Dubai resident and Cyprus tax resident opens Dubai company account outside Dubai. CFC+CRC?

[fortunespeculator]

The rule isn't just that you can't live 180 days anywhere else. There are four conditions you must meet:

1. Resident in Cyprus for at least 60 days per year.
2. Not resident anywhere else for more than 183 days per year.
3. Not tax resident anywhere else.
4. Have ties to Cyprus.

If you through some other mean qualify as tax resident somewhere else, you are not tax resident in Cyprus.

Ah then i can stay 180 days in cyprus but utilize my Dubai residency by staying 183 days in Dubai.Best of both worlds and no tax to pay.

 

[sup3rman]

if you have a cyprus base company you can try open wamo account.

 

[khinkali]

Ah then i can stay 180 days in cyprus but utilize my Dubai residency by staying 183 days in Dubai.Best of both worlds and no tax to pay.

Not necessarily "no tax to pay", just not being tax resident. There are taxes that apply to non tax residents due to work, economic activity, property, etc.

It can be particularly useful not to be tax resident in a country with worldwide taxation if you have passive income from elsewhere, as this can mean "no tax to pay".

 

[fortunespeculator]

Not necessarily "no tax to pay", just not being tax resident. There are taxes that apply to non tax residents due to work, economic activity, property, etc.

It can be particularly useful not to be tax resident in a country with worldwide taxation if you have passive income from elsewhere, as this can mean "no tax to pay".

What is the tax on property there i am planning to buy a villa.

 

[khinkali]

@fortunespeculator there is capital gains on Cyprus property. I don't think being non-resident exempts you from that (or income tax if you work there of course) but there could be deductions. A Cyprus lawyer would guide you through your specific case; there are a few on this forum.

 

[kkein]

What are the conditions for a FC not to be considered CFC? And why is a Dubai company CFC? because of the no substance thing? (no employees? i suppose director and secretary do not count?)