Living and Tax Benefits in Cyprus for Non-Doms
Cyprus, a picturesque Mediterranean island with a rich cultural heritage, is not only known for its stunning landscapes and historical significance but also for its attractive tax regime. The economy has smoothly transitioned to a service-oriented model, with tourism and finance driving growth.
For those considering relocating to Cyprus, becoming a tax resident can lead to significant financial benefits. With a corporate tax rate of just 12.5% and an individual income tax range of 20% to 35%, Cyprus is becoming increasingly appealing.
A unique advantage is the non-domicile (non-dom) status, which allows qualified residents to be exempt from taxes on dividends and interest, making it particularly advantageous for individuals relying on capital gains or foreign investments. Non-doms in Cyprus enjoy various tax exemptions, including a complete tax exemption on salaries earned outside of Cyprus under specific conditions, and no inheritance or gift tax. New residents can also benefit from income tax exemptions for a limited period, enhancing Cyprus’s desirability as a tax-friendly destination. With a stable economy and a high quality of life, Cyprus is a prime choice for those looking to optimize their tax situation while enjoying a vibrant lifestyle.
For the full article, click here.
