Moving to Cyprus from the UK; have you ever thought about that? If you would like to change your lifestyle, live on one of the most beautiful islands in the Mediterranean Sea and enjoy the warm weather, Cyprus is the country for you. 

Our blog aims to share with you all the necessary information you need to know before deciding whether to move to Cyprus or not. Of course, Holborn’s advisers are just a phone call away if you need to learn more and understand which are the benefits of such a move. 

What you should know about Cyprus

 Cyprus is the third largest island in the Mediterranean region and is located at the eastern end of the Mediterranean Sea. Cyprus is an island that is abundant in history and culture.

The island has gained acclaim all over the world as a result of many factors, including its warm and sunny climate all year long, its historical significance and culturally diverse population, its proximity to the Middle East, and its strategic location at the easternmost point of Europe.

Cyprus is a popular destination for multinational enterprises because of the country’s modern tax policy, which has one of Europe’s lowest corporation tax rates and a range of tax benefits. Because of its favourable geographic location and year-round pleasant weather, Cyprus has emerged as one of the world’s safest and most stable countries.

After a lengthy and winding road that spanned more than three decades, the Republic of Cyprus finally became a full member of the European Union in May 2004. Cyprus joined the Eurozone four years later, making the Euro the country’s official currency.

What you need to know about visas in Cyprus

You may visit Cyprus visa-free for up to 90 days in any 180-day period. This applies if you are travelling as a tourist, to see family or friends, to attend business meetings, cultural or sporting events, or for short-term training or study. It should be noted that Cyprus is not a member of the Schengen area. 

If you plan to remain in Cyprus for longer than three months, you must register as a resident. You will receive a certificate of registration from the Ministry of the Interior, Civil Registry and Migration Division.

You can apply for a temporary residence permit, also known as a “pink slip,” which permits non-EU passport holders to prolong their stay in Cyprus beyond 90 days. Applicants must apply prior to the expiration of their visas. It is valid for an entire year and can be renewed annually. This permit allows a person to reside in Cyprus as a tourist without the right to work. Spouses and children under 18 are also eligible to apply.

If British nationals seek to migrate to Cyprus permanently, they, like other Non-EU nationals, can pursue alternative paths to get permanent residency in Cyprus.

It is possible for any Non-EU national, including British nationals, to apply for an immigration permit based on one of the Aliens and Immigration Regulations’ Categories:

• Persons who intend to work as self-employed in a trade or profession in the Republic
• Persons who have been offered permanent employment in the country which will not create undue local competition
• Persons who intend to work as self-employed in a profession or science in the Republic
• Persons who have fully and freely at their disposal a secure and regular annual income, which is high enough to provide a decent living in Cyprus

The Immigration Control Board reviews applications, and the Minister of the Interior grants final permission. The review and processing of applications take around 12 to 18 months. 

Five years of residence in Cyprus is required to apply for permanent residency (MEU3).

Cyprus Residency Visa

A wide range of investment options could earn you a permanent resident permit through Cyprus’s permanent residence scheme. According to the scheme’s rules, the permit does not need to be renewed if certain criteria are met. 

By investing in real estate  

Purchase of new immovable property with a total market value of at least €300,000 + VAT 

By investing in the Cypriot Investment Funds Association  

By investing EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF) 

By investing in a company  

Make a capital investment of €300,000 in a company registered and operating in Cyprus

Cyprus digital nomad visa

The Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, allowing 100 residence permits to be given, according to the Cypriot Ministry of Interior. However, increased demand for visas compelled the Council to boost the total by 400, to 500. 

If you are a digital nomad, obtaining such a visa could be the best option for you to enjoy Cyprus whilst working remotely. Read our blog to learn more information about the Cyprus digital monad visa. 

Taxation in Cyprus

Individuals who have their primary residence in the Republic of Cyprus are subject to taxation on any income that is earned there, regardless of where the income originated.

A person who does not have tax residency in the Republic is only subject to taxation on income that is earned within the Republic or comes from sources located within the Republic.

Income taxes and corporate taxes are quite low when compared to the EU standards. Low taxes attract businesses from all over the world, making Cyprus one of the top financial hubs in Europe. 

For more information on the Cypriot tax system, you can read our detailed blog. 

Healthcare in Cyprus

If you wonder if there is a healthcare system in Cyprus, the answer is obviously yes, as it is in every member state of the EU. In the same manner, as the NHS in the UK, there is a public healthcare system. When looking for information about the healthcare system in Cyprus, you should search online using the acronym GESY, which stands for the national healthcare system.

After over 17 years of debate and discussion in the Parliament of Cyprus, the GESY was finally implemented in 2019. The website for GESY describes it as a contemporary healthcare system that places an emphasis on the patient and has as its primary mission the provision of high-quality medical services to beneficiaries.

There are several categories of GESY beneficiaries. Below you can see the list:

• Citizens of the Republic of Cyprus and their dependants
• EU citizens and their dependants
• Non-EU citizens who have a permanent residence permit in the areas controlled by the Republic of Cyprus or have the right to equal treatment in the social insurance sectors and their dependants
• Refugees and individuals with the status of supplementary protection

For more information on the Cypriot healthcare system, you can read our detailed blog. 

Moving to Cyprus? Ask Holborn

Holborn’s experts are ready to assist you in making that move, and they have offices in both Limassol and Paphos to better serve you. Building a financial strategy to achieve your objectives with as little risk as possible is something that our team is able to assist you with.

Up to this point, more than 20,000 customers have placed their confidence in our company, and this number continues to rise year after year. Why don’t you get in touch with us so that we can talk about your choices while keeping only your needs in mind?

The post Moving to Cyprus from the UK: The Ultimate Guide appeared first on Holborn Assets Cyprus.

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. 

What is a digital nomad visa?

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.

Why should you move to work in Cyprus?

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. 

Applying for a Digital nomad visa in Cyprus

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. 

Which are the digital nomad visa requirements in Cyprus?

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

 How to apply and how much does the digital nomad visa cost?

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? 

The post How to get a digital nomad visa in Cyprus appeared first on Holborn Assets Cyprus.