On 14th July 2017, the Cypriot Parliament unanimously approved the bill that gives the right to an individual to be considered as tax resident in Cyprus, if he meets cumulatively certain conditions which are the following:
(i) that the individual remains in Cyprus for at least sixty (60) days in the year of assessment
(ii) that he or she carries out any business in Cyprus and/or is employed in Cyprus and/or holds an office to a person resident in Cyprus at any time during the year of assessment and lastly that
(iii) he or she maintains a permanent residence in Cyprus owned or rented by such individual.
The law is expected to come into force on 1st January 2018.In the light of the above the following incentives become more valuable and those are individuals who are Cyprus tax resident but are not domiciled in Cyprus will be exempt from special defense contribution (SDT) which is levied on dividends, interest, and rental income.
For further information on this topic please contact Ms. Nada Starovlah (email@example.com) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)