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
The Cyprus digital nomad visa was introduced on 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.
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Limassol, 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, coffee shops, and other attractions to enjoy in major and larger cities. The country has a maximum length of 149 mi (240km) from East to West and 62 mi (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, like Fig Tree Bay, which 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 country. 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 it easy for one to live off €3,500/month ($3,430 USD), even while spending money on travel.
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Cyprus Coast
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 there for less than 183 days.
Cyprus on Map
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:
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.
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Limassol, Cyprus
Cyprus is a very beautiful country that is very 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.