Country review
Exploring the 60-Day Tax Residency Program in Cyprus
A Game Changer for Digital Nomads and Entrepreneurs
Cyprus has emerged as a preferred destination for those seeking lifestyle benefits paired with attractive tax advantages.
Among its many offerings, the 60-day tax residency program is particularly intriguing for digital nomads, entrepreneurs, and high-net-worth individuals. This program provides a unique opportunity to establish tax residency with minimal time spent in the country, all while enjoying the benefits of a favorable tax system.
Mediterranean lifestyle, EU COuNtry and low tax rates
Why Cyprus?
Cyprus stands out for its Mediterranean lifestyle, EU membership, and low tax rates. Beyond the lifestyle perks, its tax framework makes it a prime destination for those seeking to optimize their financial strategies. Notably, Cyprus:
• Offers one of the lowest corporate tax rates in Europe at 12.5%.
• Has no inheritance tax, making it ideal for estate planning.
• Features a progressive personal income tax, with the first €19,500 being tax-free.
• Boasts over 60 double taxation treaties, ensuring that residents avoid being taxed twice on their income.
These factors make Cyprus a compelling choice for individuals who want to balance travel, work, and financial efficiency.
What Is the 60-Day Tax Residency Program?
Unlike most countries, which require at least 183 days of physical presence to establish tax residency, Cyprus allows individuals to become tax residents by spending just 60 days in the country within a calendar year. This program is particularly suited for individuals who:
1. Wish to minimize their time in a single country while traveling internationally.
2. Operate businesses or work remotely.
3. Seek to enjoy Cyprus’ tax advantages without being bound to it for extended periods.
How
Eligibility Criteria for the Program
To qualify for the 60-day tax residency in Cyprus, you must meet specific criteria:
1. Time Spent in Cyprus
You need to spend at least 60 days in Cyprus within the tax year. These days do not need to be consecutive, but they must be documented (e.g., via flight tickets or hotel receipts).
2. Non-Residency in Other Countries
You must ensure that you do not meet the tax residency requirements (usually 183 days) of any other country during the same tax year.
3. Ties to Cyprus
You must establish meaningful ties to Cyprus, which can include:
• Owning or renting property in Cyprus.
• Operating a business in Cyprus or having Cyprus-sourced income.
4. Proof of Income
You must have Cyprus-based income, which can come from:
• Employment in Cyprus.
• Owning a business or company registered in Cyprus.
• Other Cyprus-sourced income streams.
Facts
- Capital: Nicosia
- Population: ~1.2 million
- Language: Greek (official), English widely spoken
- Currency: Euro (€)
- Climate: Mediterranean (hot, dry summers; mild winters)
- Driving: Left-hand side
Lifestyle Benefits
- 300+ Days of Sunshine: Ideal for outdoor lovers and beachgoers.
- Rich History: Ancient ruins, Byzantine churches, and Venetian castles.
- Vibrant Food Scene: Fresh Mediterranean cuisine, local wine, and delicious meze platters.
- Relaxed Pace of Life: A focus on community and well-being.
Financial and Tax Advantages
- 60-Day Tax Residency Program: One of the most flexible tax residency schemes globally.
- Low Corporate Tax: Just 12.5%, among the lowest in the EU.
- No Inheritance Tax: Great for estate planning.
- Double Taxation Treaties: Avoid being taxed twice on your income.
Get In touCh
Schedule an Appointment
Tax Optimization Packages
We provide tailored strategies to minimize your tax burden legally and efficiently. Whether you’re an entrepreneur, investor, or high-net-worth individual, our experts are here to guide you.
Residencies and Citizenship
Explore residency and citizenship programs that fit your goals. From golden visas to second passports, we’ll help you secure the right option for your lifestyle and financial planning.
Company Formation
Set up your business in the most advantageous jurisdiction for your needs. We handle all aspects of offshore and international company formation to ensure compliance and maximize benefits.
Banking and Payment Solutions
Simplify your global financial operations with our offshore banking and payment processing services. We assist with setting up secure accounts and payment gateways to suit your needs.
Disclaimer:
This is not tax or legal advice. Every situation is unique, and tax laws can be complex and subject to change. To ensure you make the right decisions tailored to your circumstances, it’s essential to consult with qualified professionals.
Contact us today to schedule an appointment, and we’ll connect you with experienced advisors who can provide personalized legal and tax guidance. Making informed choices starts with getting the right advice. Let’s plan your future the smart way!