Except for the beautiful beaches and amazing views, friendly habitats and low criminal rate Cyprus also offers tax benefits for people who decide to reside in the inland.
If you spend a minimum of 183 days during a year in Cyprus, you can be considered as a Cyprus tax resident.
Some of the main tax benefits of residing in Cyprus are:
- For Cyprus tax residents the first €19,500 is tax-free.
- Non-Cyprus domiciles are exempt from the “defence contribution” until they complete a period of 17 years living in Cyprus.
- No capital gains tax on the sale of company shares.
- No inheritance tax in Cyprus.
Cyprus lawyers and accountants are the professionals to guide a person and/or a company for their best interest.