As I’m currently working on an interesting transaction for the sale of a well-established business, the question of tax liabilities and how these will be allocated between the Parties came up. With this article, I aim to outline and explain one of the key provisions in agreements for the sale of a business and similar […]
Buying a Business: Tax Covenants in Sale and Purchase Agreements Read More »
The Tax Department announced a New Application Procedure. As of May 27, 2024, the submission of the affirmation for a Reduced VAT Rate of 5% on the purchase of a residence by first-time home buyers will only be done through the taxpayer portal TFA (Tax For All). Once the examination of the request is completed,
5% VAT for First Time Home Buyers: New Application Procedure Read More »
What is the Non-Dom Status? And why is it so popular? The Cyprus Government introduced the Non-Domiciled, or ‘Non-Dom’ status to make Cyprus more attractive to foreign investors, by granting them significant tax benefits. Individuals who become Cyprus Tax Residents (either under the 183-Day or the 60-Day Rule) and moved their tax residency to Cyprus
How does one become a Cyprus tax resident? An individual who spends 183 or more days in Cyprus during any given tax (i.e. calendar) year is considered a Cyprus Tax Resident. This is often referred to as the ‘183-day’ rule. As an exception to this rule, the ‘60-day’ rule provides that an individual is considered
60/183 Days: Becoming a Cyprus Tax Resident Read More »
According to Cyprus Tax Law, an individual who spends 183 or more days in Cyprus during any given tax year is considered to be a Cyprus Tax Resident. Personal Tax Residency may also be established under the 60-Day Rule. Individuals who are Tax Residents of Cyprus may benefit of an exemption from Personal Income Tax
Personal Income Tax Exemption: 90-Day Rule Read More »
The Cyprus Government has recently introduced further tax incentives for employees moving to Cyprus for work and in particular for Employees of Foreign Interest Companies which choose Cyprus as their Headquartering base. These incentives have been introduced in addition to the simplification of Immigration procedures and the introduction of new Visa Schemes, such as the
Moving your Team to Cyprus? Additional Income Tax Incentives Introduced Read More »
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