An amendment to the term ‘Cyprus Tax Resident Individual’ as per the Income Tax was voted into law on 14 July 2017 by the House of Representatives, effective as of 1 January 2017.
As of 1 January 2017, an individual in order to be considered as a ‘Cyprus tax resident’ must meet the following conditions:
· not exceeding 183 days in any other country for the current tax year
· Is not a tax resident in any other country within the same tax year
i. Stays in Cyprus for at least 60 days in the tax year
ii. Holds any business in Cyprus or is employed in Cyprus or holds an office in a Cyprus resident person at any time during the tax year and
iii. Maintains a permanent home in Cyprus that is owned or rented
it is noted that, if the employment/business or holding of an office is ended, then the individual shall no longer be considered a Cyprus tax resident for the existing tax year under the extended rules.