Non-dom resident status Cyprus

[erni]

How difficult is it to get substance for a regular Cyprus company ?

 

[CyprusLaw]

How difficult is it to get substance for a regular Cyprus company ?

As long as you receive proper advise on the structuring by a law firm and not one of the cheap online providers it can be done without complications.

 

[mrb]

thanks CyprusLaw,
how strictly is this rule followed, if one owns a property in CY, but does not fulfill the 183 day requirement and does not have a fiscal residency in another jurisdiction?
nor an established business

 

[CyprusLaw]

thanks CyprusLaw,
how strictly is this rule followed, if one owns a property in CY, but does not fulfill the 183 day requirement and does not have a fiscal residency in another jurisdiction?
nor an established business

It depends on the circumstances of each case. But in order to obtain a Tax residency certificate you are required to submit evidence of you staying in Cyprus for the required period - eg tickets, passports, bank statements etc.

 

[Almouk]

I am wondering if the same taxation and the Non Dom status that applies in the South -greek part- of Cyprus is applicable as well in the North -turkish side- of Cyprus under the same parameters and circumstances.

Thanks in advance.

 

[CyprusLaw]

I am wondering if the same taxation and the Non Dom status that applies in the South -greek part- of Cyprus is applicable as well in the North -turkish side- of Cyprus under the same parameters and circumstances.

Thanks in advance.

The occupied side has a completely different legal system if you can call it like that..not recognised by anyone really

 

[frosty]

To become a Cyprus tax resident on the basis of the “60-day rule” the individual must meet all of the following conditions:

• Remain in Cyprus for at least 60 days during the tax year in question; and
• Do not reside in any other single state for a period exceeding 183 days; and
• Is not tax resident in any other state; and
• Carry out business activities and/or work in Cyprus and/or be a director in a company that is tax resident in Cyprus at any time of the tax year in question; and
• Maintain a residence in Cyprus (at least one year rental contract if you will be renting)

What does "Is not tax resident in any other state" mean in this context? If any other state considers me a tax resident Cyprus would just revoke my status and any double taxation treaty won't be applied?

br,

frosty

 

[CyprusLawyer101]

@frosty The requirements described above, are with reference to obtaining the tax residency status in Cyprus with a 60 day stay.
In the event you stay in Cyprus for 183 days then you could claim residency in Cyprus over any other jurisdiction and the relevant DTT provisions can be applied to determine your tax residency. When it comes to the 60 day rule though, things work differently since this is a unilateral attempt from Cyprus to grant the tax residency on more lenient conditions pertaining to the days of stay. It is therefore imperative that no other jurisdiction claims tax resident over an individual , in order for the 60 day rule to apply.

 

[frosty]

@frosty The requirements described above, are with reference to obtaining the tax residency status in Cyprus with a 60 day stay.
In the event you stay in Cyprus for 183 days then you could claim residency in Cyprus over any other jurisdiction and the relevant DTT provisions can be applied to determine your tax residency. When it comes to the 60 day rule though, things work differently since this is a unilateral attempt from Cyprus to grant the tax residency on more lenient conditions pertaining to the days of stay. It is therefore imperative that no other jurisdiction claims tax resident over an individual , in order for the 60 day rule to apply.

Thanks, damn, hadn't taken that into consideration. I had hoped I could be tax resident in two countries using the 60-day rule and be protected by the tax agreement. Makes sense though.

 

[CyprusLaw]

Thanks, damn, hadn't taken that into consideration. I had hoped I could be tax resident in two countries using the 60-day rule and be protected by the tax agreement. Makes sense though.

Unfortunately this is not possible. The requirements include not being a tax resident elsewhere.

 

[Scanner]

As long as you receive proper advise on the structuring by a law firm and not one of the cheap online providers it can be done without complications.

Could you provide me with more insights on this, please? PM is also fine. Thank you.

 

[DiscoveredAttack]

Hi Cyprus Law, what would be the cost and expected activities for point number 4? What would be the easiest setup and/or way to tick the box?

Many thanks!