Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Skincare tips to get smooth skin

    March 22, 2023

    What is a complete guide to building and protecting your personal reputational

    March 22, 2023

    How to Identify Electrical Problems and Avoid Disasters

    March 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Tricky Perks
    Subscribe
    • Health

      The Importance of Healthy Aging and How to Achieve It

      March 9, 2023

      Reasons To Try Structural Integration (Si) For Your Chronic Pain

      February 17, 2023

      Dental Emergencies: What You Should Know

      February 17, 2023

      Best Reasons To Hire A Personal Trainer

      February 16, 2023

      The Best Home Gym Machines: Our Top Picks

      February 16, 2023
    • Media & Culture
      1. World
      2. Politics
      3. Health
      4. View All

      Benefits of the Visa

      February 13, 2023

      Puppy Food: The Ultimate Guide To Choosing The Right Foods

      February 10, 2023

      How tall is king Von?

      December 15, 2022

      How To Spend Your Winter Holidays

      August 5, 2022

      Sandeep Unnikrishnan Wife

      February 14, 2023

      Weird Animal Facts

      December 22, 2022

      Jeffrey Dahmer Height

      December 15, 2022

      Can animals pretend?

      August 4, 2022

      The Importance of Healthy Aging and How to Achieve It

      March 9, 2023

      Reasons To Try Structural Integration (Si) For Your Chronic Pain

      February 17, 2023

      Dental Emergencies: What You Should Know

      February 17, 2023

      Best Reasons To Hire A Personal Trainer

      February 16, 2023

      Skincare tips to get smooth skin

      March 22, 2023

      Impressive Benefits of Car Window Tinting

      March 9, 2023

      How to design wedding place cards

      March 4, 2023

      Sheet Masks: The Ultimate Skincare Treat

      February 22, 2023
    • HOME IMPROVEMENT
    • LAW & ORDER
    Tricky Perks
    Home»BUSINESS»Tax benefits for expats and high net worth individuals moving to Cyprus
    BUSINESS

    Tax benefits for expats and high net worth individuals moving to Cyprus

    Google NewsBy Google NewsMarch 3, 2023Updated:March 3, 2023No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Tax benefits for expats
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Why move to Cyprus?

    Cyprus is an attractive European jurisdiction located in the eastern Mediterranean and offering a warm climate and attractive beaches. Located off the southern coast of Turkey, Cyprus is accessible from Europe, Asia and Africa. Nicosia is the centrally located capital of the Republic of Cyprus. The official language is Greek, with English also widely spoken.

    Cyprus offers a range of personal tax incentives for expats and high net worth individuals moving to Cyprus.

    Taxation of individuals

    Tax residency in 183 days

    If a person becomes a tax resident in Cyprus by spending more than 183 days in Cyprus in a calendar year, they will be taxed on income earned in Cyprus and also on foreign source income. Any foreign taxes paid can be credited against Cyprus personal income tax.

    Tax residence according to the tax rule for 60 days

    An additional scheme has been implemented whereby individuals can become tax residents in Cyprus by spending at least 60 days in Cyprus, provided that certain criteria are met.

    Tax regime without domicile

    Individuals who were not previously tax residents can also apply for non-domicile status. Individuals who qualify under the non-domicile regime are exempt from tax on; interest*, dividends*, capital gains* (except capital gains resulting from the sale of immovable property in Cyprus) and capital amounts received from pension funds, insurance and insurance. In addition, there is no wealth and inheritance tax in Cyprus.

    *subject to contributions to the national health system at the rate of 2.65%

    Income tax exemption: moving to Cyprus to take up a job

    On the 26th of July 2022, the long-awaited tax incentives for individuals were implemented. Under the new provisions of the income tax legislation, a 50% exemption on income in connection with the first employment in Cyprus is now available to individuals with annual remuneration above €55,000 (previous threshold €100,000). This exemption will be available for a period of 17 years.

    Reduced withholding tax/reduction of tax on income received from abroad

    Cyprus has over 65 tax treaties which provide for zero or reduced withholding tax rates for; dividends, interest, royalties and pensions received from abroad.

    Lump sums received as retirement gratuity are tax-free.

    In addition, a Cypriot tax resident receiving pension income from abroad may elect to be taxed at a flat rate of 5% on amounts exceeding €3,420 per annum.

    Additional Information

    For further information on the attractive tax regime for individuals in Cyprus, please contact  Robert Homem  or  Charalambos Pittas  at Dixcart’s Cyprus office:  advice.cyprus@dixcart.com .

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Google News

    Related Posts

    What is a complete guide to building and protecting your personal reputational

    March 22, 2023

    Is Custom Packaging Appropriate for Small Businesses?

    March 17, 2023

    What You Need to Know About Luxury Packaging

    March 17, 2023

    Leave A Reply Cancel Reply

    Demo
    Our Picks
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss

    Skincare tips to get smooth skin

    Lifestyle March 22, 2023

    The question is whether one can ever get rid of rough and dull skin. Why…

    What is a complete guide to building and protecting your personal reputational

    March 22, 2023

    How to Identify Electrical Problems and Avoid Disasters

    March 21, 2023

    Is Custom Packaging Appropriate for Small Businesses?

    March 17, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    About Tricky Perks

    Tricky Perks is your Own Information pedia covering wide range of topics from Business to Health and politics to Real Estate and LifeStyle.

    We're accepting new partnerships as Guest Posts right now.

    Email Us: trickyperks@gmail.com
    Contact: trickyperks@gmail.com

    Our Picks

    Skincare tips to get smooth skin

    March 22, 2023

    What is a complete guide to building and protecting your personal reputational

    March 22, 2023

    How to Identify Electrical Problems and Avoid Disasters

    March 21, 2023
    Facebook Twitter Instagram Pinterest
    • Media & Culture
    • BUSINESS
    • EDUCATION
    • HOME IMPROVEMENT
    • LAW & ORDER
    • TECHNOLOGY
    • TRAVELLING
    © 2023 Tricky Perks Designed by Tricky Developers.

    Type above and press Enter to search. Press Esc to cancel.