The Cyprus Startup Visa scheme operated on a pilot basis for two years from February 2017 to February 2019.

Deputy government spokesperson Klelia Vasiliou said that 150 new visas will be given as part of the scheme whose budget is €500,000 in total.

The scheme concerns entrepreneurs (individuals or teams) from third countries to reside and work in Cyprus in order to establish/operate/develop a startup with a high growth potential.

The goal is the creation of new jobs, the promotion of innovation and research, the development of the business ecosystem and consequently the economic development of the country.

Successful applicants will have the right to economic activity and residence in the Republic for one year, and with the possibility of renewal for at least another year.

Cabinet also approved an amendment to the law on social insurance to charge three per cent on defence tax both on state and company bonds. So far, Vasiliou said, taxation on state bonds was three per cent whereas on company bonds was 30 per cent. The amendment will be sent to parliament for approval.

The move is expected to further boost entrepreneurship, Vasiliou said.

Source: Cyprus Mail