Финансово-консалтинговая компания CYWORLD WEALTH

Digital nomad visa

Digital nomad visa

Digital Nomad Visa (With a maximum initial ceiling of 100 beneficiaries) concerns a residence permit in the Republic and not a work permit. Globally there is the shift to remote working. This creates prospects for Cyprus whereby it can attract people who will live in Cyprus but still work in companies operating abroad. The program was prepared on the basis of the respective Plans implemented in other European countries (Portugal, Croatia, Estonia, Germany, Czech Republic, Norway and Greece) for third-country nationals under the Digital Nomad Visa regime.

Eligibility:

Third-country nationals that are self-employed professionals or salaried employees, working remotely with the use of information and communication technologies with employers / clients outside Cyprus for a duration of at least 12 months.

Residence status:

– They have the right to stay in the country for up to one year, with the right of renewal for another two years

– They can be accompanied by their family members, who are granted, upon request, a residence permit that expires at the same time as that of the financial supporter of the family. During the stay in Cyprus, the spouse or partner (concerns persons who have entered into a civil partnership agreement) and the minor members of the family are not allowed to engage in any form of economic activity in the country.

– If they reside in the Republic for one or more periods totaling more than 183 days within the same tax year, they are considered tax residents of Cyprus, provided that they are not tax residents in any other State.

Necessary preconditions: The residence permit is issued to the person concerned, provided that he / she submits:

  • a declaration, stating his intention to reside in the country with a residence permit for the purposes of carrying out work remotely and his commitment that he will not in any way provide work or services to an employer based in Cyprus
  • an employment or works
  • contract or proof of an employment relationship with an employer, natural or legal person, who is established outside the Republic of Cyprus, of an indefinite period or in the case of a fixed-term contract with the remaining duration covering the period of the residence permit granted

OR

  •  employment or works contracts of indefinite duration or, in the case of a fixed-term employment contract, with the remaining duration covering the period of validity of the residence permit granted, if the third-country national is self-employed with more than one employer established outside the Republic of Cyprus,

OR

  • information on the status of the applicant in the business, as well as information on the business name, place of business, field of activity and corporate purpose of the business in case the third-country national is self-employed running his own business, which is located outside the Republic of Cyprus
  • evidence that he/she has sufficient funds, in terms of a a stable income level to cover his/her living expenses during his/her stay in the country, without recourse to the national social welfare system. The amount of sufficient funds is set at three and a half thousand (3,500) euros per month and is proven by:
  1. the employment or works contract or proof of employment, in the case of dependent work of services or works or
  2. a bank account. If sufficient funds come from paid services of dependent work, services or works, the above minimum level refers to net income after payment of required taxes in the country of employment
  • The above amount is increased by twenty percent (20%) for the spouse or civil partner and by fifteen percent (15%) for each child.
  • Medical Insurance

Clear criminal record from the country of residence.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.

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