Cyprus Non Dom Tax Scheme
Determining your tax residency status is pivotal, as it dictates where you must register and fulfil local tax legislations. This is crucial for managing income and assets effectively, while also adhering to filing regulations in the respective country.
Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Non-tax residents are only taxed on their income accrued or derived from sources in Cyprus. An individual is tax resident in Cyprus if he spends in Cyprus more than 183 days in any one year.
With effect as from 1 January 2017 the “60 day rule” in addition to the “183 day rule” for tax resident individuals of Cyprus was voted on 14/07/2017. Under this law, an
individual will be considered as tax resident in Cyprus if the individual satisfies either the “183 day rule” or the “60 day rule”.
Full article