{"id":108324,"date":"2024-12-18T17:54:13","date_gmt":"2024-12-18T15:54:13","guid":{"rendered":"https:\/\/www.lamaisonestates.com\/?p=108324"},"modified":"2024-12-18T17:54:13","modified_gmt":"2024-12-18T15:54:13","slug":"cabinet-updates-start-up-visa-scheme-to-boost-innovation-in-cyprus","status":"publish","type":"post","link":"https:\/\/www.lamaisonestates.com\/ru\/cabinet-updates-start-up-visa-scheme-to-boost-innovation-in-cyprus\/","title":{"rendered":"Cabinet Updates Start-Up Visa Scheme to Boost Innovation in Cyprus"},"content":{"rendered":"

The Council of Ministers has approved significant revisions to the “start-up visa” scheme, aiming to enhance its appeal and impact, Deputy Minister of Research, Innovation, and Digital Policy Nikodemos Damianou announced on Wednesday.<\/p>\n

Since its inception, the scheme has facilitated the operations of 21 start-ups in Cyprus, Damianou noted. The program enables start-up founders and senior executives from non-EU countries to enter, reside, and work in Cyprus to establish new ventures or expand existing ones.<\/p>\n

\u201cThese updates align with our strategic goal of bolstering the country\u2019s innovation and entrepreneurship ecosystem,\u201d Damianou said after the cabinet meeting. He highlighted that the revised scheme supports job creation in high-tech industries, stimulates economic growth, and diversifies Cyprus\u2019 economic model.<\/p>\n

Key Changes to the Scheme<\/strong>
\nThe revised plan introduces several improvements, including:<\/p>\n

  • Extending the initial residence permit to three years (up from two), with a renewal option for two additional years (previously one).<\/li>\n
  • Reducing the required share capital ownership for applicants or groups from 50% to 25%.<\/li>\n
  • Expanding the allowance for hiring foreign employees from 30% to 50%.<\/li>\n
  • Allowing further recruitment of foreign staff if the start-up has invested at least \u20ac150,000 in Cyprus.<\/li>\n

    Damianou emphasized that the updated scheme offers flexibility, catering to start-ups at all stages\u2014from early-stage ventures to established companies generating revenue or attracting private investments.<\/p>\n

    Stricter Renewal Criteria<\/strong>
    \nTo renew their start-up visa after the initial three-year period, businesses must meet objective criteria. These include:<\/p>\n

  • A 15% increase in revenue or investments totaling \u20ac150,000 during their operation in Cyprus.<\/li>\n
  • The creation of at least three new jobs locally.<\/li>\n
  • Participation in a local innovation support program or the introduction of at least one product or service to the market.<\/li>\n

    Additionally, employees must possess basic digital skills.<\/p>\n

    The revised scheme will take effect on January 1, 2025.<\/p>\n

    Source: Stockwatch Cyprus<\/em><\/p>","protected":false},"excerpt":{"rendered":"

    The Council of Ministers has approved significant revisions to the “start-up visa” scheme, aiming to enhance its appeal and impact, Deputy Minister of Research, Innovation, and Digital Policy Nikodemos Damianou announced on Wednesday. Since its inception, the scheme has facilitated the operations of 21 start-ups in Cyprus, Damianou noted. The program enables start-up founders and […]<\/p>","protected":false},"author":9,"featured_media":108317,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108324"}],"collection":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/comments?post=108324"}],"version-history":[{"count":1,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108324\/revisions"}],"predecessor-version":[{"id":108325,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108324\/revisions\/108325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media\/108317"}],"wp:attachment":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media?parent=108324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/categories?post=108324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/tags?post=108324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}