The Digital Nomad Visa in the Republic of Cyprus
The introduction of the Digital Nomad Visa (DNV) in the Republic of Cyprus constitutes part of the Government’s Action Plan for Attracting Companies to Operate & Expand their Activities in Cyprus 2022-2024.
Beneficiaries: The DNV program began with an initial beneficiary cap of 100 beneficiaries that, due to its significant popularity in the Digital Nomads world, got increased to 500 beneficiaries. The program is extremely competitive to Digital Nomad Visa programs in other European countries.
Eligible applicants: come from an array of industries and are (i) self-employed professionals, (ii) freelance professionals or (iii) employed third country nationals, who work remotely using Information & Communications Technology (ICT) with clients or employers outside Cyprus.
Eligibility criteria: these include:
- Sufficient Resources: evidence that the DNV applicant has sufficient resources at a level of a fixed, steady income to cover his/her living expenses during their residence in Cyprus, which is satisfied by a minimum monthly salary of €3,500 and is evidenced through:
- Contract: employment contract or project contract (for self-employed individuals and freelancers) or any other document evidencing a professional relationship.
- Bank account: in cases where these “sufficient resources” come from paid services of independent work, the €3,500 amount refers to the net income after the payment of the requisite taxes in the country where the work is performed.
- + 20% & 15%: The €3,500 amount is increased by 20% for the DNV applicant’s spouse/partner and by 15% for every child.
- Medical Insurance: Healthcare coverage covering in-/out-patient care and transportation of corpse.
- Clean Criminal Record: Certificate from the country of residence (if different to the country of origin).
Residency Status: Holders of a DNV have the right to reside in the Republic of Cyprus for 1 year (with a right of renewal of an additional 2-year period). In addition, DNV holders may be accompanied by their family members, who receive a residence permit with the same validity as the DNV holder.
Tax Benefit: If the holder of a DNV stays in the Republic of Cyprus for 1 (or more) periods that – taken in total – exceed 183 days within the same tax year, that DNV Holder is considered tax resident in Cyprus (provided they are not tax resident in any other country).
Our Digital Nomad Visa (DNV) services: At ServPRO, we undertake the entire process relating to DNV, starting from assessing an applicant’s eligibility against the criteria provided for Digital Nomads, booking and representation of the applicant before the Civil Registry and Migration Department (CRMD), and monitor the application through to the obtainment of the DNV. Read more on Digital Nomads
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For more information on this topic contact us by telephone (+35722021100) or email ([email protected]).