Dividends as non dom in cyprus
- Thread starter metronic
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You don't get access to the national health system. Some people get private health insurance (usually an international health insurance), others pay themselves a symbolic salary to qualify. Some go without any health coverage at all.
I've heard people run into some issues with the local banks when taking out loans, if they can't demonstrate social insurance contributions. AFAIK, the banks can usually be convinced upon seeing proof of stable dividends payments.
Haven't heard of any other issues.
That's if you're a one-person business. If there are︀ multiple people, the authorities may find it suspicious if everyone is a consultant and not︁ an employee. If you're going to build up a team in Cyprus, consider hiring them︂ as employees. Payroll taxes are surprisingly high in Cyprus, so take that into account.
I've heard people run into some issues with the local banks when taking out loans, if they can't demonstrate social insurance contributions. AFAIK, the banks can usually be convinced upon seeing proof of stable dividends payments.
Haven't heard of any other issues.
That's if you're a one-person business. If there are︀ multiple people, the authorities may find it suspicious if everyone is a consultant and not︁ an employee. If you're going to build up a team in Cyprus, consider hiring them︂ as employees. Payroll taxes are surprisingly high in Cyprus, so take that into account.
Would you really want to use the NHS in Cyprus?You can get a health insurance with 1.000 Euro excess for outpatione at around 1.700 euro, which is the first thing you should have in every country you live, EU countries included.
In general I always assume that you want to setup something like a cyprus company or a simple UAE residency if you are︀ making at least 6 figure sums, if you are making 60 to 80k and want︁ to live as a digital Nomad, as long as you exit your home country correctly,︂ you can probably survive with an EMI and nobody will bother you. I mean between︃ setup costs, travel, rentals and stuff like that it's probably better to find a place︄ where you would actually want to live and try to optimize tax there.
In general I always assume that you want to setup something like a cyprus company or a simple UAE residency if you are︀ making at least 6 figure sums, if you are making 60 to 80k and want︁ to live as a digital Nomad, as long as you exit your home country correctly,︂ you can probably survive with an EMI and nobody will bother you. I mean between︃ setup costs, travel, rentals and stuff like that it's probably better to find a place︄ where you would actually want to live and try to optimize tax there.
I am an Indian citizen interested in getting a pink slip to move to︂ Cyprus. It does not give me the right to work.
Can I start my own︃ company in Cyprus (with myself as sole shareholder and director) and be actively involved in︄ daily operations? Can I pay myself in dividends every year after corporate taxes are paid?︅ Is this a violation of temporary resident permit rules?
I don't plan to hire any︆ employees.
Can I start my own︃ company in Cyprus (with myself as sole shareholder and director) and be actively involved in︄ daily operations? Can I pay myself in dividends every year after corporate taxes are paid?︅ Is this a violation of temporary resident permit rules?
I don't plan to hire any︆ employees.
There are some entrepreneurship visas that might be open to you. AFAIK, they have pretty hefty capital requirements. I'm not very well versed in the details. Would recommend speaking with a law firm that specialises in tax and immigration, such as https://neo.law/ or https://www.cyplaw.com/en/ or http://agplaw.com/
Typically if you get legal advice and it turns out to be wrong, whether the lawyer or firm is liable depends on why and to what extent it's wrong. I honestly don't know but I do know that suing a Cypriot law firm as a foreigner (especially a non-EU foreigner) would be expensive, slow (years and years), and unlikely to yield any kind of︀ positive result.
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