The Cabinet of Ministers approved on the 15th of February, 2017 a scheme aiming to attract foreign investment to Cyprus through the granting of incentives to third-country (non-European Union) innovative start-ups.
The scheme will be applicable to third-country investors, either individuals or groups, who wish to found an innovative business in Cyprus. The start-up capital should be at least €50,000 and applicants should have undergraduate-level education and being fluent either in Greek or English language.
If the requirements are met and the proposed business of the applicants is certifiably innovative, then they will be able to set up their headquarters and their tax residence in Cyprus and hence enjoying all tax advantages that Cyprus offers.
The intention is to offer 150 two-year visas to be granted to eligible investors with the condition that the business takes off during a specified period of time.