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The “Cyprus Digital Nomad Visa” Scheme allows nationals from non-EU and non-EEA countries, who can perform their work location-independently using telecommunications technology, to reside temporarily in Cyprus for one year and work for an employer registered abroad or perform work through telecommunications technology for companies or clients located abroad, then they can renew the visa for another one year.
- Can perform work remotely through telecommunications technology;
- Are employed in a company registered abroad, for which they can work location-independently, 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 €3500 (after the deduction of contributions and taxes).
Individuals that are granted with a Digital Nomad residence permit will benefit from the following:
- Right of residence for a year in Cyprus, with a possibility of renewal for further one year;
- Right of residence for family members, for the same period as the Digital Nomad, without the right to be employed of perform economic activity in Cyprus;
- If they reside in the Republic for one of more periods that in total exceed 183 days within the same tax year, then they are considered tax residents of Cyprus, provided they are not tax residents in any other country;
- Expansion of the 50% tax exemption for taking up employment in Cyprus – 50% income tax exemption shall be expanded for new residents-employees with an annual income in the amount of €55.000.
- Digital Nomad’s family members can reside in Cyprus for the same period as the Digital Nomad, without the right to be employed of perform any economic activity in Cyprus;
- Family members include the spouse/ partner in a civil union and underaged children;
- Family members also need to obtain a temporary residence permit following the procedure below.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
For further information please contact us.
Most Popular Article in Cyprus, June 2022