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Gerard Associates Ltd
Gerard Associates Ltd
Global Wealth Managers and Independent Financial Advisers
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Cyprus. Tax residency and Pension Income Tax

All Cyprus tax residents are taxed on income accrued or derived from all sources in Cyprus and abroad. Individuals who are not residents for tax in Cyprus are taxed on income from sources in Cyprus.
An individual is resident for tax in Cyprus if he spends more than 183 days in any one calendar year in Cyprus.

Days in and out of Cyprus are calculated as follows:

• The day of departure from Cyprus counts as a day of residence outside Cyprus.
• The day of arrival in Cyprus counts as a day of residence in Cyprus.
• Arrival and departure from Cyprus in the same day counts as one day of residence in Cyprus.
• Departure and arrival in Cyprus in the same day counts as one day of residence outside Cyprus.

Foreign pension such as income from a QROPS is taxed at a concessionary rate of 5%. An annual exemption or allowance of €3.417 is granted. (2008)

Cyprus removed inheritance tax in January 2000 and there are no wealth taxes.



 


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