Cyprus Company Tax Review.

Tax resident companies in Cyprus are taxed on their worldwide income, accrued or derived from all sources in Cyprus and abroad. A non-Cyprus tax resident Company is obligated to Cyprus tax for the income accrued or derived from business activities in Cyprus, from permanent establishment in Cyprus or from other sources.

A company is considered to be a tax resident in Cyprus if it is managed and controlled in Cyprus. Although there is no official definition in the tax law, it is generally accepted that companies are managed and controlled in the place where their directors reside and where strategic and not just day-to-day board decisions are taken. Therefore, in order for a company to be a Cyprus tax resident and to benefit from Cyprus’ favourable tax system, its directors would be preferable to be Cyprus residents and the company should hold its board meetings in Cyprus. The appointment of Cyprus-resident directors and the holding of board meetings in Cyprus are indicative but not conclusive factors of the Cyprus tax residence of the company.

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The information in this report is for information purposes only. It is not intended to constitute tax, legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. We accept no responsibility for any errors, omissions or misleading statements in this report, or for any loss which may arise from reliance on materials contained in this report.

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