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Cyprus tax residency in 60 days (what taxes you can and can’t avoid) 🇨🇾

📧 I am happy to help with your visa and citizenship options. Please contact me through the details here: https://tom-bradford.com/contact-me/ If you are securing citizenship by investment in Cyprus, then you should consider taking advantage of their generous tax regime. It is one of the best in Europe. Now in order to maintain your citizenship, you need to be able to keep your residence there, i.e. maintain at least 500,000 euros of your investment. So there are 2 areas of tax which you may not be able to avoid: Of the total 2,000,000 euros that you invest under the citizenship by investment program, this is usually structured as 500,000 euros in your residential property, and 1,500,000 euros in property which is rented. The rental return is typically (in recent years) in the region of 4% to 6%. So on 1,500,000 this could be 90,000 per annum. You would need to pay income tax on this amount. This is structured in layers, so the first 19,300 euros is tax free, then 20% is payable up to 28,000, 25% up to 36,000, 30% up to 65,000 and 35% above that. You will also need to pay 20% capital gains tax on the sale of you 1,500,000 investment after 5 years (that is, if you chose to sell), but this is subject to a tax exemption of £17,000, and this would be subject to the value of your property investment increasing. The plus side is that if you are tax resident in Cyprus, but not domiciled there, then you will not have to pay tax to the Cyprus authorities on any dividends, whether paid in Cyprus or worldwide. This means that you can structure your activities to pay no tax in your dividend income. You must need to spend 60 days there per year and be director of a company based there. You also need to maintain a residence there. Now in order to maintain your citizenship, you need to be able to keep your residence there in any event, i.e. maintain at least 500,000 euros of your investment. You also need avoid spending more than 183 days in any other country, and not be a tax resident in any other country. In relation to corporate tax, you may also wish to move your business to Cyprus, as the rate is only 12.5%. And again, no tax would be paid on dividends. This is all part of a package of tax incentives by the Cyprus government to encourage entrepreneurs and investors to the country. You should always take tax advice before taking any action. If you would like assistance with the immigration and tax aspects of your international move, please let me know and I and my tax advisers would be happy to assist.