The outbreak of the COVID-19 pandemic accelerated the remote working trend, as quarantines and lockdowns made commuting and working in an office close to impossible for millions around the world. Remote work, also called telework or working from home (WFH), provided a solution, with employees performing their roles away from the office supported by specialized technology. This remote working trend has created a new type of employee, the Digital Nomad. If you are person who is eligible for remote work, Cyprus could be the best choice for you.
Back in the year 2021, the Cyprus government recognized the change in the employment field and the increase of distance working and introduced the Cyprus Digital Nomad Visa Scheme. The main aim for such an initiative is to attract highly skilled employees and entrepreneurs to the island that can conduct their business online and that will in extension contribute to then economic development of Cyprus itself.
Many benefits can be cited for living in Cyprus, such as perfect weather, friendly tax regime towards foreigners, high quality of life, most of the locals are fluent English speakers and many more.
Requirements for Digital Nomad Visa in Cyprus
In order to obtain the Digital Nomad Visa in Cyprus in 2023 an individual must meet the below criteria:
- Individual is a Non-EU or non-EEA national;
- Can perform work remotely through telecommunications technology;
- Are employed in a company registered abroad, for which they can work location-independently, or are self-employed offering services remotely for clients located abroad;
- Can prove that they have stable and sufficient monthly net income of at least €3500 (after the deduction of contributions and taxes).
Benefits of the Digital Nomad Visa
Validity of Nomad Visa
The temporary residence permit for Digital Nomad is granted for one year with the possibility to renew and extend it for a maximum of an additional two years.
Taxation Benefits of Nomad’s income
The Cyprus tax system is based on the residency status, thus newcomers who will reside in Cyprus for more than 183 days will be classified as Cyprus tax residents. Although there are many benefits of being a tax resident on the island the most notable are listed below:
- Dividend income or gains arising from the Sale of shares are tax exempt.
- Foreign employees earning more than 55.000 EUR/annual are eligible for 50% exemption on the already attractive tax rates of the island.
Family friendly relocation
If the individual applying would also like to bring family members, they could include them in the same permit. However, the family members cannot be employed or perform any economic activities in Cyprus while residing of the island. It should be noted that if family members will be included under the same permit then the amount indicated in point 4 will be increased by 20% for the spouse or partner and by 15% for each underaged child.
How can we assist?
Our company will assist you in every step of the application process, form filling out forms to collecting supporting documentation required as well as arranging and accompanying you to any and all required meetings with the governmental authorities. We shall keep a close eye on your application throughout and make sure it is processed and your permit delivered to you in the fastest manner possible follow up the application process and once issued will deliver the temporary residency permits to you.