The Cypriot Council of Ministers is launching a new strategy aiming at attracting new international businesses / talent, namely, the “Digital Nomad Visa Scheme”.
With 500 residence permits available, this scheme aims to solidify Cyprus’ status as a international business hub, particularly with regard to digital services, whilst also working towards establishing a more rigid business ecosystem and ultimately, economic growth.
This scheme will permit third country nationals who are able to work regardless of location by using telecommunications technology, temporary residence in Cyprus, whilst allowing them to work for an employer registered abroad (in the case of an employee) or carry out work for companies or clients located abroad (in the case of a self-employed person).
Benefits
Those approved for a Digital Nomad residence permit will receive the following benefits:
- Right to reside in Cyprus for a period of 1 year (right to renewal for a further 2 year period).
- Family members (including spouses / partners in a civil union, and minors) can also be granted a right to reside for the same period (upon application), but will however not be permitted employment or the performance of economic activity in Cyprus.
- If a Digital Nomad remains in Cyprus for one or more periods that total more than 183 days within the same tax year, and provided that they are not a tax resident in any other country, they will be considered a tax resident of Cyprus.
Requirements
In order to be eligible for a Digital Nomad Visa, the following requirements have to be met:
- Their respective duties / work can be performed independent of location through telecommunications technology.
- Their employing company is registered abroad, or they are providing services remotely for clients from abroad.
- They are able to prove a stable NET income of a minimum €3.500 / month.
Procedure to be followed
- Within three (3) months from arriving to Cyprus (arrival with a tourist Visa), the applicant must submit the required application along with the necessary documentation to the Civil Registry and Migration Departments. The time of examination of the applications is estimated to be anywhere between 5 – 7 weeks.
Elit Blue can provide custom tailored assistance to any interested applicants, by providing unique and appropriate property solutions.
If any assistance or further clarifications are needed for this matter, please do not hesitate to contact our office.
