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Cyprus has an extensive network of double tax treaties with various countries, which can help in reducing or eliminating double taxation. Take advantage of these treaties to minimize your tax liabilities.

The UK government has announced the abolishment of the long-standing non-dom tax regime starting April 2025. This change could significantly impact high-net-worth individuals who have benefited from non-dom status to minimize UK taxes on foreign income.

Cyprus is not typically considered a traditional tax haven jurisdiction for several reasons...

Since 2017, there have only been two tests to determine Cyprus tax residency. These are the 183 Day Tax Residency Rule and the 60 Day Tax Residency Rule.

An EU national, operating a successful consultancy company, sought a jurisdiction that combined tax efficiency, EU credibility, and a high quality lifestyle. With an international client base and no dependence on a physical location, Cyprus emerged as a natural choice for both business relocation and personal residency. The individual also held a personal investment portfolio which was discretionary managed by an EU Financial Institution.

Recent developments within the Eurozone has urged many companies to re-domicile in countries with more tax incentives and less capital control restrictions. Why Cyprus?

On the 2nd of November 2018, the Central Bank of Cyprus (the "CBC") issued a circular with the purpose of clarifying the definition of "Shell Companies" and how the service providers and banks should classify them.

One of the reason for this situation is the ongoing support of government policy to establish Cyprus as one of the main financial hub in this global economy.

Cyprus is intent on meeting its obligations regarding information exchange and transparency, and has recently passed a new law (Law 72(I) of 2008) amending the Assessment and Collection of Taxes Law to incorporate the exchange of information provisions of Article 26 of the OECD Model Tax Convention of 2005 in double taxation agreements which have been concluded between Cyprus and other jurisdictions.

Finally, after what seems to have been quite a delay, on June 1, 2021, the Republic of Cyprus and the Kingdom of the Netherlands signed the treaty on the Elimination of Double Taxation.

Cyprus and the United Kingdom signed an updated double tax treaty with respect to Taxes on Income and Capital Gains and the Prevention of Tax Evasion and Avoidance on Thursday, the 23rd of March 2018.

On 9 March 2016, Cyprus signed its first tax treaty with the Kingdom of Bahrain. Following the completion of the relevant ratification procedures, the tax treaty entered into force on 26 April 2016.

On 5 March 2021 Cyprus ratified the amending Protocol to the Double Tax Treaty (DTT) between the Republic of Cyprus and the Federal Republic of Germany signed on 19 February 2021.

The European Union (EU) is actively involved in developing proposals to address perceived inappropriate tax avoidance, i.e. Base Erosion and Profit Shifting (BEPS).

On January 17th,2020, the double tax treaty between the Government of the Republic of Kazakhstan and Government of the Republic of Cyprus was ratified.

In a memorandum dated September 10, 2013, released in October 2013, the office of Associate Chief Counsel of the US Internal Revenue Service announced that a Cyprus-resident holding company qualified for benefits under the US-Cyprus double tax convention ("the US-Cyprus convention") and the reduced tax rate on dividends from qualified foreign corporations, despite not meeting the share ownership requirements stipulated in the convention.

Cyprus is refining its corporate tax system to align with international standards while maintaining its appeal to global investors. Among the upcoming adjustments...

The Treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.