The President of the Republic of Cyprus announced earlier this month attractive tax reform plans aiming at streamlining the island’s tax system by limiting tax burdens and attracting foreign companies and/or individuals to invest and/or relocate to Cyprus. The changes proposed fall under three main categories: High net work individuals, Investments and Real Estate.
On 16 July 2016 the Cyprus House of Parliament approved
some of the proposed changes:
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Reduction of transfer fees on real estate by 50% until the end of 2016
-
Exemption of real estate from capital gains tax provided that the real estate was acquired between the entry into force of this law and December 31, 2016
-
Introduction of a new status, that of the “non-domicile”, aiming to attract business executives and people of high income to Cyprus, exempting such persons from paying certain tax obligations
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Tax allowable deduction on corporate equity – notional interest deduction (NID)
Other proposed changes have been deferred to be reviewed in September 2015.
Please note that these proposals will be applicable only after they are enacted by the Parliament and the official legislations are published.
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