The Non Dom Cyprus rule, offers some excellent tax planning opportunities to foreigners – both from within the EU and the rest of the world. And the requirements that one needs to meet, are pretty simple too.
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The Non Dom Cyprus rule, offers some excellent tax planning opportunities to foreigners – both from within the EU and the rest of the world. And the requirements that one needs to meet, are pretty simple too.
Under the Non Dom Cyprus rule, foreigners – both from within the EU and the rest of the world – can choose to transfer their tax residency to Cyprus. By doing so, they gain access to significant tax planning opportunities.
In an effort to attract more foreign nationals, the Cypriot government drafted and passed into law its own non-domicile (non-dom) tax status scheme back in 2015.
Under this rule, foreigners—both from within the EU and the rest of the world—can choose to transfer their tax residency to Cyprus and be considered a non-domiciled tax resident on the island for a period of no longer than 17 years.
Legally speaking, domicile can be defined by two specific conditions:
If Cyprus is the domicile of origin of a specific individual, they can still claim non-domicile status as long as they comply with one of two stipulations:
Throughout the globe, plenty of ultra and high-net-worth individuals (HNWIs) and other savvy investors make use of non-dom tax status programs as effective tax planning tools.
In most, if not all cases, these specific programs reward the individuals with a wide gamut of tax benefits including tax exemptions, tax relief, tax-free income, the application of beneficial dual tax treaties, and plenty of others.
Jurisdictions such as Ireland, Malta and the United Kingdom, among others, apply their own style of non-dom tax status, granting foreigners who are looking to set up their tax residence, company registration, and even family relocation in their country with plenty of financial and tax-related benefits.
While each program has its own intricacies and advantages, the Cyprust non-dom tax status scheme remains a favorite among global investors and companies wanting to relocate their business.
The Cyprus non dom tax status program, will offer you substantial tax benefits, if you decide to adopt it. Benefits for you, your family, as well as company.
Here’s a summary of some of its main advantages:
It comes to no surprise, why the Cyprus non dom programme, has been so successful.
Cyprus has been very successful attracting investors, businesspeople, HNWIs, as well as entrepreneurs, like yourself.
The combination of multiple tax exemptions—be it dividends, estate, gift, inheritance, or income on the sale of derivatives and bonds—and the simple and smooth tax residency application process makes Cyprus a highly attractive destination for both individuals and companies interested in making a move into the European Union.
If you add to this the Mediterranean sunshine, a booming financial services industry, delectable wine and food, and some of the most beautiful and pristine beaches in the world, Cyprus is the obvious choice for any worldly and discerning investor.
So, what do you have to do to become a tax resident in Cyprus?
If you spend 183 days residing in Cyprus during an entire tax year, then you are considered a tax resident in the country. Lucky you.
The 60 day rule is the rule that most people happily go for. After all, residing in a sunny island for 60 days per year, is not such a difficult feat.
Starting in 2017, if you spend less than 183 days in Cyprus, you can still be deemed a tax resident as long as you fulfil the following conditions:
If you become a tax resident in Cyprus, you will also benefit from the extensive knowledge, skills, and boutique services of the island’s financial and fiduciary industry.
In addition to setting you up as a Cyprus tax resident, we are here to help you plan your taxes and financial obligations in an effective, speedy, and ultimately profitable manner.
Our financial tax planning services include:
Are you worried about packing up, moving to a new country, and all the scary yet exciting feelings that entail?
Don’t fret. We will provide you with plenty of much-needed relocation assistance.
Some of our relocation services include:
Let's talk! Fill in the form below and schedule your 30 minute free consultation with one of our corporate lawyers, to discuss any questions about acquiring the Cyprus non-dom tax status.
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