New Cyprus tax incentives for persons wishing to transfer their tax residence to Cyprus

Individuals can transfer their tax residence to Cyprus if they are not considered tax residents in any other state, in particular, an individual may now be considered a tax resident in Cyprus if he/she is not considered a tax resident of any other state and if he/she does not remain in that other country for more than 183 days in the relevant fiscal year. The individual should also not be considered a tax resident in any other country for the same fiscal year

For an individual to be considered a tax resident in Cyprus, he/she should:

1. Stay in Cyprus for 60 days in the relevant fiscal year and
2. Exercise any business in Cyprus and/or being employed in Cyprus and/or holding a post (eg manager, director) to a person which is tax resident in Cyprus at any time during the relevant fiscal year
3. The person should also have a permanent residence in Cyprus owned or rented by the same

An individual who cumulatively fulfills the above conditions shall not be considered a tax resident of Cyprus in the relevant tax year if in that year terminates any activity/business and/or any post (eg manager, director)

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