August 30, 2017

The Cyprus Non-Domicile Scheme

In an effort to enhance the competiveness, fairness and simplicity of the Cyprus tax system and to make it more attractive to foreign investors, the Cyprus Government passed on 9th July 2015, among others, the “Domicile” concept. The introduction of the non-domicile rules aims to attract high-earners to relocate to Cyprus, by using Cyprus as a business centre and transferring the headquarters of their business thus creating real substance.
August 29, 2017

Cyprus Introduces New Tax Residency Rules for Individuals

In an effort to attract foreign tax residents to Cyprus, the Government of Cyprus has been working closely with the private sector over the last few months in order to agree on specific changes in the tax legislation of Cyprus. As at 14 July 2017, the Parliament voted an amendment to the Article 2 “Interpretation” of the Income Tax Law of 2002 as amended, by adding an alternative definition for a tax resident other than that of an individual who resides in Cyprus for more than 183 days. The new definition applies to individuals who do not stay in any other country for a period or periods exceeding in aggregate 183 days in a fiscal year and who are not tax resident in any other country for the same fiscal year.
May 3, 2017

Cyprus Signs a Tax Treaty with Barbados for the Avoidance of Double Taxation

TaxationThe Republic of Cyprus has recently concluded a Double Tax Treaty with Barbados. The treaty was signed in London on the 3RD May 2017. The treaty entered into force on 1st January 2018. The new treaty is based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention framework and will contribute to the expansion of Cyprus’ trade and economic relations between the two countries. The preamble to the double tax treaty refers to both the avoidance of double taxation and prevention fiscal evasion.

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