The “Digital Nomad Visa Scheme” has recently been introduced by the Council of Ministers in Cyprus, with a ceiling of 500 residence permits to be issued (update on March 2022). It basically allows third-country nationals who can work remotely, to reside temporarily either on their own or with their families in Cyprus and at the same time work for an employer registered abroad (in case of an employee) or perform work for companies or clients located abroad (in case of a self-employed individual).
Who can apply: Third-country nationals who can satisfy the following conditions:
• They can perform their work remotely.
• They are employed in a company registered outside of Cyprus, for which they can work remotely, or they are self-employed offering services for clients located outside of Cyprus;
• They have stable and sufficient monthly net income of at least €3.500 and can prove it.
• They must have at least 30,000€ coverage in health and accident insurance in Cyprus
Benefits:
· They will have the right of residence in Cyprus for 1 year, with a possibility of renewal for a further 2 years.
· Provided that they remain in Cyprus for one or more periods exceeding 183 days within the same tax year; in that case, the Digital Nomad is considered a tax resident of Cyprus, provided that he is not a tax resident in any other country.
· Their family members (spouse/partner, minor children) can also obtain a residence permit in Cyprus for the same duration, however, they will not be allowed to be employed or perform any economic activity in Cyprus. It is noted that the amount of sufficient funds is increased by twenty percent (20%) for the spouse or civil partner and by fifteen percent (15%) for each child.
Process:
· Individuals should enter Cyprus with a tourist visa.
· Within 3 months of their arrival in Cyprus, they should submit the relevant applications to the Civil Registry and Migration Department, together with all the relevant supporting documents.
· The time of examination of the applications is estimated to be anywhere between 5 - 7 weeks.
How we can help:
· Advise on the Digital Nomad Visa Scheme
· Preparing and filing the Digital Nomad Visa application.
· Gathering all relevant information and representing the client to the Civil Registry and Migration Department.
· Assistance with accommodation and other relevant legal matters.
This article is written for information purposes only and it does not constitute legal advice.
For further information, legal advice and assistance please contact us at zena@zsm.law or call us at +357 25-252282.