The Republic of Cyprus is implementing the Digital Nomad Visa Scheme followed by the decision of the Council of Ministers on 15 October 2021, offering initially 100 residence permits. Further to this, as per the Council of Ministers Decision dated 3rd March 2022, the Digital Nomad Visas number maximum limit has been increased to 500. The Scheme forms part of the Strategy for attracting businesses in Cyprus.
What is this Scheme?
The Cyprus Digital Nomad Visa Scheme allows third country nationals to reside temporarily in Cyprus and perform work for clients located abroad or work for a foreign employer, using digital means.
The Scheme aims to promote Cyprus as a business and innovation hub which provides state of the art technology infrastructure and a pleasant environment to live and work from.
Who are the beneficiaries?
Non-EU or non-EEA nationals who:
- Can perform work remotely through digital means;
- Are employed in a company registered abroad, for which they can work regardless of location, 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 €3,500 and satisfy additional prerequisites.
What are the benefits?
Individuals who receive the Digital Nomad residence permit will benefit from the following:
- Right to reside in Cyprus for up to one year, with a possibility of renewal for another two years.
- Right to be accompanied by family members, for the same period as the Digital Nomad, without the right to engage in any economic activity in Cyprus.
- Right to receive Cyprus Tax Residency provided that they reside in the Republic for at least 183 days within the same tax year and they are not tax residents in any other country.
Cyprus is an ideal digital nomad location because of its foreigner-friendly culture, and the quality lifestyle offered which stems from various factors including its wonderful climate and beautiful natural surroundings, the low crime rate and the reasonable cost of living. Additionally, Cyprus offers a great combination of economic stability, a favourable taxation system, and ease of setting up a business.
How can Nobel Trust support?
Nobel Trust can provide professional assistance in acquiring a Digital Nomad Visa and support on any other local requirements and filing obligations. For further information please contact any of our team members.