4th September 2017
Robert Homem, Dixcart Management (Cyprus) Limited
In July 2017, the Cyprus Parliament voted for an amendment to the current criteria used to determine Cyprus tax residency. MSI's Cyprus member firm Dixcart Management (Cyprus) Limited provides an overview of the key changes.
The current “183 day rule” applies to individuals who have physically resided in Cyprus for more than 183 days during one calendar year. In addition to this, a second test will be implemented whereby an individual will be able to become Cyprus tax resident in 60 days. This rule will be applicable to individuals who do not spend more than 183 days in Cyprus or in any other jurisdiction. It is anticipated that this amendment will be effective retrospectively as from 1 January 2017 (the start of the Cyprus tax year).
Criteria to be Met for an Individual to be Considered Cyprus Tax Resident in 60 Days:
The “60 day rule” applies to individuals who in the relevant tax year:
Days Spent In and Out of Cyprus
For the purpose of the rule, days “in” and “out” of Cyprus are defined as:
Cyprus Tax Rules
Cyprus tax rules also apply to tax resident non-domiciled individuals.
The key tax benefits are:
Additional tax advantages are available to individuals fulfilling the tax residency criteria and comprehensive details are available in Information Note 384: New Non-Domicile Regime – Making Cyprus Even More Attractive for Individuals.
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