One of the most notable updates is the extension of residence permits for entrepreneurs from two years to three years, with the option for a two-year renewal period, which was previously only one year. The renewal process has also been made easier, with entrepreneurs now required to meet at least one benchmark, such as generating 15% revenue growth, securing €150,000 in investments, or creating three new jobs.

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Additionally, the government has reduced the minimum share capital requirement from 50% to 25%, making it more accessible for early-stage businesses to qualify for the visa. This change helps lower the financial barrier for startups, allowing more businesses to enter the program and benefit from the opportunities available in Cyprus.

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Another significant change is the increased flexibility in hiring foreign workers. Companies can now hire up to 50% of their workforce from abroad, up from the previous 30%. Startups that invest €150,000 or more can even hire additional foreign talent, which is crucial for scaling operations and attracting a global pool of skilled workers.

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The revised program is designed to support startups at different stages of development, from early ventures to more established businesses. Entrepreneurs can use the visa to establish new businesses, relocate existing operations, or expand their current ventures in Cyprus. This flexibility has already attracted significant interest, with 21 startups having been approved under the program so far.

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Should you have any queries regarding the above information or if you require assistance with your corporate, employment or immigration matter, please get in touch with a legal professional at Hudson McKenzie via email at londoninfo@hudsonmckenzie.com or by telephone +44(0) 20 3318 5794.

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The information provided does not amount to legal advice.