In the Financial Times Professional Wealth Management Group’s report on citizenship by investment schemes around the world, Cyprus was ranked 7th out of the 12 countries studied ahead of Malta, Bulgaria and Austria which where the other European Union countries on the list.
The rankings were based on the below 7 factors, measured and scored on a scale of 1-10, with 10 being the highest:
The Cyprus Tax Department has issued on 30 June 2017 a Circular in relation to the Tax Treatment of intra-group back-to-back financing arrangements, which becomes effective from 1 July 2017.
This Circular applies to any Cyprus tax resident company (or to a company that is tax resident outside Cyprus and has a permanent establishment in Cyprus) carrying out intra-group financing transactions to related parties.
With effect from 1st January 2017 the Cyprus Income Tax Law was amended with regard to the definition of “resident of the Republic” for individuals.
Under the provisions of the Cyprus Income Tax Law, the term “resident of the Republic”, when applied to an individual, means an individual who stays in the Republic for a period, or periods, exceeding in aggregate 183 days in the tax year. (more…)