Recent content by RedSquirrel

WorldFirst is good - been using it for over a year and very good experience

Digital marketing Digital marketing

For sure, although very expensive and my experience of Cypriot banks has not been good.

Transferwise and Revolut are also good options I think

No worries! Not got to this point yet as I am just holding money in the account until I move to Cyprus to withdraw it in the future. I expect to open a Cypriot personal bank account with one of the banks there and then transfer it in, but not sure yet!

WorldFirst - it's been a great experience. Totally recommend them :)

Hi guys, I have a Cypriot company and around half of my clients insist on paying in USD. I have tried to get them to pay in EUR, but unfortunately the industry I work in does not allow this, as within this industry USD is the standard currency arrangement. This equates to around 20,000 - 60,000...

Thanks for your response Gediminas. It is reassuring to hear that the Spanish institutions are unlikely to come after me immediately. I don't think maintaining tax residency in Cyprus will be possible as I'm an English citizen, so if it's not Spain taxing me it will be the UK. I also own a UK...

I run an online business, will be living in Spain for the next year and want to optimise my taxes, as the tax rates in Spain are very high. It is likely that as I'll be spending over 6 months there I'll be considered a Spanish tax resident. My company is a Cyprus resident company (legitimate...

Thanks for your response and for taking the time to investigate. Presumably in such a case where the tax office orders that some income must be salary, I could pay myself a 19,500 euro salary from the business (salary up to 19,500 is 0% taxed) and simply pay social security on that? This would...

Yep, but this only seems to apply to people who have lived in Cyprus for 17 years. Unless you have lived in Cyprus for 17 years, or were born there, you are considered to be 'non-domiciled' there, even if you are a tax resident. ''Foreigners who decide to move their personal tax residency in...

Well, I would be paying myself entirely in dividends. This is why I asked the question. I read that social security tax is around 15% for 'self employed' working in Cyprus, but fshore said that running a limited company out there would not count as self employed. Therefore I'm just trying to...

Ok thank you. So just to confirm: by moving to Cyprus, making it my permanent home and running a Cypriot company there, I will not pay social security? I will pay myself entirely in dividends.

Ok, so the way to avoid the Cyprus social insurance is to make sure there is a co-director/shareholder? For example, if I split my company between myself and a family member 50/50 (who has no part in the business) then I would pay no social insurance?

Thanks for your response. If I'm not self-employed what would I be classed as? I would be operating the company myself, and be the only person taking dividends out. In other words, it would be entirely my own company. And I would be operating my Cypriot company from WITHIN Cyprus. Does this...