In an effort to entice foreign investors and talent, Cyprus will soon create a visa program aimed at digital nomads. The nation’s leaders hope the program will strengthen the island country’s growing technology sector.
For now, the program will allow up to 100 non-EU workers to live in the country.
Each visa will stay valid for up to a year, and visitors can stay for up to three years if they renew it. Spouses and children of visa holders are permitted to live in the country, too, though they won’t be allowed to work.
A digital nomad must earn at least €3,500 ($3,949) per month to be eligible for the visa. They must also have proof of health insurance.
The number of digital nomads grows daily, as does their purchasing power. Over half are either retired or self-employed.
The coronavirus pandemic forced many workers to stay home, and a significant portion of them discovered they preferred it. Others, who had lost their jobs, created their own work by starting businesses or freelance careers.
With countries worldwide opening their borders, remote workers are now free to go where they please.
According to the Greek government, attracting 100,000 digital nomads for six months each year would add €1.6 billion ($1.8 billion) to its economy. With that in mind, it’s easy to understand why various countries wish to court such workers.
The digital nomad visa program is only one of several planned changes.
Cyprus is also taking steps to improve the country’s digital infrastructure. Leaders plan to improve 5g networks while strengthening cybersecurity.
The nation has a lot to offer the digital nomads it’s trying to attract.
Visitors who become tax residents experience highly favorable tax advantages, including a 0% tax on dividends. To qualify for tax residency, one needs only to stay in Cyprus for two months each year.