The Cyprus Government has recently announced its new scheme to attract business to operate or expand their activities in Cyprus. The new scheme is expected to be implemented as of January, 2022.

One of the main benefits announced is the introduction of the so-called ‘Digital Nomad Visa’. Eligible to apply for the Cyprus Digital Nomad Visa will be self-employed or employed third-country nationals who wish to live in Cyprus and work remotely using information and communication technologies to communicate with their foreign employers or clients abroad.

The Digital Nomad Visa will be granted for a period of one year, with the right to be renewed for two more years. To qualify for the Visa, the individuals should hold sufficient funds to cover their living expenses during their stay in Cyprus, have a monthly income of at least €3,500, healthcare coverage, and clean criminal record from their country of residence. 

Holders of the Cyprus Digital Nomad Visa can be accompanied by their family members, to whom a residence permit may be also granted. 

Holders of the Cyprus Digital Nomad Visa who reside in Cyprus for one or more periods that collectively exceed 183 days within the same tax year, they are considered tax residents of Cyprus, provided that they are not tax residents of another country.

Why Cyprus?

• Strong business environment
• High Standard of living
• Access to the EU market 
• Attractive tax regime, with one of the lowest corporate tax rates in the EU (12.5%) 
• No withholding Tax on Dividends 
• Access to world Class Education Facilities
• Mediterranean Climate

Should you wish to find out more, contact our team.