Cyprus Non-Dom Company location

[genetik]

I am going to move to Cyprus for Non-Dom Status with a CY Company.

However my business is transaction intensiv which mean we have around 1-2k Transactions daily (E-Commerce), in Cyprus the Accounting for that would be extremly expensive is there any combination of Companys for a Cyprus Non-Dom that would work without Accounting or at least with cheap Accounting.

I have heard about a USA LLC + Panama Holding Structure but I am not sure if that would work and also what about Economic Substance is this enfored in Cyprus? Does Cyprus require Substance in USA or Hongkong for example to accept to local taxes there?

 

[Sols]

I'd focus on finding a technical solution to this rather than set up some sketchy offshore structure. Cheaper and safer in the long run.

Rather than having an accountant post every single of those thousands of daily transactions, discuss software solutions with your accountant. If you integrate something like Xero or Sage into your ecommerce platform, you can probably automate 90% of the accounting work and keep the billable hours down.

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This is the probably the answer to your question.

 

[Gediminas]

Sols said:
I'd focus on finding a technical solution to this rather than set up some sketchy offshore structure. Cheaper and safer in the long run.

Rather than having an accountant post every single of those thousands of daily transactions, discuss software solutions with your accountant. If you integrate something like Xero or Sage into your ecommerce platform, you can probably automate 90% of the accounting work and keep the billable hours down.
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Great recommendation! 😉

Accounting in Cyprus isn't that complicated. At first, you would have to speak with the auditor.

You want to have an experienced accountant.

Last edited: Oct 8, 2020
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[John Andrews]

Database -> CSV -> Excel.

This is how I do it for my EU company. I guess any decent Cypriot accountant can do it as well.