Why Cyprus? (Old)
Dixcart has been providing professional expertise to individuals and their families for nearly fifty years. Professional services include structuring and the establishment and management of companies.
Cyprus offers; a warm climate, good infrastructure, convenient geographic location, membership of the EU, tax advantages for companies and incentives for individuals through the Cyprus non-domicile regime.
Individuals qualifying under the Non-Domicile tax regime are exempt from the ‘Special Defence Tax’ (SDC) and are exempt from taxation on the following sources of Income:
- Interest; and
- Dividends; and
- Capital gains (other than on the sale of immovable property in Cyprus); and
- Capital sums received from pensions, provident and insurance funds; and
- Capital sums remitted to Cyprus.
All of the tax benefits detailed above are enjoyed even if the income has a Cyprus source and/or if it is remitted to Cyprus.
In addition there are: NO wealth and NO inheritance taxes in Cyprus.
Other Beneficial Features of the Cyprus Tax System for Individuals
Income Tax Reduction for New Residents in Cyprus
Individuals who were not previously resident in Cyprus, take up residence in Cyprus for work purposes, and earn over €100,000 per annum, are entitled to 50% of their employment income earned in Cyprus being exempt from income tax for a period of 10 years.
Low Tax Rate: Foreign Pensions
The first €3,420 of a pension, from employment outside Cyprus, is tax free and individuals can elect to pay only 5% income tax on pension income in excess of this amount.