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Tax Residency in Cyprus

Tax Residency

Cyprus is becoming an increasingly attractive destination—not only for its year-round sunshine, golden beaches, clear turquoise waters, delicious food, and warm Cypriot hospitality, but also for those looking to change their tax residency and take advantage of the island’s favourable tax benefits. We are seeing more and more people take that step and become tax residents of Cyprus. 

Here’s why:

Tax Residency
  • The corporate tax rate is a flat 12.5% which is one of the lowest in Europe
  • Intellectual Property rates are just 2.5%
  • New tax residents are entitled to non-domicile status for 17 years which entitles them to be exempt from paying dividend tax worldwide
  • There is no inheritance tax
  • When selling shares of a company there is no tax on profit

There are four conditions to becoming a tax resident in Cyprus

  • You must register a company in Cyprus
  • You must have an address in Cyprus (this can be a rental or owned property)
  • You must reside in Cyprus for a minimum of 60 days per year
  • You must not spend longer than 6 months in the country of your previous tax residency

If you would like more information about tax residency or would like an introduction to a trusted tax expert, please feel free to get in touch.

 

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Fees

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Refundable Holding depositCapped at 1 weeks rent
Security DepositCapped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000
RentThe agreed monthly rent
Changes to tenancyCapped at £50 inc VAT
Early termination chargeNot exceeding the landlord’s financial losses
Late payment of rentInterest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue
Replacement keysReasonable costs or give the tenant the option to purchase themselves
Utilities, council tax, communication services, TV Licence etcTenants own responsibility unless otherwise stated in contract
Client Money Protection Scheme Membership detailsThe law requires your membership details
Property Redress Scheme Membership detailsThe law requires your membership details

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