ARTICLE · 25 OCTOBER 2022

Cyprus Non-Dom Regime

I. Christodoulou & Partners LLC

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In an effort to encourage high net worth individuals to apply for Cyprus tax residency, the government simplified the Cyprus Tax System by eliminating taxation on passive income...

CyprusTax

In an effort to encourage high net worth individuals to apply for Cyprus tax residency, the government simplified the Cyprus Tax System by eliminating taxation on passive income and by applying a deduction of 50% on Income Tax for non-Doms high earners taking up employment in Cyprus.

Cyprus Tax residence may be obtained by either spending 183 days in Cyprus or by spending only 60 days annually provided the applicant follows within the 60-day rule scheme (please refer to our separate brochure).

Individuals tax residents are taxed on worldwide income, however there is unilateral tax credit available for taxes paid abroad.

WHO IS A NON DOM

A person who is not a Cypriot at birth and was not a Cyprus tax resident for a period of at least 20 consecutive years prior to the tax year of application; or

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