Cyprus is not only an excellent Jurisdiction for setting up your own business, but also to move permanently with your family. It is as peaceful and safe as it can get, with exceptional health and educational systems, English Language widely spoken, and an unpresented landscape of numerous blue flag beaches and high alteration ski resorts at the same time. Lastly but not least, Cyprus is an ideal place for parents and their children, with low crime rates and a friendly society which fosters people of all nationalities to visit, live and work in Cyprus.
According to the Income Tax Law of 2002, under the “183-day rule”, an individual who spends at least 183 days a year in Cyprus is considered a Cyprus tax resident. On 14 July 2017, the Cyprus parliament voted for a Cyprus tax law amendment adding a second test – the “60-day rule” – for the purposes of determining Cyprus tax residency for individuals.
To become a Cyprus tax resident on the basis of the “60-day rule” the individual must meet all of the following conditions:
Cyprus’ competitive advantages are significantly enriched by a robust and transparent legal and regulatory framework and an attractive tax regime, which offers a wide range of incentives and advantages both for legal and natural persons.
Cyprus’ legal system, based on English Common Law principles, is widely recognised as a business-friendly and effective system that ensures transparency and reliability in business practices. Offering foreign businesses a familiar and reliable framework within which to operate, Cyprus’ legal system is also fully compliant with the EU, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, the Financial Stability Forum laws and regulations and EU AML directives.
The island’s legislation provides for the doctrine of “non domiciled resident”, according to which all foreign nationals who choose to transfer their own tax residence to the island are entitled to use the applicable tax privileges and benefits for the next seventeen years.
Our company can help you structure your business and increase its tax efficiency, avoid double taxation and to be in compliance with the Cypriot statutory requirements.