Important Information for the abolition of the Annual Levy of EUR350
On 29 February 2024, the House of Representatives approved the Cyprus Government Bill to abolish the Annual Levy of EUR350, which was payable to the …
In accordance with section 2 of the Income Tax Law, a “resident of the Republic” is an individual who stays in the Republic for one or more periods exceeding in aggregate 183 days in the tax year.
On 14 July 2017, an amendment to the Income Tax Law was unanimously voted by the Parliament. In accordance with the amended law, the definition of a “resident of the Republic” is further widened and now also includes an individual who does not stay in any other country for one or more periods exceeding in aggregate 183 days in the tax year and is not tax resident in any other country during that year, provided that certain conditions are cumulatively fulfilled.
The amending Law has been published in the Official Gazette on 28 July 2017, and new provisions are applicable as from 1 January 2017, therefore individuals willing to take advantage of it, can act so from current year.
The Preconditions
Anti-abuse provision clarifies that an individual who cumulatively fulfils the above conditions is not considered as resident of the Republic in the tax year, if in that year the exercise of any business and/or employment in Cyprus and/or the holding of an office with a taxable person of Cyprus have ceased. Anti-abuse provision clarifies that an individual who cumulatively fulfils the above conditions is not considered as resident of the Republic in the tax year, if in that year the exercise of any business and/or employment in Cyprus.
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