiful beaches and countryside;
• Wonderful places to visit;
• Historical sites;
• Large expatriate community;
• Member of the EU - including all the benefits that being a member brings;
• Favorable location situated between;
• Asia;
• Middle East;
• Africa.
• Warm hospitality with healthy lifestyle;
• Excellent Education and healthcare facilities.

Many people look to invest in the Republic of Cyprus, whether it’s for residing in or investment purposes.

Rideo Group professionals are here to advise and guide you through the application process of becoming a Permanent Resident in the Republic of Cyprus via Investment.

In pursuant of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior decided to issue permits in the case of investment.

Permanent Residence by Investment allows the applicant to reside in Cyprus with no limitations, there are certain criteria that need to be met. We will look at these in more detail but an investment in excess of €300,000 + 19% VAT (from abroad by Bank Transfer) and an annual income of at least €30,000 deriving again from abroad from employment income, dividends, pensions etc is required. Investments can be in the form of:

• Investment in residential property;
• Two investment properties may be purchased.
• Commercial investment;
• Shops;
• Offices;
• Hotels;
• Real Estate developments (excluding houses and apartments);
• Or a combination of the above.
• Shares within a Cypriot Company or investment fund;
• Must be based in Cyprus;
• Company to have a minimum of 5 employees, evidence of personnel via Social Insurance Service payments;
• Organisation Collective Investments AIF, AIFLNP, RAIF.

Family members are welcome to join the applicant in Cyprus but the amount of €5,000 per each additional dependant (spouse or child) and €8,000 per parent will be required.

As with all applications there is documentation required at the time of submission, this is where  experienced colleagues at Rideo Group are able to assist and apply on your behalf. The complex and time consuming process follows the criteria below:

• Form MIP1 to be submitted electronically to the Civil Registry and Migration Department (CRMD) in Nicosia;
• The applicant and spouse must submit a clean Criminal Record Certificate from their country of residence, this is to prove that the applicants are not considered a threat to public order or public security in Cyprus;
• Marriage Certificate duly certified and officially translated to Greek or English;
Children's Birth Certificate (if applicable) duly certified and officially translated to Greek or English;
• The applicant confirms that they do not intend to undertake any sort of employment in Cyprus with the exception of their employment as Directors in a Company that they have chosen to invest in;
• In cases where the investment does not concern the Company's share capital, the applicant is allowed to be a shareholder in a company registered in Cyprus and the income from dividends may not be considered negatively when obtaining an Immigration Permit;
• Applications to be submitted to the CRMD in person or through Rideo Group, upon submission a fee will be required, one of the team will advise of the cost at the time of application;
• Authorisation of Representative, signed and certified.

The expected time frame required for each application if all criteria are met is approximately 2 months.

Rideo Group will be happy to assist with your application and are here to answer any queries or concerns that you may have. Please contact us +357 96476162, (WhatsApp) email: info@rideogroup.com Permanent residence due to business investment.