Dubai resident and Cyprus tax resident opens Dubai company account outside Dubai. CFC+CRC?

[fortunespeculator]

Ah then⁣ i can stay 180 days in cyprus but utilize my Dubai residency by staying 183⁢ days in Dubai.Best of both worlds and no tax to pay.

 

[sup3rman]

if you have a cyprus base company you can try open wamo account.

 

[khinkali]

Not necessarily "no tax to pay", just not being tax resident. There⁠ are taxes that apply to non tax residents due to work, economic activity, property, etc.⁤

It can be particularly useful not to be tax resident in a country with worldwide⁣ taxation if you have passive income from elsewhere, as this can mean "no tax to⁢ pay".

 

[fortunespeculator]

What is the tax on property there i am planning to buy⁤ a villa.

 

[khinkali]

@fortunespeculator there is capital gains on Cyprus property. I don't think being non-resident exempts you‌ from that (or income tax if you work there of course) but there could be‍ deductions. A Cyprus lawyer would guide you through your specific case; there are a few⁠ on this forum.

 

[kkein]

What are the conditions for a FC not to be considered CFC? And why is‌ a Dubai company CFC? because of the no substance thing? (no employees? i suppose director‍ and secretary do not count?)