Cyprus Digital Nomad Visa Scheme – Latest Update

Cyprus Digital Nomad Visa Scheme – Latest Update

Cyprus Re-Opens the Digital Nomad Visa Applications 

Further to our article on the Cyprus Digital Nomad Visa Scheme the Cyprus Migration Department has officially announced the re-opening of applications for individuals interested in the Cyprus Digital Nomad Visa Scheme.

The Cyprus Digital Nomad Visa Scheme permits individuals from outside the EU and EEA to reside temporarily in Cyprus while either working for a foreign employer or providing services to overseas clients.

The aim of the Cyprus Digital Nomad Visa is to enhance Cyprus as a centre for electronic services and reinforce its business ecosystem, thereby aiding the nation’s economic growth.

The maximum number of permits that can be granted is 500. 

Why Choose Cyprus?

Apart from the attractive tax advantages, Cyprus offers an idyllic environment with a strong business landscape, making it an excellent destination for digital nomads. The island has a high standard of living, superb weather and affordable living costs. Moreover, Cyprus is increasingly becoming a centre for business and technology, with flourishing sectors in tech, finance and services that boost professional prospects for digital nomads.

Click here to read about the exciting tax advantages that Cyprus Digital Nomads can enjoy

The Cyprus Digital Nomads Scheme and Tax Advantages

It is important to note here that Cyprus has one of the most attractive tax systems in Europe.

An individual can become a tax resident after spending 183 days in Cyprus and tax will therefore be imposed accordingly.  In Cyprus, personal income rates range from 0% to 35% depending on the level of income. 

The individual must register with the Cyprus Tax Department and filing an annual return is also a requirement. Getting advice from someone who knows their way around taxes here, such as an accountant, is necessary because they will help ensure that everything is done correctly while also pointing out any deductions or exemptions you could be granted.

Cyprus offers several tax breaks as well as exemptions for expats.  Furthermore Cyprus has many double-tax treaties to avoid being taxed twice on your income.

The Cyprus Digital Nomad Visa – Other Benefits

Digital Nomads working in Cyprus can enjoy the below additional benefits:

• Reasonable cost of living – compared with other countries;
• Idyllic Mediterranean location and weather – a sunny climate, rich history, beautiful beaches, wonderful cuisine, relaxed lifestyle and lively culture;
• Safety – Cyprus is one of the safest countries to live in in the EU, with a low crime rate if compared with other countries;
• The right to live in Cyprus for up to one year – with the possibility of renewal for another 2 years – ie a total of 3 years;
• The Cyprus Digital Nomad Visa Scheme is family friendly – family members can be granted resident permits for the same duration as the Digital Nomad but without the entitlement to work or engage in economic activities;
• Very cheap visa fees compared with other countries – the cost of the visa is only €70;
• High quality internet;

Who is Eligible for a Cyprus Digital Nomad Visa?

Nationals from non-EU and non-EEA countries can apply for the Cyprus Digital Nomad Visa.

The applicant must be:

• able to perform his/her work remotely via telecommunications technology;
• an employee of a company registered abroad or he/she must be self-employed, providing services to clients located abroad;
• able to provide proof of sufficient and stable income in order to support his/her living expenses in Cyprus (at least €3,500 monthly net income).

We would be delighted to assist you to make the most of this opportunity to become part of Cyprus’s dynamic business ecosystem!