Cyprus is putting in place a whole strategy to invite digital nomads to spend time in the country with a series of incentives.
This is part of an ambitious government programme intended to get more foreign investment particularly to Cyprus from tech companies and businesses working in research innovation (Sources: in-Cyprus, Financial Mirror, Stockwatch).
Digital Nomad Visa in Cyprus
A proposal is taking shape to entice more digital nomads to work in Cyprus from 2022. The digital nomad visa will grant people who work remotely for companies outside Cyprus to spend twelve months in the country provided that they meet the requirements stated in the application.
The initial scheme is open to 100 people from non-EU countries who are self-employed or work remotely for a foreign company.
An interesting aspect of this visa scheme is that it can be extended for another two years.
These types of digital nomad schemes are certainly worth following but they will need to be open to a larger number of applicants to have a significant impact. They also need to reflect the quality of services available to digital nomads, whose mobility and flexibility allow to choose a location on the basis of what it has to offer.
Two positive factors about Cyprus are a fairly low cost of living and the fact that most locals speak English.
Getting Foreign Investment in Cyprus
The government of Cyprus aims to get more companies to establish a presence in the country to add value to the local economy alongside its ongoing process of modernisation, including upgrading the infrastructure and moving more services to digital. A Business Facilitation Unit will support all the steps involved in setting up a business or expand its operations.
Seeing how other countries have launched similar programmes, Cyprus wants to establish an environment that supports business and re-brand as a tech hub.
The programme includes offering tax incentives to get highly skilled foreign employees to live in Cyprus and ultimately help them become residents.
The plan is part of a major restructuring process underway in Cyprus to improve and develop private and public services. It is a large-scale project with a 15 year span to simplify and streamline all sectors introducing new technologies.