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Why Cyprus Is Probably The Best Place To Live As A Digital Nomad?

Why Cyprus Is Probably The Best Place To Live As A Digital Nomad?

Until the end of 2019, the digital nomad idea was considered as some kind of hippie movement, but then the pandemic started and we made a leap 10 years into the future. Plenty of professionals worldwide now have to work from home, although home can actually be anywhere.

Digital Nomads are those who can travel and at the same time work remotely without fixed professional headquarters, taking advantage of the possibilities of the internet. They are people who choose to work remotely from their laptop and they are able to change their place of residence frequently.

Digital Nomads belong mainly to Millennials (25-40 y.o.) and Generation Z (up to 24 years old now). They locate their job in new and friendly to them environments that offer all possible comforts and cover all the job requirements.

As a result, digital nomads live a life with complete control and management of their personal time, in an environment that inspires them, while at the same time, they perform the tasks assigned to them with the same or even greater devotion. What is only required is a fast internet connection provided in the space of their choice.

Cyprus is a member of the European Union, thus any EU citizen is allowed to live and work freely in the country. Those who are looking for a change of scenery and a new way of working, they may find out that two months of going digital in Cyprus maybe is a quite better choice than just a two-week vacation. The lifestyle change from five days at home (or stuck in traffic) to waking up with a shimmering Mediterranean horizon in front of the working desk is definitely a tempting option.

In line with the Digital Nomad Index of the British company CircleLoop that evaluates 85 countries based on hosting digital nomads, Cyprus was 42nd in 2020. The list takes into account data such as infrastructure, facilities and incentives of each city. Limassol meets the requirements to attract digital nomads. Cyprus, even before the pandemic, was one of the best places to live as a digital nomad due to its quality of life, the business start-up and taxation advantages. In recent weeks, the government of Cyprus has announced plans to push the country further as one of the top destinations for digital nomads.

Most of the initiatives plan to make the country ideal for location-independent working, with top internet speeds and investment in technological advancements to complement the growing number of benefits for non-domiciled individuals that live and work in Cyprus. In addition to these public initiatives, Cyprus Economy and Competitiveness Council (Ecompet) aims to make Cyprus one of the most ideal “places to live, work, and do business”. Various aspects make Cyprus one of the best places to live as a digital nomad - from doing business to living the ideal nomadic lifestyle.

Quality of life & Cost of living

Cyprus boasts a colourful, Mediterranean lifestyle that combines culture, history as well as a natural blend of the best Europe has to offer, in combination with the influences from the Middle East, Africa and Asia. In comparison to other countries in Western Europe, Cyprus is much more affordable for digital nomads without having to compromise with lower quality in healthcare, education, or housing. More than 100,000 foreign residents have already found Cyprus their ideal home and Limassol is one of the most suggested cities for digital nomads.

Non-Dom taxation policy

When searching for the best place to live as a digital nomad, the number of taxes due will have a heavy impact on the feasibility of an on-line business. The ’60 Day Rule’ for non-domiciled people ensures that almost all 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. Low tax rates and therefore the 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.

Both relaxed and productive work environment

Cyprus is well known for its picturesque lifestyle, although it is also a leading finance and technology hub and a growing foreign investment hotspot. Moreover, vast investments in infrastructure make it 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.

Set up and doing business easily

The process of setting up a business in Cyprus is relatively easy and it comes with additional financial incentives. From a sole proprietorship to limited liability (Ltd.) company structures. Each choice has its own financial benefits, however establishing an Ltd. provides digital nomads better reputation and fewer liability risks in their business operations.

Cyprus is a start-up & technology hub

Cyprus constantly aims to incorporate new initiatives for the IT industry and start-ups, so digital nomads have access to the latest innovative digital services and opportunities.  Taking into consideration all these rapid developments, it is obvious that Cyprus is probably the best place to live as a digital nomad in the years coming, and there are several testimonials that prove it.

British-born Alistair Webster is now a resident of Cyprus. Webster is a great example of a digital nomad. He is from Preston, northern England, he and his wife Maja had initially embraced the digital nomad existence, traveling mainly throughout Europe until the pandemic made country-hopping problematic. Last summer, when they realised that a second wave of Covid-19 was about to restrict travel once again, they travelled to Cyprus, attained residency and set up base there.

'The island is well connected to the UK and it helps that everyone speaks English in terms of sorting out the admin needed to set up a base. Cyprus also offers a nice lifestyle and a very relaxed way of life,' said Webster, 30 years old. Australian Tim Kremer, owner of a cloud-based software suite for client-focused businesses called Avaza, is one of a growing number of digital nomads leading a more settled existence in Cyprus. As he mentioned: 'There are a few things about Cyprus that stand out and make it attractive to digital nomads, but one of the main draws is the island's non-domicile tax regime that encourages talent to come from overseas and settle. 'It's also unique in that they only require you to be physically present in Cyprus for 60 days of the calendar year, and it doesn't have to be consecutive. For someone who's a nomad, that gives a lot of freedom to travel the rest of the world and maintain a tax residence in Cyprus.'

While most of the people still navigate the challenges of the pandemic, this is the time to consider of working remotely. Cyprus continues crafting new ways for digital nomads and their interests, making the country one of the best places to live as a digital nomad, while providing freedom in life and work.

 

By LionGlobal

 

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