Introduction
In July 2015, a number of bills relating to the Cyprus taxation
system were approved by the Council of Ministers and subsequently
enacted into legislation by the Parliament1.
The key highlight of these new bills is the introduction for the
very first time of the "non-dom" status for Cyprus tax
residents, who are not considered as domiciled in Cyprus and will
be exempted from defence tax applicable on dividends, interest and
rental income.
'Non-Dom' Rules- Exemption form Payment of Defence Tax
on Dividends, Interest or Rent
The amendment of the law relating to the Special Contribution
for the Defence of the Republic ('SCD') is
without a doubt the most significant amendment, directly
encouraging high net worth individuals to choose Cyprus as their
location for residence and investment.
