Abolishing Non-Dom Status In The UK: Cyprus As An Alternative Solution

The elimination of the non-domicile status has long been a divisive topic in the British tax system. The non-domicile status, sometimes called "non-dom" refers to an individual person's tax status who is a UK resident and whose permanent home for tax purposes is outside of the UK. This status allows the restriction of these individuals obligation to pay taxes on earnings that were made outside of the UK. The UK government is reassessing this agreement and has announced that this regime shall be abolished periodically in the future due to a mounting pressure and issues of fairness and transparency from the public. Cyprus is becoming a more attractive choice for anyone looking for favourable tax arrangements in the midst of increased scrutiny.