Earlier this week, the Cypriot government approved a scheme to attract innovative start-ups to the Republic and thus benefit from its advantageous tax regimes for individuals and companies.
The scheme effectively permits third-country (non-EU) entrepreneurs with a start-up capital of at least €50,000 to set up their headquarters and achieve tax residence in Cyprus, provided the proposed business is certifiably innovative and the applicant meets a set criteria in education and language proficiency.
One hundred and fifty visas are available to eligible investors, which may be an individual or a group, and will be valid for two years, if an applicant can sufficiently demonstrate a positive contribution to the Cyprus economy by way of job creation and growth.
This scheme follows other recently introduced measures aimed at attracting foreign investment to Cyprus, which enjoys one of the lowest corporate tax rates in the EU and has a wide double tax treaty network, including agreements with non-EU states such as Russia, South Africa and India.
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