Ready for more ... digital nomads

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These are employees who have the ability to work remotely not only from home but also from abroad, essentially traveling around the world, as technology now allows. They are the digital nomads, in Greek the digital nomads who due to the pandemic and the lockdowns that it brought not only increased worldwide but also became better known.

In this context, several countries through plans and programs try to attract them by offering special residence permits for themselves and their families. Since it is essentially a kind of long-term tourists with the benefits for each destination that gathers digital nomads to surpass those of a simple visitor. Digital nomads will need space for housing, so they will have to rent while generally spending on food, entertainment or other services. For the benefits that can arise from digital nomads, a characteristic was last year's position of the then Minister of Tourism of Greece, Harry Theocharis, who supported, citing a report by the MIT Enterprise Forum, that if Greece attracted 100,000 digital nomads & nbsp; annually, by an average 6 months stay, could benefit with over 1.6 billion euros. He explained that this amount corresponds to the equivalent of 2.5 million tourists for a week stay in the country, acknowledging that the competition is too great to boost technology tourism and attract millions more digital nomads.

Cyprus, however, entered the hunt for digital nomads late, announcing its own visa plan for digital nomads only around the end of 2021, which entered into force at the beginning of this year. The plan was included in the new strategy of attracting companies to operate or even expand their activities in Cyprus and for its implementation the Ministry of Interior was appointed as the competent authority with the Ministry of Finance also being a involved party.

The plan essentially gives residence permits to digital nomads from third countries as Europeans do not have particular barriers to working in another Member State and was designed based on similar plans implemented by other European countries. As mentioned during the presentation of the plan, the Cypriot program was prepared on the basis of the corresponding plans implemented in other European countries (Portugal, Croatia, Estonia, Germany, Czech Republic, Norway and Greece) for third-country nationals under the Digital Nomad Visa regime. In fact, if one looks on the internet one will find that the Cypriot plan is almost a copy of the Greek plan. But with some clarifications regarding tax issues but also with restrictions. As the Cypriot plan to attract digital nomads sets a ceiling on the number of relevant permits that can be issued in this direction. Restrictions that concern whether Cyprus really wants to become a destination for usually high-income workers who want to work abroad for a while, either because they want adventure, or because they want to know new places, or because they want to work somewhere at a lower cost. in relation to what their company base is, or because they simply can.

Visas but with a ceiling

Based on the restrictions originally announced in In the framework of the Cypriot plan, it was decided that the maximum number of beneficiaries for Digital Nomad Visa would be 100.

However, the ceiling has recently changed and increased with a decision of the Council of Ministers that decided in March to approve the increase of the ceiling of beneficiaries of Digital Nomad Visa to 500. According to information from “F” the change and increase of beneficiaries to 500 It was decided after the Russian invasion of Ukraine on February 24 that Cyprus be ready if it needs to accept more digital nomads. With the start of the war we recall that many saw opportunities to attract technology companies mainly from the war zone but also from Russia, although for the time being there does not seem to be any mobility in this direction.

After all, little mobility is observed. for the time being and for the plan offered by Digital Nomad Visa since those digital nomads who rushed to take advantage of it are limited to half of the first ceiling set for beneficiaries of this visa.

Specifically, as “F” is informed, so far about 50 applications for Digital Nomad Visa have been submitted to the Ministry of Interior and specifically to the Department of Population and Immigration Records, which in their entirety are in the evaluation stage, without any visa has been issued yet. This fact may be related to the delay that existed on the part of Cyprus in the presentation of its own plan as well as to the restrictions that initially existed but still exist. It is noted that the descent to Cyprus of digital nomads was not completely prohibited for third country nationals as they could enter with a tourist visa but with a restriction on their stay, only three months while those who wanted a longer stay could do so through the Program Permanent Residence. But only if they had at least 300 thousand euros at their disposal for real estate investment, a criterion that is rather a deterrent for someone who is defined as a digital nomad.

Beneficiaries and conditions

The Cypriot plan to provide Digital Nomad Visa essentially concerns a residence permit for third-country nationals with a salary of at least 3.5 thousand euros in the Republic of Cyprus but no work permit. The measure was decided on the basis of the new strategy for strengthening Cyprus as a business center as there is a global shift to distance work. This, according to the & nbsp; announced strategy of attracting companies, creates prospects for Cyprus where it can attract people who will live in Cyprus but will work in companies operating abroad. Beneficiaries for applying for the Digital Nomad Visa are third-country nationals, self-employed/self-employed or employees who work remotely using information and communication technologies with employers/clients outside Cyprus for a period of 12 months. With the residence status that the digital nomads will acquire, they will have the right to stay in the country for a period of up to one year, but with the right, but renewal for another two years (the same is provided by almost all the plans offered by European countries, Greece included). As part of the residence permit they will obtain in Cyprus, they will also be able to be accompanied by their family members, to whom it is granted, upon their request, a residence permit that expires at the same time as the maintenance.

According to the plan, during the stay in Cyprus it is not allowed, but the spouse or partner (concerns persons who have entered into a cohabitation agreement) and the minor members of the breadwinner's family to provide dependent work or to exercise any kind of financial activity in the country. The plan also clarifies that if digital nomads reside in the Republic for one or more periods totaling more than 183 days within the same tax year then they are considered tax residents of Cyprus meaning they are not tax residents in any other State. Based on the latter, several companies and economic organizations based in Cyprus in the context of the presentation of the Cypriot program promote the benefits of the tax system of Cyprus and other incentives, although tax incentives to attract digital nomads have other countries.

However, there are conditions for the granting of a residence permit to digital nomads, since according to the plan, the permit is granted to the interested party, provided that he submits the following:

A solemn declaration, stating his intention to reside in the country with a residence permit for the provision of distance work and his commitment that he will not in any way provide work or services or work to an employer based in Cyprus. Employment or work contract or proof of employment with an employer, natural or legal person, who is established outside the Republic of Cyprus, for an indefinite period or in case of a fixed-term contract with a remaining duration covering the period of the residence permit, or employment or work contracts indefinite or, in the case of a fixed-term employment contract, with a residual duration covering the period of validity of the residence permit granted, if the third-country national is self-employed with more than one employer established outside the Republic of Cyprus, or status of the applicant in the company, as well as information regarding the name, registered office, field of activity and corporate purpose of the company in case the third country citizen is self-employed in his own company, which is located outside the Republic of Cyprus. Evidence that he has sufficient resources, at a stable income level, to cover his living expenses during his stay in the country, without burdening the national social welfare system. The amount of sufficient resources is set at three and a half thousand (3,500) euros per month and is evidenced by the employment or project contract or proof of employment, in the case of dependent work, services or project or by bank account. If sufficient resources come from paid employment services, services or work, the above minimum amount refers to net income after payment of the required taxes in the country of employment. The amount mentioned above is increased by twenty percent (20%) for the spouse or cohabitant and by fifteen percent (15%) for each child. Medical coverage. White criminal record from the country of residence.

Visas but with a ceiling

Based on the restrictions initially announced under the Cypriot plan, it was decided that the maximum number of beneficiaries for Digital Nomad Visa would be 100.

Specifically, as “F” is informed, so far about 50 applications for Digital Nomad Visa have been submitted to the Ministry of Interior and specifically to the Department of Population and Immigration Records, which are in the evaluation stage, without any visa has been issued yet. This fact may be related to the delay that existed on the part of Cyprus in the presentation of its own plan as well as to the restrictions that initially existed but still exist. It is noted that the descent to Cyprus of digital nomads was not completely prohibited for third country nationals as they could enter with a tourist visa but with a restriction on their stay, only three months while those who wanted a longer stay could do so through the Program Permanent Residence. But only if they had at least 300 thousand euros at their disposal for real estate investment, a criterion that is rather a deterrent for someone defined as a digital nomad.

Source: www.philenews.com

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