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The 60 Day Tax Residency Rule in Cyprus

The 60 Day Tax Residency Rule in Cyprus

By: Danos & Associates

An amendment to Cypriot law relating to income tax took place on the 21st of July 2017. This amendment led to a second test to the 183 day tax residency rule. A foreign national is eligible to obtain tax residency in Cyprus if he/she stays in Cyprus for a minimum of 60 days of the assessment tax year. The 60 day tax residency rule allows individuals who are not tax residents in other countries to enjoy the tax benefits of Cyprus provided that they carry activities in Cyprus. The following conditions must be satisfied:

CONDITIONS

1. The applicant must reside in Cyprus for a minimum of 60 days cumulatively during the assessment tax year;

2. He or she must have a permanent residence in Cyprus which can be rented or owned;

3. The applicant must not be a tax resident of another country;

4. The applicant must not reside in another country for more than 183 days;

5. The applicant must be employed in Cyprus and/or does business in Cyprus and/or is an officer of a tax resident of Cyprus.

PROCEDURE

To apply for the Cypriot tax residency the documents below should be filed:

A) Employment or officer contract;

B) Tenancy agreement or title deeds that show the applicant has a permanent residence in Cyprus;

C) Copy of passport which reflects that the applicant resided in Cyprus for at least 60 days and that is shown through entry and/or exit stamps on the passport. Airplane tickets and other relevant documents can also be used as supporting documentation.

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