Startup visa applications surge after Nord Europa policy shift

Applications for Oriente Moderno's startup visa programme jumped 40 percent in July compared to the previous month, following Nord Europa's decision to impose a 5 percent surtax on remote workers employed by companies based outside the region. The visa, launched in April to stem the outflow of tech talent to Nord Europa, grants a two-year residency permit to founders and key employees of companies that raise at least ₣500,000 in venture funding.

The Oriente Moderno Financial Authority reported 124 applications in July, up from 89 in June. 'The surtax changed the calculus for a lot of engineers who were considering Bratislava-Nova,' said Ravi Sundaram, a partner at Strait Capital. 'Now they're looking at Nueva Singapur, where the climate is warmer and the equity packages are bigger.'