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How To Obtain Your Digital Nomad Visa In Cyprus

Cyprus is a beautiful country on the Mediterranean Sea that is well known for its rich culture, beautiful beaches, and favourable tax conditions. The country is located in the middle of the Mediterranean Sea and is the 3rd largest Mediterranean Island. Cyprus is a stunning destination for expats and tourists, with many attractions such as seaside resorts, archeological sites, museums, churches, monasteries, and national parks. The country is also popular because it has a pleasant climate and many people in the country speak English. There is good news if you have always dreamed of living in Cyprus. Cyprus has created a digital nomad visa program that has opened to 500 participants. This digital nomad visa can allow you to explore Cyprus for one year or longer.

 

Umbrellas Street Decoration in Nicosia, Cyprus

Umbrellas Street Decoration in Nicosia, Cyprus

Digital Nomad Visa Overview

The Cyprus digital nomad visa was introduced in October 2021 and was initially limited to 100 participants. Non-EU citizen members can apply if they work for a company outside of Cyprus and meet the minimum income requirements. Successful applicants can stay for one year and then have the option to renew for another two years. Cyprus currently limits the program to 500 applicants, but this may change. This program is an excellent way to get your feet wet and explore residency options in Cyprus. Moreover, the applicant’s family members can live with them as long as the applicant can prove they have additional funds to support them. However, the applicant’s family members are not allowed to perform any type of work in the country.

 

Related content: What Is A Digital Nomad Visa And How Can You Get One?

 

Limassol, Cyprus at night

Aerial view of Limassol, Cyprus at night

Benefits of Living in Cyprus

Cyprus is an excellent, relatively low-cost destination for expats to live, and there is plenty to do if you spend a year there. Cyprus receives around 4 million tourists annually, and many expats choose to relocate there because of the tax advantages. There is an abundance of coworking spaces and coffee shops in major cities and other attractions to enjoy in larger cities. The country has a maximum length of 149mi (240km) from East to West and 62mi (100km) from North to South, so it is easy to arrange day trips to explore parts of the island.

Most tourists who visit Cyprus choose to do so because of the country’s beautiful beaches and seaside resort towns. Cyprus is well known globally for its beaches, as Fig Tree Bay was ranked 3rd among the world’s top 50 beaches. It is also crucial not to forget to check out the country’s numerous national parks and cultural and historic sites. Contrary to popular belief, living in Cyprus is not terribly expensive, and most expats from places like Canada or the United States will find that Cyprus is slightly cheaper than their home county. Rent in Cyprus usually starts at €600/month ($588 USD) in more affordable areas outside the city centre. Furthermore, the country’s minimum wage is around €940/month ($921 USD), which is relatively low. The lower cost of living should make living easy for one to live off €3,500/month ($3,430 USD), even spending money on travel.

 

Related content: The Benefits Of Setting Up A Trust In Cyprus

 

Cyprus Coast

Cyprus Coast

Taxes in Cyprus

If you spend more than 183 days in the country, you will be considered a tax resident. However, Cyprus does have very favourable tax rates for residents, which could be attractive for those who do not have to pay taxes in their home country. The first €19,500 ($19,113 USD) you earn is not taxed at all. After this, there is a progressive tax rate of 20-35%, with the highest rate for those who make more than €60,000/year ($58,810 USD). There is also a special 50% tax exemption for individuals who continue a job they originally started outside of Cyprus, provided that their annual income exceeds €100,000 ($98,017 USD). If their salary is below this, they will still receive 20% remuneration or €8,500 ($8,331 USD). Many people from other countries choose to relocate to Cyprus because of these tax benefits. However, if you live in a country where you pay citizenship taxes, it is best to consider other options or stay in the country for less than 183 days.

 

Cyprus on map

Cyprus on Map

How to Apply For Cyprus digital nomad visa

The application process is relatively straightforward. You must apply at an embassy or consulate and wait slightly longer than you would for other digital nomad visa programs. To apply, you need to submit the following documents:

  • A passport that is valid for your proposed dates
  • Passport sized photos
  • Documentation proving that you make €3,500/month ($3,430 USD). This value is increased to €4,200/month ($4,116 USD) if you bring your spouse and €4,830/month ($4,734 USD) if you bring a spouse and one dependent.
  • Employment contracts or other documents proving that you are a freelancer
  • Criminal background check
  • Health insurance that is valid for 12 months
  • Address for your accommodation in Cyprus ( rental agreement/etc.)
  • CV/Resume
  • Letter of intent

Once you have everything together, you must submit all documentation to a Cyprus Consulate or Embassy in your hometown. You can find a list of embassies and consulate locations online and schedule an appointment in advance. Once you apply, it should take around 5-7 weeks to hear the government’s decision. The visa fee is only €70 to apply and another €70 to renew it later.

 

For Everything you need to know about Residencies, Second Passports and Wealth Protection, read this amazing article: The Basics of How To Get a Second Passport Or a Second Residency.

 

Limassol, Cyprus

Limassol, Cyprus

Final Thoughts

Cyprus is a very beautiful country that is hugely expat and digital nomad friendly. Some applicants may find that there are tax benefits associated with moving to Cyprus as well. Although Cyprus is well known for its gorgeous beaches, there are plenty of other historical and natural attractions for you to check out. While other digital nomad visa programs in Europe and other areas only allow single applicants, this digital nomad visa will enable you to bring your family. Applying for this digital nomad visa could be an excellent way to explore the country and decide if you are interested in other long-term options like permanent residency. If not, you also have the option to renew for another year.

 

 

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Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.

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