With a lush Mediterranean environment and a governmental push to make it a financial and technological hotspot of Europe, Cyprus is the best place to live as a digital nomad. After all, the Covid-19 pandemic has left many individuals with a renewed optimism in finding work beyond the office and the country makes it easy to establish and grow an online business. For those who are already self-employed, the country offers a dynamic, fresh culture when travels elsewhere are so limited and provides the financial policies and high-quality infrastructure that keeps digital businesses running smoothly.
The Aspen Trust Group highlights the attractiveness of Cyprus as the best place to live as a digital nomad, for those just starting or those looking to make positive improvements for online business across any field.
Right Time, Right Place
The rising appeal of digital nomadism has come at a time when telework has become a way of life from the last year and a half of the global pandemic. Where many foreign nationals were already finding the joy of transforming their own entrepreneurial endeavors and seeking lifestyles more compatible with life goals, the new age of remote working has encouraged more workers to consider making the switch for good.
Cyprus, even before the pandemic, is the best place to live as a digital nomad for its quality of life and the business start-up and taxation advantages. In recent weeks, the government of Cyprus has announced plans to continue to push the country as one of the top digital nomad destinations.
Many of the initiatives plan to make the country ideal for location-independent work, with top internet speeds and investment in technological advancements to add to the growing number of benefits for non-domiciled individuals who live and work in Cyprus.
Alongside these public initiatives, Cyprus Economy and Competitiveness Council (Ecompet) has prepared to make Cyprus one of the most ideal “places to live, work, and do business” using long-term sustainability and interconnected policies that continue to grow the country’s reputation as a financial and technology hub in Europe. Vision 2035 combines the talents of governmental policy and private sector action to transform Cyprus’ cities into the top ranking high-tech capital cities in the region.
Joining the campaign to solidify Cyprus as the best place to live as a digital nomad is the Tech Island Association. Launched in April 2021, 65 tech companies in Cyprus came together to become a clear voice among policymakers and stakeholders for the tech industry. Hoping to showcase Cyprus as a leader for the expat community in the role of expanding a digital economy. The association is currently already working in partnership with the Deputy Minister for Research, Innovation and Digital Policy on new programs promoting the country as a global tech hub.
Cyprus Edition: Why It’s the Best Place to Live as a Digital Nomad
Many aspects make Cyprus the best place to live as a digital nomad—from doing business to living the ideal nomadic lifestyle.
Quality of Life to Living Expenses
Cyprus boasts a colorful, Mediterranean lifestyle that combines the cultural, historical, and natural blend of the best Europe has to offer in addition to the influences of Africa, Asia, and the Middle East. For digital nomads, this means ample ways to enjoy the country despite the current limit on travel restrictions in other parts of the globe.
Compared with other countries in Western Europe, Cyprus is much more affordable for digital nomads without sacrificing quality in healthcare, education, or housing. The ability to operate in English and other major languages also makes living and working in Cyprus a stress-free transition. In fact, more than 100,000 foreign residents have already found Cyprus their ideal home. Limassol, a big city in Cyprus, is one of the most suggested cities for digital nomads.
Non-Dom Taxation Policy
The ’60 Day Rule’ for non-domiciled individuals ensures that most digital nomads qualify as tax residents of the country, one of the shortest amounts of time to achieve tax residency status anywhere in the world. When looking for the best place to live as a digital nomad, the amount of taxes due can have a serious impact on the financial sustainability of their online business.
Luckily, low tax rates and an extensive network of double tax treaties make Cyprus an attractive jurisdiction for keeping the financial burden of being self-employed to manageable and competitive levels. Digital nomads can enjoy the freedom to be tax-free for income up to 19,500 Euros.
Relaxed, But Productive Work Environment
While Cyprus is known for its picturesque lifestyle, it is also a major finance and technology hub as well as a growing foreign investment hotspot. Part of the reason is the large network of professional services offered across several major industries.
Moreover, vast investments in infrastructure make it simple and effective to work remotely. Fast WiFi internet speeds and access to quality working spaces make Cyprus more ideal than found in other digital nomad destinations such as those in Southeast Asia. The Thai city of Ho Chi Minh City or even Bangkok can pose problems for finding a reliable coworking space or access to important resources that digital nomads rely on to complete their work.
Ease of Setting Up and Doing Business
Setting up a business in Cyprus is relatively straightforward and comes with additional financial incentives, from a sole proprietorship to limited liability (Ltd.) company structures.
Each comes with their own financial benefits, although establishing an Ltd. provides digital nomads greater reputation and fewer liability risks in their business operations. Most businesses can be set up in a matter of a few days and working with a consulting agency such as The Aspen Trust Group can optimize your business and financial rewards.
Further, Cyprus is well-known for its reputable service industry that helps companies achieve their international business visions. Services include finding the perfect office space, dealing with important internal and external paperwork and accounting, and even immigration solutions for relocating families and businesses to a new jurisdiction.
Start-Up and Technology Hub
As Cyprus continues to incorporate modern initiatives for Start-Ups and the IT industry, digital nomads have access to the latest innovative digital services and opportunities. Aside from the joint ventures already mentioned, Limassol Marina is making big strides in pushing the city into the top position for technology leadership, hoping to expand the project into the next ‘Technology Wall Street.’
With these rapid developments, it is clear that Cyprus is the best place to live as a digital nomad in the next few years as the landscape of the workplace continues to reimagine itself for the modern, globalized world.
Find the Perfect Fit and Get Set Up Today
With much of the world still navigating the challenges of the pandemic, there is no better time to expand your ability to work remotely and implement smart financial solutions to growing your own business. Cyprus continues to pave the way forward for digital nomads and their interests, making the country the best place to live as a digital nomad and find freedom in life and work.
The Aspen Trust Group has the necessary experience in consulting with a wide range of clients and their businesses. Contact our professionals to find out how to make the transition to the best place to live as a digital nomad as well as the most optimal company structure for you, getting the best in financial tools to make being self-employed the best decision you have ever made!