How can I achieve Cyprus tax resident, non-domiciled status?

  In our last article “Should I become a Cyprus tax resident, non-domiciled?” we explained the advantages , especially those related to tax benefits, for those foreign individuals that consider to become Cyprus tax resident. In this article we go through the evidence that will need to be available in order to present to the tax […]

Should I become a Cyprus tax resident, non-domiciled?

The introduction of the non-domiciled (non-dom) tax resident status in the Cyprus tax system in 2015 paved the way for tremendous opportunities to businessmen that want to achieve optimum tax planning and savings. The change affects physical persons that consider to use Cyprus as their tax seat and gain from the favourable tax regime both […]

Tax Alert. Automatic exchange of information on tax rulings of EU Member states.

The Commission has welcomed a unanimous agreement by Member States on the automatic exchange of information on cross-border tax rulings, just seven months after the presentation of the Commission’s ambitious proposal on the subject. The new rules should lead to greater cooperation between Member States on tax matters and act as a deterrent from using tax […]

New tax changes attract foreign investment. Tax Alert, August 2015

The House of Representatives voted on the 9th of July 2015 a number of significant tax law bills into laws in an effort to modernize the Cyprus tax system and further enhance Cyprus’ competitiveness in attracting foreign investments. The above provisions have come into effect on 16 July 2015, which is the date they were […]

What is the personal income tax in Cyprus?

Where an individual is tax resident in Cyprus, tax is imposed on income accruing  or arising from sources both within and outside the island. Where an individual is not tax resident in Cyprus,  tax is imposed on income accruing or arising only from  sources within Cyprus. Tax resident in the Republic of Cyprus  is an […]

4 NEW CYPRUS DOUBLE TAXATION TREATIES ENTER INTO FORCE WITH EFFECT FROM 1 JANUARY 2014

In line with the OECD Model Convention, four new Double Taxation Treaties (DTT) have  come into force with effect from 1st of January 2014, between Cyprus and the following countries: 1. DTT between Cyprus and Ukraine  The new DTT between Cyprus and Ukraine replaces the old DTT between Cyprus and the USSR. The main provisions of the new DTT […]

NEW DOUBLE TAX TREATY BETWEEN CYPRUS AND UKRAINE

Following the ratification of the new treaty by the Government of Cyprus on the 22nd of  March 2013, the Ukrainian parliament has proceeded with the ratification the new double  tax treaty between Cyprus and Ukraine on the 4th of July 2013. The new treaty was put into effect as from the 19th of August 2013. […]

INCREASE IN THE CORPORATE TAX RATE

With effect from 1 January 2013 the corporate tax rate has been increased from 10% to 12,5%. Transfer and carry forward of tax losses by credit institutions With effect from 25 March 2013, in the event of a transfer of operations, assets, rights or obligations from one credit institution to another under the Credit Institutions Resolution Law, any […]

THE CYPRUS PARLIAMENT REJECTED THE DEAL OF DEPOSIT TAX

The decision of the Cyprus Parliament to reject the bailout deal on Tuesday night has proven the trustworthiness of Cyprus as a major financial center sending out the signal that the deposit funds of all depositors are totally safe. Despite threats, unethical attacks and psychological violence that was exercised by the Eurogroup on Cyprus’s political […]

WHO DO CYPRUS DIVIDEND TAXES APPLY TO?

In last week’s article, an overview of the Cyprus’s defense tax was given. As briefly outlined before, Cyprus’s defense tax also, in certain cases, applies to dividends. However, whether or not the dividends are taxed depends on if the income is received by a corporate shareholder or an individual. Since Jan. 1, 2003, dividends have […]