Low tax rates

Tax deductions

Tax exemptions

Losses carried forward

 

Never worry about your income tax.

 

Cyprus tax residency is widely used from professionals, entrepreneurs, CEO’s, aviation professionals, athletes and artists that are constantly on the move. Cyprus tax residency gives the opportunity to any individual to benefit from Cyprus Income tax on his worldwide income. Ask our tax advisors anything you need to know and how you can benefit.

  • Fast process
  • No documentation fuss
  • Work from anywhere in the world
  • Reduce your worldwide tax
 
 

Process for Tax residency.

An individual can become a Cyprus Tax resident under the 183 days or 60 days rule.

A. Cyprus Tax Resident with the 183 days rule.
An individual who spends in the territory of Cyprus for more than 183 days in a calendar year is eligible to become a tax resident.

B. Cyprus Tax Resident with the 60 days rule.
According to the more recent “60 days rule” an individual is eligible for tax residency if

  • does not reside in any other country of the world for more than 183 days a year
  • Is not a tax resident in any other country
  • Has additional Cyprus ties such as contract of employment or is a business owner or he is a director of a Cyprus Tax resident company.

Documentation.

  • Passport copy
  • A bank statement – A six months old statement as a proof of sufficient funds
  • Proof of source of income
  • Tax department registration forms completed
  • Health Insurance
  • Residence rental agreement or proof of property ownership
  • Residency permit for EU nationals (Yellow slip) or the equivalent for non-EU nationals (Pink slip)

Process.

For both 60 or 183 days rule, the days count in and out of Cyprus territory are below.

  • The day of departure from Cyprus counts as a day of residence outside Cyprus.
  • The day of arrival in Cyprus counts as a day of residence.
  • Same day arrival and departure from Cyprus counts as a day of residence in Cyprus.

The process duration usually takes 10-15 days to be completed.

Taxation.

Cyprus Tax Residency offers a variety of Tax incentives to applicants.
The personal tax regime features some of the best advantages in the European Union.

Yes, a Cyprus tax resident has a Tax ID issued.

A Cyprus tax resident is taxed on all the income from sources within or out of Cyprus. A non-Cyprus resident is taxed on certain income collected from sources in Cyprus.

 

Employment Income exemption

50% Tax Deduction Is Provided On Remuneration From Any Employment Exercised In Cyprus By An Individual Who Was Not A Resident Of Cyprus Before The Commencement Of The Employment And With Annual Income Of Over €55.000

From 2022 Onwards. The Exception Is Provided For 17 Years From The Year Of Employment.

An alternative of 20% exemption is also valid for 3 years if employee annual remuneration is less than €100.000

Yes, if you have revenue arising from other countries. A double taxation allowance is given on taxes paid abroad.

Worldwide, but you can benefit from double taxation relief on taxes paid on income arising from abroad.

No, Tax Residency is something totally different from the e-residency.
Tax residency is about minimizing your taxes and reduce your obligations to only one country.
You may still operate from any place you would like.

Cyprus Tax Resident and Non-Domicile rules.

About Non-Domicile status.

Non domiciled status is a tax residency status allowing any individual that physically resides in Cyprus for more than 180 days or 60 days (under the 60 days rule) to be taxed according to the Cyprus Tax regime and benefit from a number of tax advantages on his worldwide income.

Non-Domicile status in Cyprus is the fastest way to become Tax resident under the EU and having your worldwide personal tax minimized. The paperwork and procedures are managed by KTC Business Consultants.

  • The attractive personal tax regime allows exemptions from withholding tax on income from dividends and interest among other tax advantages.
  • The great geographical location – connecting Europe, Asia and Africa.
  • A country of many business opportunities, big developments to various sectors and at the same time offering a quality lifestyle.

Any EU or non-EU person wishing to move his personal tax residency in another country.

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