TAX RESIDENCY IN 60 DAYS
On July 14th 2017, the Parliament of Cyprus unanimously approved a bill that allows an individual to acquire Cyprus tax residence by staying at least 60 days in Cyprus per year.
Under the “60 day rule”, which became effective on January 1st, 2017, an individual is considered a Cyprus tax resident if he/she satisfied all of the following criteria:
a) Remains in Cyprus for at least sixty(60) days in the year of assessment,
b) Carries out any business in Cyprus and/or is employed in Cyprus and/or holds an office to a person resident in Cyprus at any time during the year of assessment,
c) Maintains a permanent residence in Cyprus owned or rented by such individual
Subsequently, under the “60 day rule” high earning individuals who are not tax residents in any other country for the same tax year can transfer their tax residence to Cyprus and be taxed only on income from the activities the individuals’ exercises in Cyprus, provided the above criteria are fulfilled.
Our professional team is at your disposal should you require any further information or clarifications.