3rd Cyprus Start-up Visa scheme on the anvil

The 3^rd Cyprus Start-up Visa scheme is already being devised by the Finance Ministry of Cyprus. This will be operational for 2 years from 2021 to 2023. Following the decision of the Cabinet, it will have a funding of €500,000 from the State this time.

For the first time, the Government has decided to fund the Cyprus Start-up Visa scheme with ½ million Euros. This is through the budget of the Research Promotion Foundation. It aims to enhance the appeal of the scheme for investors from 3^rd nations. This is because it has so far not yielded the anticipated results, as quoted by the In Cyprus.

The 3^rd Cyprus Start-up Visa scheme was started in 2017 February on a pilot basis. Only 14 applications have been filed as per the statistics of the Finance Ministry. Out of these, 5 applications were approved and 6 Residence Permits were offered.

Out of the 5 approved applications, 4 were filed from the US by Russian-origin individuals. The applications pertain to diverse sectors. These include Energy, Tourism, Real Estate, Marketing, and ICT - Information and Communications Technology.

One of the sources from the Finance Ministry said that the effectiveness of the scheme is below expectations. This is because just 14 applications were filed in 2 years while 6 were approved. However, 150 Cyprus Start-up Visas could be offered, added the source.

The application period for the Cyprus Start-up Visa scheme was extended for a period of 2 years. This was following its conclusion in February 2018. It will now be valid from 2019 March to 2021 March and maximum of 150 Visas can be offered in this period.

The Start-up Visa permits Entrepreneurs from 3rd nations to arrive, stay and work in Cyprus either in a team or individually. This is for developing, operating, establishing a high-growth potential Start-up.

The goal of the scheme is to create new jobs in Cyprus and promote research and innovation. It also aims to develop the business ecosystem and subsequently the economy of Cyprus.

The Government has also altered the scheme for enhancing its effectiveness along with the renewal. The amount that the applicants are required to have access has been reduced from €50, 000 to €20,000. This is inclusive of Crowd-funding, Venture Capital funding or other funding sources.

Additionally, there is no maximum residence period for individuals qualified to participate in the Cyprus Start-up Visa scheme. This is as long as they are under this scheme.

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