Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

CYPRUS TAX RESIDENCY IN ONLY 60 DAYS – RECENTLY PROPOSED

CYPRUS TAX RESIDENCY IN ONLY 60 DAYS - RECENTLY PROPOSED

A new amendment to the current tax residency rules of individuals in Cyprus, has been recently proposed(although not as yet passed nor published in the official gazette of the Republic of Cyprus), by the Finance Committee and is expected to be enforced on 1 January 2018.

One of the main proposals is the 183 day rule revision, which has been proposed to further enhance the Cyprus economy, and incentivize foreign nationals to gain Cyprus tax residency status.The individual by simply staying on the island for a period of 60 days, subject to the following three criteria which must be met cumulatively, shall be considered a Cyprus tax resident, if such individual;

  1. Remains in Cyprus for at least sixty (60) days of the assessment year;
  2. Conducts 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;
  3. Maintains a permanent residence in Cyprus, owned or rented by such individual.

This will mean that a foreign national who is not a tax resident in any other state within the year of assessment, and who has not remained in any other states for a period exceeding 183 days in total, will be deemed a Cyprus tax resident.

A Cyprus tax resident is currently taxed on their worldwide income under Cyprus tax.  Theincome tax rates in Cyprus are as follows:

Income band (EUR) Tax rate (%)
Up to €19.500 0%
€19.501 to €28.000 20%
€28.001 to €36.300 25%
€36.301 to €60.000 30%
Over €60.000 35%

Non domiciled individuals who are Cyprus tax residents, will be exempt from special defense contribution levied on taxation for personal investment income (dividends, interest, and rents).

Our team of highly experienced professionals can assist you with obtaining Cyprus tax residency and non-domicile individual status, and offer you guidance and support with the whole process.For further information please contact Mr.Charles Savva on [email protected].

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post