The recent pandemic years have seen a rise in remote work independent of location. The digital nomad lifestyle in particular has become incredibly popular, breaking out into the mainstream conscious. Between 2019 and 2022, there has been a reported 100% increase in digital nomads in the US alone, increasing from 7.3 million individuals in 2019 to 16.9 million in 2022.
As the number of individuals who adopt this lifestyle increases, so does the demand for ideal locations that provide a high quality of life, strong digital infrastructure, and amenities. Global investment migration industry expert Yiannos Trisokkas has the answer: "the eastern Mediterranean is a rising star for digital nomads".
The region's popularity is driven mainly by the European Union's easternmost members, Greece and Cyprus, two nations that present digital nomads with unique opportunities they would be hard pressed to find elsewhere.
Quality of Life
Renowned as a premier holiday hotspot throughout the world, Greece is an obvious choice for digital nomads. Cyprus itself is far from the little engine that could be, welcoming 4 million European, Middle Eastern, and Russian holidaymakers a year - a whopping 4 times its population.
It is easy to see why: both Greece and Cyprus offer incredibly mild weather throughout the year, with over 300 days of sunshine a year being the norm. "Sunny fall and winter days are the rule, not the exception," says Trisokkas. "This is a major reason why digital nomads are attracted to this region of the world".
Boasting some of the best beaches in the globe, digital nomads are no doubt enticed by the ability to experience a holiday atmosphere all year-round, with many choosing to create a permanent association with this corner of the world.
"Most digital nomads stay in countries like Greece or Cyprus for periods of 9 months. They soon find this is not enough," according to Trisokkas. "Digital nomads enjoy the sun, the cuisine, the friendly people, and the widespread knowledge of English. It's an easy way of life, especially given the recent Digital Nomad Visa schemes for non-EU and non-EEA persons in Greece and Cyprus."
Booming Rental Market
Enticed by the dreamy Mediterranean lifestyle, many affluent digital nomads purchase a property, enjoy it for the months they remain in the country, and then reap the considerable financial returns by entering their property into the region's thriving rental market.
This can be reflected in Greece's property statistics: in 2022, foreign nationals contributed €1.7 billion to the Greek real estate industry, with many of these properties shortly entering the country's rental market.
With both countries being renowned as holiday hotspots, the demand for rental properties is always insatiable, as rental properties become increasingly popular as opposed to traditional hotel stays, in addition to a growing population of locals who seek rentals to house their families.
"Property in Greece will always be in demand by both international investors and locals, especially in Athens." These favourable conditions allow digital nomads to "appreciate the benefits of the Eastern Mediterranean, both atmospheric and financial, by entering the region's real estate market, without ever having to physically limit their presence to a geographic location".
Ease of Travel
Non- European digital nomads who invest in Greek and Cypriot property have an additional incentive to do so: Greek properties valued at €250,000 and Cypriot properties valued at €300,000 make investors eligible for Permanent Residency status without having to reside in either country permanently.
This is beneficial to digital nomads for one key reason: ease of travel. Both Greece and Cyprus are European Union members, allowing those who hold permanent residency status ease of travel throughout the European Union.
Holders of Cypriot Permanent Residency status will encounter a much easier process when applying for a Schengen Visa, which grants access to the European Union.
On the other hand, Greece is a member of the Schengen Area, an open border region of 27 European countries that have abolished all passport and border control at their borders, allowing for free movement between them. This permits holders of the Greek Golden Visa (Greek Permanent Residency status) to freely travel to all Schengen Area members without a visa, the perfect tool for digital nomads.
Irresistible Tax Incentives
Governments of both countries have noticed the immense interest by digital nomads and have placed framework in motion to provide support in the form of Digital Nomad Visa schemes and tax incentives.
In January 2021, the Greek parliament approved a new law granting a 50% tax break on digital nomads residing in Greek territory. This exemption is valid to any digital nomad's first 7 years of residence in Greece, have never been tax residents in the country, and are not acting as a replacement for any existing position in the country. Furthermore, digital nomads who spend less than 6 months in the country are not subject to tax at all. Similarly, digital nomads based in Cyprus for less than 183 days in a tax year are not considered tax residents.
"The eastern Mediterranean is an exceptional region for digital nomads. You can find everything you look for: a good quality of life, ease of travel to other countries, and an extra source of income through appreciating assets."
