In 2021, the authorities of Cyprus began issuing residence permits to freelancers under the Digital Nomad Visa program. Initially, it was planned to issue only 100 visas per year, but by 2022, it was decided to issue 500 visas annually to "digital nomads."
The Cyprus Digital Nomad Visa program was developed to strengthen the country's electronic service sector. The permit is intended only for relocation to Cyprus and may be revoked if the holder leaves the country for more than 90 days.
Startup visas can be obtained by individuals who are not citizens of the EU or the EEA. They can move to Cyprus provided they can fully perform their work regardless of location using digital technologies. Freelancers can obtain a Cyprus residence permit for 1 year, which can be extended for another 2 years upon expiry. Family members can also obtain a residence permit but without the right to engage in commercial activities.
To apply for a Digital Nomad Visa, the applicant must:
- demonstrate a net income of €3500 (plus 20% for a spouse and 15% for a minor child);
- obtain health insurance coverage of €30,000;
- provide a certificate of no criminal record;
- lease or purchase property for long-term use.
The issuance of the card requires a payment of €70 + €70 for renewal. The residence permit application is processed within 1-2 months.
Cyprus Digital Nomad Visa Today
This year, Cyprus has already stopped issuing startup visas as the annual quota was exhausted by mid-August. The Cypriot Ministry of Foreign Affairs has published data showing that the majority of applicants are Russians. The most popular city among digital nomads is Larnaca.
What awaits the program in the future? The issuance of the Digital Nomad Visa is likely to be resumed next year, and the quota has increased, but the authorities have not provided precise forecasts yet. Currently, the future of the program is uncertain.
Cyprus Permanent Residency as an Alternative to the Digital Nomad Visa
Since the quotas for issuing startup visas have been exhausted, the most convenient and promising way to move to Cyprus is to obtain a Permanent Residency (PR). Unlike any residence permit, PR is permanent and does not require renewal or review of conditions for obtaining. It only needs to be renewed every 5 years. If desired, the holder can later obtain Cypriot citizenship.
PR status almost equates the holder's rights to those of a citizen, except for minor restrictions - the prohibition of running for elections and working in government structures.
Other advantages of PR:
- Ability to enter and exit Cyprus without restrictions.
- Free movement within European countries, with the possibility of living, studying, or working in any of them.
- Family members can obtain the new status together with the applicant.
- Favorable conditions for doing business - low corporate tax rate (12.5%), no taxation on some types of income.
- Free access to healthcare, education, and other social benefits.
- Ability to relocate a business to Cyprus or register a company.
- Obtain PR through a simplified scheme for investments in the economy.
How to Obtain PR in Cyprus in 2023?
In 2023, there are several ways to obtain PR in Cyprus:
- New status for investments amounting to €300,000. With this amount, the applicant can buy real estate, shares of an existing Cypriot company, or securities.
- PR through immigration permission. Available for qualified specialists working under contract, financially independent individuals, and entrepreneurs working in key economic sectors.
- Naturalization. After 5 years of residence in Cyprus, one can apply for PR.
Whatever status you choose, we recommend obtaining it with the support of professionals. Specialists from the migration agency GARANT.IN knows all the nuances of local legislation and will provide professional assistance at any stage of your migration journey - we will gather and process documents, fill out forms, find and buy/rent real estate, help open accounts in local banks, and adapt to life in a new country.
