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What Do The New Residency Rules In Cyprus Mean For You?
- Expat Focus
The government of Cyprus has recently introduced some new residency rules - here's a look at how they might affect you.
1st method is becoming a Cyprus Tax Resident and Enjoy:
no tax on gains arising from the disposal of investments (shares, bonds, etc)
no withholding tax on the repatriation of income as dividends, interest and royalties
extensive double tax treaty network
income tax exemptions for taking up employment in Cyprus up to fifty percent of the remuneration for 10 years for employment income of more than €100,000 per annum
low social insurance contributions
no tax on worldwide dividend and interest income for non-domiciled individuals for 17 years
no tax on retirement gratuity and special tax regime on foreign pension income
no estate duty, wealth tax, gift tax or inheritance tax
2nd method Cyprus Non-Dom Tax Residency
Obtain Cyprus tax residency & non-domicile individual status by staying 60 days in Cyprus
The low tax jurisdiction of Cyprus is very popular with foreign individual entrepreneurs who wish to benefit from its advantageous business and tax environment.
With low tax rates on both income taxation for private individuals and corporate taxation of companies among other benefits, it is no surprise the Cyprus is one of the best places to relocate amongst EU Member States.
Individuals can be deemed as non-domiciled tax residents of Cyprus if they have not been born in Cyprus or have not lived in Cyprus for at least the last 17 years.
Under the status of non-dom tax residency in Cyprus, you can benefit from the attractive business environment and preferential tax treatment.
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