HNWI immigration services and personal tax planning
Obtaining a Non-domicile
(“Non-Dom”) Status
The Cypriot government has been stepping up its efforts to attract foreign investments along with the people who ultimately own and/or manage these investments. In this respect, tax incentives for non-domiciled individuals, defined as persons who live in a country where they are not legally domiciled, have recently been introduced to the Cypriot tax legislation, allowing an extremely attractive tax regime and benefits to eligible applicants along with new opportunities for succession planning and structuring of private assets while enhancing business substance and protection against foreign tax claims.
In this respect, Allegiance can provide full information and support to interested applicants by first providing advice on the criteria that need to be satisfied, on the personal tax implications of taking up residency in Cyprus, ways to plan the transition from your existing country of residency to Cyprus (and all the steps involved therein), and for other relevant matters.
The non-domicile status pre-requisites a stay in Cyprus of either 183 days, or 60 days should certain conditions are met. A non-domicile Cypriot tax resident is exempt from taxation on passive income such as dividends, interest and rental income.