You will be liable to pay taxes from the end of the first financial year you make Cyprus your tax resident county.
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When will I be liable to pay individual taxes after I become a resident of Cyprus?
I understand that when first applying for the CBI and RBI program of Cyprus, I will not be subject to tax liabilities even for the income coming from Cypriot sources. When and under what circumstances would a Cypriot CBI or RBI applicant become tax liable?
Answers
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If you wish to be a resident but not a tax resident in Cyprus that is an option. You can also be a citizen of Cyprus but not a resident. There is no obligation to become a resident and a tax resident. If you wish to become a tax resident please note the following: the individual must not have remained in any other country for more than 183 days within the relevant tax year; he is not considered or declared a tax resident in another country; he must remain in Cyprus for at least 60 days in the relevant tax year; he must carry a business or must hold employment in Cyprus or must hold an office in a Cyprus tax resident person within the relevant tax year and he maintains a permanent home in Cyprus either through ownership or rental.
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An individual is considered a Cyprus a tax resident if he has spent in Cyprus more than 183 days within one tax year or 60 days for individuals who, in the relevant tax year, reside in Cyprus for at least 60 days; operate/run a business in Cyprus and are employed in Cyprus and is a director of a company which is taxed in Cyprus.
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