another show from Cyprus tax and relocation hi everyone today we're going to talk about cryptocurrencies it's a complete guide so that you will know exactly how you will be taxed here in Cyprus so cryptocurrencies are treated as Commodities here in Cyprus and not as Securities what does that mean that means that Commodities are subject to corporation tax so whatever applies when you're selling uh gold when you're selling silver when you're selling currency the same tax treatment applies to cryptocurrencies this is the fundamental law and Rule tax law and the details of this law are the following if you're trading under a company that would be subject to 12.5% of course corporation tax and subject to Dividend tax the dividend tax of course depends on whether you are a Cypress tax resident when whether you are an overseas tax resident or whether you are a Cyprus non doile we have made many videos check our YouTube channel about this topic and uh dividends like corporate dividends like trading dividends of normal goods or services provision of services the same law applies there to make it easy and clear for you if you are a nomile there is no dividend tax if you are living abroad there is no tax as far as Cyprus is concerned and of course if you are a Cyprus tax resident and domicide like myself someone who was raised in Cyprus and is living in Cyprus then there is the applicable tax rate so the tax can be quite significant if you are a Cyprus tax resident and domicile like myself because it's the 12.5% on the profits not on the turnover but you top up with the dividend tax which at the time of this video is 177% of course there is a big discussion in Cyprus for abolishing this dividend tax but we will see where that goes stay tuned to take you to the second part of the more high level TX crypto tax inquiries that I get from you from time to time and how to overcome them
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