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How to get a start-up visa in Cyprus

Let's say you understand what Steve Jobs's success is based on and dream of repeating it. You are a high-class specialist in the field of innovative technologies, you already have ideas, and you know how to implement them in practice. But at the same time you understand that in Russia it is unlikely to create a corporation of this scale. The reasons for this are high taxes, the level of crime in the country and the duality of the tax system of the Russian Federation. And that's why there are thoughts of starting a business outside the homeland, and Cyprus is suitable for these purposes as well as possible. Moreover, since recently the sunny island in the Mediterranean Sea has been actively issuing visas for start-ups. But what kind of visa is this and how can it be received by an ordinary it-specialist? Let's consider in detail.

As the leading sources specializing in market research say, during the last couple of years start-up visas have become a world trend.

Start-up visaIs a visa that allows IT professionals and entrepreneurs to obtain a visa for a period of 6 months and with the possibility of renewal, or the applicant can immediately obtain a residence permit in a light procedure. Under similar conditions, a novice businessman can transport his entire family to Cyprus.

At the same time, each country has its own conditions for obtaining this visa. So, in one country, only those who are going to start a new project can get a start-visa, whereas in another country the owner of the company can transfer the already existing business. There are a number of countries where such visas are issued to foreign professionals moving for long-term business trips or for permanent work in local companies, as well as investors who finance the project.

The names of such visa programs are very different in different countries. In every country it is different. But, in any case, the state provides special conditions for entrepreneurs of this kind.

And how is the startup visa in Cyprus?

It should be noted that in recent years, the creation of a successful center of the European start-up industry on the island of Cyprus is going on with leaps and bounds. Since the beginning of this year, more than 150 visas have been issued for start-ups. This became possible after the Cabinet of Ministers of Cyprus had concluded a number of agreements with the cooperating countries on the issues of granting such visas, and now Cyprus has become a place of pilgrimage for many young companies seeking to develop a relatively new market for Europe, or those for whom it is preferable to work at a remote location Access. In general, foreign entrepreneurs who arrived in Cyprus under this scheme, set as their goal the strengthening of their business positions within two years.

What do the representatives of the it-industry need to do to get a start-up visa in Cyprus:

  • Fill out the application for a visa, submit it by e-mail, attaching to it a business plan for the creation and development of business.
  • Further, the authorities of Cyprus are reviewing the application, after which they make a decision within five weeks and issue a verdict: to give a long-term visa or not. Those whose ideas seem interesting to Cypriot officials get a visa and the opportunity to run their own business on the island for two years.
  • Upon acceptance by the authorities of a positive decision, the start-up must apply for an entry visa to Cyprus in the country of which he is a resident. This application is considered by the appropriate authorities within three weeks.
  • And, finally, the last step. The applicant must arrive in Cyprus to apply for a visa for the start-up to the Migration Board. The decision on this application is made within three weeks. Then, if a positive response is received, the alien is issued a residence permit and business activity for a period of one year.

Benefits for the state

  • The emergence of a large number of new jobs;
  • Promoting the country as an advanced, developing it-sphere;
  • Attraction of additional investments from private investors and groups of investors with capital from € 50,000 thousand.

Benefits for the startup

  • In case of business prosperity - the possibility of obtaining a permit for permanent residence in Cyprus;
  • The right to employ a number of Russian employees;
  • Possibility to transport members of his family to the island.

The success of a startup is classified according to the following characteristics:

  • The number of new work places created by the start-up;
  • The contribution of the startup to the economic development of the country;
  • The amount of taxes paid to the treasury of Cyprus;
  • Volume of export of the company;
  • Activities carried out to promote science and innovation.

They are eligible for a visa under the start-up companies support program, not only it-specialists, but also financiers from third countries, ready to invest in innovative projects. To do this, they must be ready to open the company's headquarters in Cyprus, as well as become tax residents of the country. It is also necessary to have a higher education and to know one of the languages: Greek or English. In return, investors receive a residence permit in Cyprus for a period of two years. If financial investments justify themselves, the period of stay in the country can be prolonged for an indefinite period of time. In addition, the business owner, along with some of the compatriots who have concluded contracts for work in the company abroad, will be able to transport members of his family to Cyprus.

If you plan to get a start-up visa to Cyprus, you can use the services of our specialists, they will prepare a full package of documents for a visa and will consult about all aspects of creating a business in Cyprus.

A source: ELTOMA