Efstathios C. Efstathiou LLC will guide you through every step of the way to understand how a European citizen will become tax resident of Cyprus.
For European citizens and special citizens of countries where taxation is higher than 12.5% for legal persons, favoring the right of freedom of establishment, we offer both general and tax law the provision of comprehensive advisory support to businesses or individuals the establishment of a company or the transfer of their tax base in Cyprus, taking into account in the countries concerned the numerous national specificity, the cases of the intended formation of a company and selection of the appropriate company form.
The identification of the problem of entrepreneurs and, above all, the traders taxed by European citizens has troubled us and we have identified fiscally legitimate means to protect those affected by the excessive bleeding of private wealth. Documentation of tax residence with the submission of the Documentation of Accommodation and Labour where the work, permanent insurance and residence abroad are evidence of change of the tax residence, give us the possibility of finding a tax-free solution.
On the basis of the economic tax procedure in more of the countries in Europe, a foreign resident, if he does not acquire real income in his country , is not obliged to submit an income tax return. At the same time, the evidence and the cost of acquiring assets do not apply to foreign residents who do not have income in his country.
The concept of tax residence and, by extension, that of a tax resident in European country is the principle of a better understanding of the issue of taxation of foreign residents as tax residence determines the place of taxing the income of taxpayers. In accordance with the provisions of the relevant legislation governing income tax resident in a European country, anyone residing in a European country for more than 183 days in the same calendar year is considered to be a resident. Persons who are not residents of their country or are usually resident there are defined as not being taxed on income derived outside of their country .
Our lawyers advice on the following:
- The Tax System in Cyprus Corporate Tax
- Documentation of tax residence
- Financial burden
- Income Tax of Natural Persons