The Cyprus Government in an effort to boost the competitiveness of the newly launched Cyprus Non-Domicile Scheme has recently proceeded to also amend the criteria that need to be satisfied by any individual who wishes to become a Cyprus tax resident.
These significant amendments to the Cyprus tax environment have now let to new advantageous co-ordinates for all persons interested in obtaining the Cyprus Tax-Residency and thus enjoy the country’s beneficial tax regime.
More specifically, as per unanimous approval by the Cyprus Parliament of a recent bill of date 14 July 2017, the classification of ‘Cyprus Tax Resident Individual’ can now be duly granted to any person who do not spend more than 183 days within a tax year at any other State, and is not a tax resident at any other country within that same tax year.
From thereon, the voted amendment to Article 2 of the Income Tax Law N118 (I)/02 in reference to the criteria for determining the rights of an individual to be considered a Cyprus tax resident requires a triple criterion to be satisfied which is comprised of the following:
Additionally, the very advantageous applicable tax rate bands for Cyprus tax residents are currently the following, and these rates are applicable to the entirety of their income earned worldwide.
Income bands of net chargeable income with net chargeable income being the resulting net Income following all allowable deductions as per the Cyprus Income Tax Regime:
Thus, if you are interested in this Scheme, here at White November Corporate Services, our highly experienced teams can readily offer you the necessary detailed and specific guidance tailored to your requirements towards obtaining the advantageous Cyprus tax residency as well as the non-domicile individual status, and we look forward to attending your tax residency plans and enquiries.
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