On 28.07.17, law Ν. 119(Ι)/2017 came into force amending the definition given to the "Tax Resident" for physical person under Cyprus Law (the "Law").
Up to now a physical person who could proof presence in the Republic of Cyprus for a period exceeding 183 days, within the same financial year was considered for tax purposes a tax resident of Cyprus.
In addition to the above, the Law, which has retrospective effect as of 01.01.17, now provides that a physical person, who does not reside in another jurisdiction for more than 183 days in a financial year, shall be deemed to be a tax resident of Republic of Cyprus if for a financial year if:
- He can proof presence in the Republic of Cyprus for at least 60 days; and
- He carries on a business in the Republic of Cyprus or being employed in the Republic of Cyprus or holds an office in the Republic at a person being Cyprus tax resident; and
- He maintains a permanent home in Cyprus that is either owned or rented within the Republic of Cyprus.
It is clarified by the Law that where a person fulfills all the above requirements but his employment, business or appointment ends at the financial year in question, he shall not be considered as tax resident.
For more details or assistance in becoming a Cyprus Tax Resident please contact us.
http://www.haviarasphilippoullc.com/loucas-haviaras
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