CYPRUS TAX RESIDENCY FOR COMPANIES

A company which is a tax resident of the Republic is taxed on income arising from sources both within and outside of the Republic. For the above purposes a company is a tax resident of the republic if the control and the management of that company are exercised in the Republic. Corporate income tax rate The corporate income tax rate for all companies is 12,5%. Why Cyprus? Cyprus is a member of the European Union and operates under a secure legal framework safeguarding the interests of its citizens and companies whilst promoting business growth. Cyprus’ strategic location established the island as a business hub for corporations around the world. Along with the...

19 April 2020

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CYPRUS TAX RESIDENCY FOR INDIVIDUALS

Posted by Amaryllis A. Papantoniou

in News & Insights

Individuals who are Cyprus tax residents they are taxed in Cyprus on their worldwide income subject to certain exceptions. Who can be a tax resident in Cyprus? ‘183 day’ rule With reference to the Income Tax Law of 2002 (118(I)/2002), an individual who stays more than 183 days in the Republic within a tax year (1 January to 31 December) is a tax resident of the Republic. ‘60 day’ rule Alternatively, an individual can be a tax resident of the Republic even though he spends less than or equal to 183 days in the Republic if he/she satisfies the following conditions: does not spend more than 183 any other country;is not a tax resident...

29 March 2020

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CYPRUS SHIPPING

Posted by Amaryllis A. Papantoniou

in News & Insights

CONDITIONS OF OWNERSHIP UNDER THE CYPRIOT LAW The history of the Sea and Shipping in Cyprus traces back hundreds of years. Its geographical position at the crossroads of Europe, Asia and Africa as well as its proximity to the Suez canal has historically favored merchant shipping as an important industry for the Aphrodite’s island. Admiralty and Shipping law PAPANTONIOU & PAPANTONIOU L.L.C. is a leading Cypriot law firm in the field of Admiralty and shipping law. The firm offers a range of services to ship-owners, freight forwarders, insurers, charterers and has experience on resolving legal disputes that arise in the field. As a member...

22 March 2020

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REDOMICILIATION

Posted by paplaw

in News & Insights

Redomiciliation refers to the transfer of the registered office of a company namely the company’s “seat of incorporation” in another jurisdiction provided that the law in both countries allow it. Foreign companies that want to take advantage of the Cyprus tax regime, may choose to transfer their domicile to Cyprus by avoiding to wind-up the company and to incorporate a new legal entity, simply by following the procedure of redomiciliation. Consequently, the company will continue to exist under a new jurisdiction and will be deleted from the Registry of its original country of incorporation. Why redomicile your foreign company to...

CYPRUS Tag

CYPRUS TAX RESIDENCY FOR COMPANIES

CYPRUS TAX RESIDENCY FOR INDIVIDUALS

CYPRUS SHIPPING

REDOMICILIATION