Posted on: 21-03-2022 in Expats
The term “digital nomad” went viral two years ago when the Covid-19 pandemic took the world by storm. Companies turned to remote working as employees were not allowed to work in offices as they used to do. As a result, employees who could work using just their laptop and a high-speed internet connection seized the opportunity to move into rural areas or even other countries.
Moving to another country to work however requires a visa. As the mobility of digital workers increased during the pandemic, some countries created a special digital nomad visa to make things easier for the digital nomad community. In this blog, we will share with you information on the Cyprus digital nomad visa and how you can obtain it.
According to Investopedia “it is a document or program that gives someone the legal right to work remotely while residing away from their country of permanent residence. It should be noted that a digital nomad visa does not mean that it is only restricted to people such as online entrepreneurs for example. This type of visa could be ideal for remote workers who would like to delve into the digital nomad lifestyle if their profession and employer allow it.
The question that quickly comes up is why should you live as a digital nomad in Cyprus. The answer is that there are many reasons to do that. For many decades Cyprus has been a popular location for expats who want to enjoy island life, the Mediterranean culture and more than 300 days of sunshine.
Cyprus is one of the few European countries that are both members of the European Union (EU) and the Commonwealth. It is considered one of the safest countries on the continent with a low cost of living when compared to countries such as the UK, France and neighbouring countries. Cypriots are known for their relaxed lifestyle which combined with the warm weather and the stunning coastline makes the island a favourite destination for tourists as well as professionals.
According to the Cypriot Ministry of Interior, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, allowing 100 residence permits to be issued. However, the demand for more visas forced the Council to increase the number by 400, reaching 500.
Who can benefit from the visa?
A digital nomad visa comes with a lot of benefits. Third-country nationals who were born in a non-EU or non-EEA country can benefit from the digital nomad visa scheme. Below you can read some examples of professionals who could take advantage of the digital nomad visa program.
Individuals who can perform work remotely using an internet connection
Professionals employed in a company registered abroad, for which they can work location-independently, or are self-employed offering services remotely for clients located abroad
Professionals who can provide relevant proof that they have stable and sufficient monthly net income of at least €3500 (after the deduction of contributions and taxes)
Successful applicants are allowed to remain in Cyprus for a maximum of one year, with the option of an additional two-year extension. The family members who accompany them can be given a temporary residency permit that expires at the same time as the visa of the family’s primary financial backer. However, it should be noted that family members are not allowed to engage in any economic activity in Cyprus.
People who reside in the country for one or more periods totalling more than 183 days within the same tax year are considered tax residents of Cyprus. This means that they can take advantage of the low tax rates, especially the income tax which is among the lowest in the European Union.
Within 3 months of arrival, the applicant should submit the relevant application along with the required documents. Below you can read the requirements:
Valid Passport – Must be valid for at least 3 months after your arrival in Cyprus
Proof of Employment – Remote Work – Employment contracts or business documents proving you work remotely
Earn at least 3,500€/month net income
Proof of Income – Submit certified bank statements proving your income
Proof of Health Insurance – You need at least 30,000€ coverage in health insurance coverage
Criminal Background Check – You must submit a certified background check from your country of origin
Proof of Accommodation – A rental agreement or proof of sale for your home in Cyprus
The application process is straightforward. After you have collected the requested documents, you should get in touch with the local Cyprus embassy or consulate to arrange a date for the application submission. You can submit your application personally or through an authorised representative.
The application fee is 70 euros if you want to issue or renew a temporary residence permit. If this is going to be the first time you register, there is one more fee of 70 euros for your registration to the Aliens’ Registry. The time of the application examination is between 5 – 7 weeks. For more information, please head over to the Civil Registry and Migration Department’s webpage.
Becoming a digital nomad with Holborn Assets Cyprus
Remote work visas have become a trend. Visa holders enjoy the opportunity to work in the country they prefer without having to worry about immigration office rules etc. If you have the freedom to work remotely living in a country such as Cyprus, the digital nomad visa gives individuals with sufficient funds a great new option.
With 2 offices in Limassol and Paphos, Holborn’s experts are ready to help you make that move. Our team can help you with building a financial plan to achieve your goals with as little risk as possible. More than 20,000 clients have put their trust in us until now with the number growing year by year. Why don’t you get in touch with us and let’s discuss your options with only you in mind?