Discover the multiple benefits of Cyprus tax residency and non-domiciled status, which are tailored for individuals and investors. As a Cyprus tax resident, you can take advantage of tax breaks and optimise your financial plan, ensuring that your tax liabilities are in line with your financial objectives.
At Christos Makrides and Associates Ltd, we are one of the leading service providers in the provision of IP Box and tax-related services. Our understanding of the tax, regulatory and business environment in Cyprus and abroad is the cornerstone of our success.
To become a tax resident in Cyprus, one must spend at least 183 days there throughout the tax year.
To establish tax residency in Cyprus, you must follow precise tax law regulations. An individual must guarantee that they meet the residency requirements and maintain a physical presence in Cyprus. By meeting these criteria, you can enjoy the benefits of being designated as a Cyprus tax resident and taking advantage of the favourable tax environment.
Alternatively, the 60-day rule allows those who reside in Cyprus for at least 60 days in the relevant tax year provided that:
Understanding these rules is critical for maximising tax benefits.
The application process for Cyprus tax residency involves submitting relevant documents and proof of residence. Individuals who are non-domiciled must provide evidence of their financial status and intention to reside in Cyprus. Navigating this process successfully ensures compliance with tax regulations, allowing you to enjoy the benefits of residency.
Individuals who enjoy the benefits of non-domiciled status must continue to comply with Cyprus tax rules. This includes recognising the requirements associated with local revenue sources and ensuring correct paperwork is maintained. Staying aware and proactive about your tax obligations will help you maintain your status and increase your investment options in Cyprus.
The PRP provides a ‘Fast Track’ option for obtaining permanent residence in Cyprus, allowing individuals to benefit from the favourable tax climate quickly. To qualify, an individual must invest in residential property in Cyprus and maintain a minimum annual income. This program not only secures residence but also establishes tax residency, further enhancing your financial position.
C.Makrides and Associates is the trading name of Christos Makrides and Associates Ltd, a company incorporated in Cyprus with registration number HE234477, with a registered address at Andrea Panayide 30, Paralimni, 5285, Cyprus.
Christos Makrides and Associates Ltd is an ICPAC registered entity, authorised for the provision of financial consulting and audit services, with registration number E189/A/2013.
