Hello!
I have a plan to move form the UK to Cyprus and I'd very much appreciate if you could test it : )
Myself:
- EU passport holder, haven't been tax resident in the country since 2015
- Resident in the UK since 2015, got UK as second nationality last year
- Working as a freelance business analyst/consultant through a UK Ltd
No real ties to either country:
> EU country: not even a bank account in my name (never had one), no rentals, no bills, no car, no car insurance and the like, shared ownership with my brother of what is effectively my parents' holiday house, limited partner in my dad's local version of a "limited partnership" (and that minimal income is already taxed there)
> UK: I have my UK Ltd, a handful of bank accounts, ISA allowances with two providers, accounts with two crypto centralised exchanges, no property, no private pension plans, no car, no partners, no bills in my name other than the council tax of where I am living (the other person has all the bills in their name and owns the place).
My plan would be to:
1 - complete the personal tax year in the UK (ends at the beginning of April)
2 - possibly, complete the tax year of my UK Ltd (ends at the end of May)
3 - remove myself as a tax resident from the UK
4 - open a Cyprus Ltd to invoice my normal profession
5 - move my residency to Cyprus as resident non-dom with the 60 day rule
6 - spend some 60-90 days per calendar year in Cyprus, where I'll have a rental contract with a friend of mine
7 - avoid spending more than 180 days in any other country (either back in the UK, or the EU country or other geographies of north and western Europe)
Right now I'm in Cyprus and I will be for the next month, a tad more so I'm wondering what I should start to work on.
My questions/points of contention are:
1) the best timeframes and dos/donts to open the Cyprus company and start the rental contract with my friend, both of which I need for the purpose of applying for the resident non-dom status
2) the best timeframes and dos/donts to remove myself as a tax resident in the UK (what to do with the ISAs, the accounts on the centralised exchanges etc)
Side note: there is the possibility of going back to the UK as a resident in some 10+ years (I'll be in my early 50s) but essentially I feel like I need to catch up on wealth before I can do it comfortably.
3) how doable is keeping the UK Ltd as a front for invoices, (for clients that prefer to deal with that entity) and then extract most/all of the earnings before tax with an invoice form the Cypriot company? Or would it be much safer to do it with the after tax profits, so just a dividend paid to me?
Many thanks for any insights!
I have a plan to move form the UK to Cyprus and I'd very much appreciate if you could test it : )
Myself:
- EU passport holder, haven't been tax resident in the country since 2015
- Resident in the UK since 2015, got UK as second nationality last year
- Working as a freelance business analyst/consultant through a UK Ltd
No real ties to either country:
> EU country: not even a bank account in my name (never had one), no rentals, no bills, no car, no car insurance and the like, shared ownership with my brother of what is effectively my parents' holiday house, limited partner in my dad's local version of a "limited partnership" (and that minimal income is already taxed there)
> UK: I have my UK Ltd, a handful of bank accounts, ISA allowances with two providers, accounts with two crypto centralised exchanges, no property, no private pension plans, no car, no partners, no bills in my name other than the council tax of where I am living (the other person has all the bills in their name and owns the place).
My plan would be to:
1 - complete the personal tax year in the UK (ends at the beginning of April)
2 - possibly, complete the tax year of my UK Ltd (ends at the end of May)
3 - remove myself as a tax resident from the UK
4 - open a Cyprus Ltd to invoice my normal profession
5 - move my residency to Cyprus as resident non-dom with the 60 day rule
6 - spend some 60-90 days per calendar year in Cyprus, where I'll have a rental contract with a friend of mine
7 - avoid spending more than 180 days in any other country (either back in the UK, or the EU country or other geographies of north and western Europe)
Right now I'm in Cyprus and I will be for the next month, a tad more so I'm wondering what I should start to work on.
My questions/points of contention are:
1) the best timeframes and dos/donts to open the Cyprus company and start the rental contract with my friend, both of which I need for the purpose of applying for the resident non-dom status
2) the best timeframes and dos/donts to remove myself as a tax resident in the UK (what to do with the ISAs, the accounts on the centralised exchanges etc)
Side note: there is the possibility of going back to the UK as a resident in some 10+ years (I'll be in my early 50s) but essentially I feel like I need to catch up on wealth before I can do it comfortably.
3) how doable is keeping the UK Ltd as a front for invoices, (for clients that prefer to deal with that entity) and then extract most/all of the earnings before tax with an invoice form the Cypriot company? Or would it be much safer to do it with the after tax profits, so just a dividend paid to me?
Many thanks for any insights!
