A Digital Nomad’s View of Cyprus

A Digital Nomad’s View of Cyprus

After a full year of researching possible destinations, digital nomads Matthew Maday and Cassandra Turner have no doubt where they want to set up their permanent base: Cyprus.

The young couple, who manage a digital consultancy business that provides services to companies in the United States, did not take the decision easily.

“We are rather well researched,” says Matthew. “Spain, Greece, Bulgaria, Estonia, the Netherlands, Hong Kong.”
The three factors they took into consideration are:

  • Corporate taxes
  • Quality of life
  • Individual taxation.

While there is not a single solution for every person, we found Cyprus to have many advantages in all three areas,” says Matthew.

“The Non-Dom program, with the Corporate tax incentives program, allow us to acquire a long stay visa quickly, to keep more of our profits for reinvestment, and to live a vacation lifestyle.”

He was referring to the new digital nomad visa program offered by the Cyprus government that provides incentives for people who would like to live on the island while working for offshore companies.

The Other Bonuses of Setting up in Cyprus

Good Internet connectivity also played a significant role in Matthew and Cassandra’s decision-making.

 “The Internet coverage is comparable to other modern European countries like Germany and France,” says Matthew.

Users on a Reddit digital nomad group also highlighted the island’s strong Internet coverage but pointed out that it becomes patchy in smaller towns and rural areas.

The Reddit users also spoke glowingly about the Mediterranean island’s warm climate, its low crime rate, its clean air, and its reasonably priced food—especially at farmers’ markets.

However, they believe rental prices are high in Cyprus.

For example, a one-bedroom apartment in central Nicosia commands an average rental of 600 euros a month.

The rate in Larnaca is slightly cheaper, at 450-500 euros a month, but in Limassol, the country’s commercial hub, tenants should expect to pay up to 1,000 euros a month for a one-bedroom apartment.

Outside of the urban areas, of course, the rentals are much lower. In the village of Pervolia, which is close to the sea, apartments can be found for 300 euros, and in mountain villages renting in a room in someone’s house could cost as little as 200 euros a month.

The digital nomad would have to weigh up the advantages of low rentals against the quality of Internet connections in rural areas.

Most digital nomads, however, want to base themselves near the seaside, inspired by the stereotypical image of someone with a laptop sitting at the beach sipping a cocktail in between bashing the keyboard,

Strict Criteria but Positive Perks

The digital nomad visa has strict criteria as far as finances go. To qualify, applicants must prove that they earn from their offshore business at least €3,500 a month after the deduction of contributions and taxes.

Those who do qualify, however, are eligible for the following perks:

  • The right to stay in Cyprus with their families for up to a year, with the possibility of renewing for a further two years.
  • The right to register as a tax resident of Cyprus, provided they spend more than 183 days on the island in a calendar year. Tax residents are also eligible for several tax benefits.

Tax incentive is not the main factor that has lured the American entrepreneurs to Cyprus.

“There is a large English-speaking population, one can scuba dive and ski on the same day, and there is an amazing running community,” says Matthew, like Cassandra, a keen ultra-runner.

“We are looking no further. To us, Cyprus is the most attractive country in Europe for digital nomads.”

By The Editors of Headliner Cyprus

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