The sphere of our services, dealing with all matters relating with immigration law, providing to citizens of European countries who wish and / or need become tax resident of Cyprus in order be able to have income tax exemption in their country.
The Law Office of Alexandro Maria Tirelli provides a full range of professional services and advice which includes:
- Assisting for Granting of the Cypriot Citizenship to Foreign Investors by applying for the acquisition of Cyprus Citizenship by Naturalization by exception;
- Drafting and assisting with the preparation and submission of all required documents (e.g. citizenship applications, applications for immigration permits, permanent residence permits, employment permits, visas etc.);
- Advice our clients on the required financial criteria and conditions to be met depending on the particular personal circumstances;
- Provide guidance and help on the application process and on the required steps to be followed,
- Examine the chosen investment option of the applicant in order to establish the most effective and efficient way to meet the required financial criteria;
- Find the right property matching the criteria of the applicant via our network of reputable licensed real estate agents;
- Monitoring the status of the applications and continuous follow up;
- Regular update of the applicant on the progress of the application;
- Assisting European Citizens /Investors to become tax resident of Cyprus by employment in Cyprus in their Company.
- Cyprus offers an enviable combination of climate, business and culture
- It is the third largest island in the Mediterranean Sea and is cited as one of the most popular tourist destinations in the region
- The island has an advanced economy and a high human development index (HDI), with regards to living and quality of life
- It is also known as a safe and pleasant place to live
- Cyprus hosts a large expatriate community, having the third highest percentage of foreign residents in the EU
- Hospitality is one of the most eminent and deeply engrained values of the island and visitors immediately feel welcome and at home
- The education system in Cyprus is well known for the high quality and standards
- The obtainment of Cypriot Citizenship by Exception provides full EU Citizenship to an investor and his / her dependents
- The obtainment of the EU passport provides the right of travelling with no restrictions within the EU member states
- Cyprus also provides favorable tax regime, in comparison to other EU member countries.
The Law Office of Alexandro Maria Tirelli will guide you through every step of the way to understand how a European citizen will become tax resident of Cyprus.
Alexandro Maria Tirelli Law Office has a long record of successfully dealing with all matters relating to immigration law, citizenship applications, applications for immigration permits, permanent residence permits, employment permits and visas.
The problem of traders and traders is state taxation, so we have identified the fiscally legitimate means to protect them. Documentation of tax residence with the presentation of documentation of accommodation and work in which the work, permanent insurance and residence abroad are proof of the change of tax residence, give us the opportunity to find a tax-free solution.
On the basis of the economic tax procedure in more of the countries in Europe, a foreign resident, if he does not acquire real income in his country , is not obliged to submit an income tax return. At the same time, the evidence and the cost of acquiring assets do not apply to foreign residents who do not have income in his country.
In accordance with the provisions of the relevant legislation governing income tax resident in a European country, anyone residing in a European country for more than 183 days in the same calendar year is considered to be a resident.
Taxpayers residing abroad to benefit from the tax exemption are required to produce supporting documents from which it would appear that they have actually transferred the center of their family life or the center of their working life, their existence and their living conditions relations, abroad.
With your employment in Cyprus on a Cypriot Company, exclusively yours, as an employee on it, with the sole charge of paying monthly to the Social Insurance Fund contributions of 18% of the declared gross monthly income of one thousand euros, you will have solved the problem of bleeding your property. Any other tax return is not necessary as income below € 20000 per year is tax-free.
Which actions and what documents you need to provide in general is your transition, either family or by yourself, depending on the case, in Cyprus, Nicosia, to apply for a Cyprus residence and work certificate and the opening of an account to the Bank of Cyprus. As necessary in the case of a family transition other than travel registration, marriage and birth certificates must be produced for dependent children, necessarily certified with “APOSTILE” confirmation.
The relevant procedures for the registration of the Cyprus Company and your registration with the Social Insurance Fund and the issue of the residence and work certificate for each interested person should be made after the investigation and evaluation of each case depending on the subjective characteristics and the necessary determinations.
The Tax System in Cyprus Corporate Tax:
Cyprus offers a range of tax benefits to companies that carry out business in Cyprus. These advantages derive from the favorable tax regime in Cyprus, which is in line with the Organization for Economic Co-operation and Development (OECD) and the European Union, as well as from the extensive network of double taxation conventions. In short, the main corporate tax provisions are:
- a uniform corporate tax rate of 12.5% the lowest rate in the EU;
- no taxation of dividends or interest payments to non-residents of Cyprus;
- no withholding tax on royalties in respect of the use of rights outside Cyprus;
- Favorable treatment of losses;
- no taxation on permanent establishment outside Cyprus, subject to conditions;
- double taxation agreements with over 46 countries;
- not to impose capital gains tax on the disposal of securities on a recognized Stock Exchange;
- no tax on profits from reorganisations;
- tax-free repatriation of profits and capital
Income Tax of Natural Persons:
Tax resident of Cyprus is a person resident in the Republic for 183 days in the fiscal year. Cypriot tax residents are taxed on income earned both in Cyprus and abroad. In contrast, non-residents are taxed only on their income from Cypriot sources. The highest tax rate for income is 35% and tax-free income for each tax year is € 19,500. The following income tax provisions apply to natural persons:
- low income tax;
- no taxation of income from dividends and interest, subject to certain conditions;
- no tax is levied in case of permanent establishment abroad and for salary earned abroad under certain conditions;
- Profits secured by the sale of securities are exempt from taxation;
- loss for the current year and previous years is deducted from taxable income under certain conditions;
- income derived from retirement bonuses, death or injury compensation, provident fund, pension fund or other approved funds is exempt from tax.