Cyprus Tax Update – Summer Edition

Cyprus becomes hotter than ever before!

Greets from Cyprus where the summer is already upon us reaching 33+ degrees Celsius. Whilst we cool ourselves with chilled watermelon accompanied by grilled halloumi cheese, the beaches are already packed with locals, tourists, ex-pats and ... non-doms.

Non-doms is the newest fruit offered by Cyprus. In fact, with the very recent introduction of the concept of 'non-domiciled' persons for tax purposes, foreign persons who decide to become Cyprus tax residents enjoy an array of tax benefits – including a total tax exemption on certain types of income, such as dividends, interest and profit from sale of shares.

In light of the forthcoming changes in the popular UK non-dom regime and compared with other similar EU programs, the Cyprus non-dom is undoubtedly the hottest program of its kind in the EU, attracting a dynamic interest from all around the world. More about the Cyprus non-dom can be read in our newest information