There were changes to the Malta Residence and Visa Programme as per Legal Notice 189 of 2017 as below:
- Additional EUR5000 non-refundable contribution per parent or grandparent of the main applicant or of the spouse at application stage
- EUR30,000 contribution fee now covers main applicant, spouse and the children of the main applicant and/or the spouse
- Age limit (27) for unmarried, economically dependent children was waived off. Moreover, children of the main applicant and/or spouse, will not lose the residency rights on their 27th birthday, or if they become economically active or get married. Option to obtain residency for their suppose and direct dependants is also available (subject to EUR5000 non-refundable administration fee per person and successful due diligence check)
- The requirement for the main applicant and his/her dependants to spend outside of Malta a period that exceeds either six consecutive months or an aggregate period of ten months in any four-year period from the appointed day was removed. The main applicant and dependants will be eligible to apply for long term residence
- The main applicant may include children born or adopted after the approval date (subject to EUR5000 non-refundable administration fee per person and successful due diligence check)
The programme of Cypriot “Startup Visa” (Startup Permit Scheme) was introduced in February 2017 and will operate till February 2019. The 2 year pilot programme shall attract talented entrepreneurs from third countries (outside EU and EEA). The programme consist of two parts: individual and team.
This Scheme is applicable to following under below mentioned conditions:
1. Individuals as Non-EU country nationals who:
- Is the only founder and meets the requirements of the enterprise below.
- Has access to €50.000, which may include venture capital funding, crowdfunding or other sources of funding.
- Holds an undergraduate degree or an equivalent professional qualification.
- Has very good knowledge of the Greek and / or English language.
2. Teams consisting of Non-EU country nationals:
- Comprise solely of founders that meet the requirements of the enterprise below and are of a maximum number of 5 individuals or, of at least 1 founder and other senior executives that their total does not exceed 5 individuals.
- The senior management must belong to the third level of the administrative hierarchy (managers) (C – level employees) and will have the right to stock options. Possess, in total, more than 50% of the company’s shares.
- The founder has access to € 25,000. In case the founders are more than 2 the total capital must be €50.000 which may include venture capital funding, crowdfunding or other sources of financing.
- At least one of the team members holds an undergraduate or an equivalent professional qualification.
- All team members have a very good knowledge of Greek and / or English language.
Requirements of the Enterprise:
The enterprise must be innovative. The enterprise will be considered as innovative if its research and development costs represent at least 10% of its operating costs, in at least one of the three years preceding the submission of the application, as certified by an external auditor, on the basis of international accounting standards. In the case of a new enterprise without any financial history, the evaluation will be based on the Business Plan submitted by the applicant. The Business Plan must provide that the enterprise’s head offices and tax domicile be established in Cyprus. The head offices may be common co-working spaces (e.g. business accelerators, incubators, digital hubs etc.) or co-location with other enterprises.
Contact us for the application procedure details.
