The Cyprus government has recently introduced a law that grants individuals the opportunity to become Cyprus tax residents under the condition that they fulfil certain prerequisites.
The Income Tax legislation through the new law will be amended so that an individual, who does not physically reside in a country for more than 183 days during a tax year and is not a tax resident in another country during a tax year, may be deemed as a Cyprus tax resident given that the individual cumulatively fulfils the following requirements:
- Stay in Cyprus for 60 days or more during the same tax year;
- Set up any business in Cyprus; and/or the individual should work in Cyprus; and/or the individual can be a director in a Cyprus tax resident company at any period during the tax year;
- Either rent or own a permanent residence in Cyprus.
It is important to note that an individual who meets the aforementioned conditions is considered a Cyprus tax resident within the same tax year provided that the exercise of the business, employment or holding of a post in a Cyprus Company has not ceased.
Calculating the days an individual stays in Cyprus:
- The day an individual departs from Cyprus is viewed as a day Read More