Learn more about living in Cyprus for digital nomads - what are the benefits and the downsides and whether you should do it.
Is Cyprus a good place to live for digital nomads and entrepreneurs?
Andrew discusses service quality, accessibility, food, living standard, internet speeds, English proficiency, and more in this onshore tax haven.
Cyprus has a pretty low corporate tax rate, especially according EU standards, but that doesn't necessarily mean that personal income tax rates are low.
And if you decide to live in Cyprus, personal income tax of up to 35% could apply to you.
Cyprus has potential as a low-tax haven, but only if you run your business from there, not if you're living there long-term.
When it comes to stuff you can see and enjoy, there's something for everyone, and beach lovers will particularly enjoy Cyprus.
Thanks to Cyprus citizenship by investment program, you'll find plenty of Chinese and Russians there, and there's a diversity of people living there.
But what do you find when you venture out of upscale areas? What's the landscape and food like?
Watch the video to the end to get more interesting tidbits.
Subscribe to our channel and stay tuned for more videos and information about second passports, offshore strategy, reducing your taxes and going where you're treated best.
ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
Nomad Capitalist's Youtube channel is based on Andrew's vision that focusing on the end result, rather than the latest shiny object, is the best way to actually obtain the benefits of the Nomad Capitalist lifestyle.
About Andrew: nomadcapitalist.com/about/
Our website: nomadcapitalist.com
Our blog: nomadcapitalist.com/blog/
Work with Andrew: holanomad.com/
I lived in Cyprus for the summer as a destination in my "slow travelling" series. I housesitted on this occasion, and like you found the Internet patchy but workable. I uploaded 1-1.5GB videos on YouTube in about 2-2.5 hours. Sometimes streaming on TV was disrupted and I gave up on watching TV. Food prices here are more expensive than the UK, my hoe country, and much more than the Dominican Republic and Mexico, where I resided on my digital nomad travels. Anyway, a watchable video and if anyone is intersted in my own report please check out https://youtu.be/LjnqQj_wXvM
And you live where? another shit hole no doubt, perhaps you could not afford a decent house on Cyprus? I have lived here for twenty odd years, you have not a clue friend, stick to something you understand. I am laughing at you, my life is fantastic here..off for a swim!! in the Med.
Interesting video. I was watching it because I speak Greek almost as well as English, and Cyprus is close to Lebanon, another country I like, but where it is hard to obtain residency. Please continue your interesting posts. It is definitely time for me to get out of the U.S., my Swiss bank account has been closed because of FATCA despite the fact that I am not even a U.S. citizen and do have a Swiss passport.
The buildings are mainly concrete building with wall from bricks. I live in a insulated house now. It is cool in the summer and warm in the winter. Regarding your concerns I do not see it so dramatic on the hygenic side. There are also complexes that have been maintained but were not sold. It is more in the quality of the buildings itself. You need to know the area to make a wise investment decision. I only buy as an investment and prices are not coming down to be low enough. I am dealing now a package of apartments that have very good quality and promise very good return of investment. Including seeview etc. But you have to be patience to get it right. Also important: You can not but with money from the island. The banks give only very bad condition and destroy any investment idea.
Christoph Fluri-Heckenbuecker Great insight. Thanks for sharing this.
Although, in cases where the properties have not been occupied or actively maintained, I'm not sure some will be in great shape (in terms of mold, bacteria, cyanotoxins & other moisture sensitive biotoxins) with the high humidity of Cyprus winters. I'd rather take the wear & tear of human residents, since at least they tend to maintain things and keep areas properly aerated. Any idea what the predominant building materials are in Cyprus?
This is not correct. The bubble from 2008/2009 did not even burst for real. There are thousands of broken loans and the properties are now after many years coming on the market. Finally. This was because there a lot of legal stuff about it including the possibility for developers to have the right to distribute the properties themself for 5 years before the bank could even do somthing. This starts now. There is coming a lot more properties on the market in 2017 and later. That will effect the prices. The only place have more demand and more stable market is Limassol. The rest of the island is more or less in deep problems.
prayl00185 You can always get for a visa from your own company. In fact, it's one of the easier ways of proving that you essential to the company. No version of you can be obtained locally when you are, indeed, not just the president or ceo, but the actual founder of the company.
Thank you so much for sharing your story and experiences.
I am learning so much from your videos and from other travel youtubers.
I just quit my job and have began my adventures as a digital nomad! I'm so excited :D
I am making videos sharing my journey too! I want to prove that anyone can do it! :D
Best of luck for 2017, I hope your year is full of travels and exciting moments :D
I've lived in the Paphos area for 17 years, love it, I also get 20MB CYTA broadband and the thing is it is reliable this is more important.I ran a large forum with 8K membership, it the Internet was so bad I would have given 16 years ago, it is not slow.
Bad internet is somewhat common in all of the european islands is it not? While cablenet in Cypros gives you 150Mb download, just 8mbit upload for 99 euro. Melita offers 100/6 in Malta for 55euro (And don't list upload on their 250mbit line). The greek islands is no better.
Brokerage fee amount by transaction value 1.
Trade online and settle your trade to a CDIA or CommSec Margin Loan 2.
Trade online and settle into a bank account of your choice.
Share Trades over the Phone 3.
CommSec Share Packs online 4.
CommSec Share Packs over the phone 4.
Trades requiring settlement through a third party 6.
1 For GST rounding reasons, the final brokerage fee may vary from the stated or expected brokerage fee by a couple of cents.
4 Normal brokerage will apply when a stock acquired through CommSec Share Packs is subsequently sold.
5 Amount per share will be noted as brokerage on each confirmation issued. There will be no substitution should a stock have a trading halt placed on it.
6 Includes third party Margin Lending, and where the Commonwealth Bank exercises its rights under the loan Terms and Conditions.
Other fees may apply. Please see the CommSec Financial Services Guide.
Open a CommSec Share Trading Account.
Buy and sell shares using a CommSec Share Trading Account with our cash account - with it you can seamlessly settle trades, transact and earn interest.
Buy and sell shares using a CommSec Share Trading Account with your existing bank account.
Frequently asked questions.
Shares held with another broker.
For the transfer to be successful the name and address registered on your issuer holdings must match your CommSec account.
Your request will be completed within 72 hours.
Shares held with the share registry To transfer shares held with the share registry into your CommSec Trading Account you need to complete an Issuer Sponsored Holdings to CHESS Sponsorship Transfer Form.
Your request will be completed within approximately 48 to 72 hours of receipt.
When you have bought and sold shares on the same day and the next trading day, your payment may be partially or wholly offset. For more information refer to the New Client Guide.