# Dreaded TAX and Import Advice please



## thejohn32 (Feb 6, 2010)

Hello all

Well time is getting closer to us moving to Paphos and i am starting a business when when I get there. 

The question I can't seem to get the answer to is 

1. Can I buy large amount of stock in UK and have it delivered to Cyprus TAX free? As it is in Europe I am not sure, probably a question for HMRC. 

2. If I import from UK do I get stung with an import tax when it gets there, it is specialist clothing items. 

Also on that note what is the current Cypriot rate of tax? What else does. Business have to pay in the way of tax, vat, N.I. Etc?

I will of course get an an accountant when I start. Will try find one on our next vist in July but any answers appreciated. 

Thank you again


----------



## Guest (Feb 22, 2013)

thejohn32 said:


> Hello all
> 
> Well time is getting closer to us moving to Paphos and i am starting a business when when I get there.
> 
> ...


Some answers:

1. If you have a valid VAT number in Cyprus you will not pay VAT or any other tax on goods imported from UK. There is some exceptions where Excise Duty is taken out and that is on Tobacco, Fuel and cars.

2. See 1.

3. Depending on what kind of company you will have. The corporate tax on profit is 10%
The VAT is for now 18% but will go up tp 19% next year.

Contributions to Social security also depends of how you will work but is around 15% in total

Income tax you can read about here

Cyprus Income Tax Laws

Hope it helps a little

Anders


----------



## thejohn32 (Feb 6, 2010)

Anders

Thank you very much for the reply and link. I definitely have to look more into it but I'm guessing I can't be registered for VAT in Cyprus until I am classed as a resident. And to be classed as a resident I need to have been there a min of 183 days. So does not really help me buying stock to start when I arrive. 

Will contact customs and excise in UK for guidance this end ref buying in uk tax free but have not found anything about Import tax Cyprus end. 

I will quiz an accountant when I visit next. 

That link was helpful so thanks for that. 

John


----------



## Guest (Feb 22, 2013)

thejohn32 said:


> Anders
> 
> Thank you very much for the reply and link. I definitely have to look more into it but I'm guessing I can't be registered for VAT in Cyprus until I am classed as a resident. And to be classed as a resident I need to have been there a min of 183 days. So does not really help me buying stock to start when I arrive.
> 
> ...


You can get a VAT number as soon as you apply for residency and register as self employed. 

And you have to apply for residency if you will stay more then 90 days on Cyprus.

We are in the same boat as you. When we come down first week in May we will apply for residency, register as self-employed and register for VAT as soon as we come down

If you think of starting a Ltd that can be done from UK and then you can get the VAT number for the Ltd before you arrive

Here is a link to VAT registration

http://www.businessincyprus.gov.cy/...538b409e8036a9c6c225785600376848?OpenDocument

Anders


----------



## thejohn32 (Feb 6, 2010)

Anders

That has been very useful and helpful. Will definitely read more and look forward to moving November.


----------



## davidogden (Oct 9, 2012)

John

you might find this site useful for working out possible tax and import duty New Import Duty & Taxes Calculation | DutyCalculator

you will need to apply for a yellow slip I think before you can set up a company do not think you have to wait 180 odd days


----------



## thejohn32 (Feb 6, 2010)

David 

Thank you for that. If it is right then I have no import tax or duty which is a bonus. 

Thanks again


----------



## Guest (Feb 24, 2013)

davidogden said:


> John
> 
> you might find this site useful for working out possible tax and import duty New Import Duty & Taxes Calculation | DutyCalculator
> 
> you will need to apply for a yellow slip I think before you can set up a company do not think you have to wait 180 odd days


He can set up a company on Cyprus living in UK. Its one of the things Cyprus is famous for. And one of the things they are criticized for by the bailout trojka.

Anders


----------



## thejohn32 (Feb 6, 2010)

Anders. 

I am looking into setting up a ltd company from here so I can then apply for a VAT number. From what I have read I need to get a Cypriot based lawyer to do it. 

Know any pathos based ones?


----------



## Guest (Feb 24, 2013)

thejohn32 said:


> Anders.
> 
> I am looking into setting up a ltd company from here so I can then apply for a VAT number. From what I have read I need to get a Cypriot based lawyer to do it.
> 
> Know any pathos based ones?


This company is a very well established and respected. Owned by Cypriots which is important in my book and can help with everything, also daily book keeping

Cyprus Company Formation, at 345 EURO, by Leading Cyprus Firm

Anders


----------



## thejohn32 (Feb 6, 2010)

Thank you again. I have emailed the company and hopefully I will hear back from them. 

Thank you again for all your help and direction. 

John


----------

