Cyprus Tax Facts
Losses offset against other sources of income, are carried forward for five years and can be set off against profits of another company of the same group (Group of Cyprus tax-resident companies).
Gains from the disposal of shares of companies which indirectly own immovable property situated in the Republic and derive at least 50% of their market value from such immovable property.
Under the “60-day rule”, which is effective as from 1 January 2017, an individual will be considered as being a Cypriot tax resident provided that the individual satisfies either the “60 day rule” or the “183 day rule”.
Any national individual can apply for the Non-Dom Tax Residency under the new 60 day or the previous 183 day rule. A Cypriot Tax resident under the 60- or 183-day rule is subject to tax in Cyprus on their worldwide income.
A Cypriot International Trust can also be used for cases where a Settler wishes for a person to benefit from inheritance in the cases where due to the legislation of the individual’s country, they would otherwise be excluded from the inheritance.
A CIF is able to freely provide investment services through representative and branch offices across 30 EU and EEA member states via the EU Passporting System for Investment Firms.
Cypriot registered AIFs can be sold on a private placement basis or marketed to professional investors across the EU under the Alternative Investment Fund Managers Directive (AIFMD) passport.
Permanent residency status in Cyprus can be obtained through the Permanent Residence Program. Arguably the best fast track program in Europe that permits foreigners to acquire an Immigration Permit through property investment.
Every Cyprus incorporated company is obliged to pay a yearly annual fee to the government; this is called the Annual Levy. The Annual Levy is €350 for every company and is payable from the year of the company’s inception.