Cyprus offers one of the most attractive tax systems in Europe. As member of the EU, Cyprus regulatory regime is in full compliance with the requirements of the EU and OECD, with one of the lowest corporate tax rates in the EU and multiple exemptions for corporates and individuals. With the correct advanced planning, those who choose to become tax resident in Cyprus are able to minimise and even eliminate tax on income. Being a non-domiciled tax resident in Cyprus also provides additional tax benefits.
TAX RESIDENCY QUALIFICATION REQUIREMENTS:
The “60-day rule” applies to individuals who meets all of the following requirements within the tax year:
* Reside in Cyprus for at least 60 days per annum
* Have obtained a Permanent Residency of the Republic of Cyprus
* Do not reside in any other single state for more than 183 days
* Are not tax resident in any other country
* Own a property in Cyprus