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How to Become a
Cyprus Tax Resident
Normally, to be considered as a Cyprus tax resident you would have to be present in Cyprus for more than 183 days in a calendar year. Under the ‘60-day rule’, you can be considered as a Cyprus tax resident if you satisfy either the 60-day rule or the ‘183-day rule’.
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The 60-day rule intends to attract a significant number of individuals (investors, entrepreneurs, digital nomads, artists, sportsmen, crew members, foreign employees, and other business people) who do not fulfill the tax residency requirements in any country.
HOW TO BECOME A CYPRUS TAX RESIDENT UNDER THE 60-DAY RULE
To become a Cyprus tax resident on the basis of the 60-day rule, you must meet the following conditions:
Remain in Cyprus for at least 60 days during a tax year
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Do not reside in any other single state for a period exceeding 183 days
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Are not tax resident in any other state
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Carry out business activities and/or work in Cyprus and/or be a director in a Cyprus tax resident company
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Maintain a permanent residence in Cyprus (either owned or rented)
REQUIRED DOCUMENTS FOR CYPRUS TAX RESIDENCE
The required documents for obtaining Cyprus tax residence certificate with
Non-Domicile Status:
Passport (copy)
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Bank statement for the last 6 months to demonstrate sufficient funds to live on source of income
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Health insurance
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Residence rental agreement
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Yellow slip from immigration (MEU1 application form required for EU Nationals)
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Tax registration forms
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Tax residency by establishment of Cyprus entity
REGISTERING YOUR OWN PRIVATE COMPANY
One of the most popular ways to become a Cyprus Tax Resident is by registering your own private company, which provides employment to you.
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By establishing a Cyprus Company foreign individuals can obtain work permits and tax residency certificate (Cyprus non-domiciled tax status) from the authorities. This option allows the expatriate shareholders and employees of the company to apply for residency status.
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A Cyprus entity offers many tax and business possibilities.
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Cyprus companies enjoy low corporate tax of 12.5%, 100% foreign ownership, no exchange restrictions, free profit repatriation, all benefits accruing from Cyprus’ nearly 70 double tax treaties, etc.