Update on Cyprus "Tax Resident" Over Physical Persons

On 28.07.17, law Ν. 119(Ι)/2017 came into force amending the definition given to the "Tax Resident" for physical person under Cyprus Law (the "Law").

Up to now a physical person who could proof presence in the Republic of Cyprus for a period exceeding 183 days, within the same financial year was considered for tax purposes a tax resident of Cyprus.

In addition to the above, the Law, which has retrospective effect as of 01.01.17, now provides that a physical person, who does not reside in another jurisdiction for more than 183 days in a financial year, shall be deemed to be a tax resident of Republic of Cyprus if for a financial year if:

1. He can proof presence in the Republic of Cyprus for at least 60 days; and