Cyprus tax residency rules to be amended and the law is expected to come into force on the 1st of January 2018.

The 183 days rule replaced

The 183 days rule will be replaced with the following criteria which must be met for an individual to be considered tax resident in Cyprus:

  • Stays in Cyprus for at least 60 days in the year of assessment
  • Carries out business in Cyprus and/or is employed in Cyprus and/or holds an office to a person resident in Cyprus at any time during the year of assessment
  • Maintains permanent residence in Cyprus (renting or owning a property)

 

Whom does the amendment apply to

Individuals who are tax resident but not domiciled in Cyprus will be exempt from special defence contribution. The amendment will allow individuals who are not a tax resident in any other state to be considered as a tax resident in Cyprus and enjoy generous tax incentives.

Source

  • Copyright © White November 2017