Have you just landed in Cyprus or are you planning to relocate to Cyprus and benefit from the numerous tax benefits Cyprus has to offer?
Tax Advantages Available to Expats in Cyprus
- Under the Cyprus non-domicile programme new tax residents of Cyprus enjoy an exemption from taxation on; dividends, interests, capital gains*, AND capital sums received from pensions, provident and insurance funds, for a period of 17 years.
- Cyprus has no wealth or inheritance tax.
- 50% of the remuneration of employees with a first job working in Cyprus, is exempt from income tax for a period of 17 years. Annual remuneration must exceed ?55,000 and employees must not have been residents of Cyprus for a period of, at least, 10 consecutive years, prior to the start of their employment in Cyprus.
How Can Dixcart Help?
Expats working in Cyprus need to apply for various documents. Dixcart can assist with this process and help ensure that it is as simple and timely as possible.
- Within four months of arrival in Cyprus EU – citizens need to obtain a Cyprus Residence Certificate.
For non-EU citizens other requirements apply, depending on the type of residence application. Dixcart can provide advice to non-EU nationals regarding the documentation that they need to provide.
- New residents need to apply for a personal Tax Identification Number.
- Each year a personal income tax declaration needs to be filed.
Finally, do not forget your driving licence, it may make sense to convert this to a Cypriot one.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.