# Some Advice Please!!



## rickygreen35 (Oct 24, 2011)

I am thinking of moving to Cyprus next year. I am aware of the process and what needs to be done upon arrival into the country, but what I am curious about is taxation. I work offshore and under UK tax rules I am tax exempt. Cyrpus has similar rules i.e if you are out the country for more than 183 days in the tax year then you are tax exempt. Can anyone recommend a good accountant who could answer my questions further? Or if there is a an accountant on the site who would be willing to give advice it would be very much appreciated as after extensive searching on the internet I cant find any information whatsoever!!

Thanks in advance


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## Veronica (Apr 5, 2008)

rickygreen35 said:


> I am thinking of moving to Cyprus next year. I am aware of the process and what needs to be done upon arrival into the country, but what I am curious about is taxation. I work offshore and under UK tax rules I am tax exempt. Cyrpus has similar rules i.e if you are out the country for more than 183 days in the tax year then you are tax exempt. Can anyone recommend a good accountant who could answer my questions further? Or if there is a an accountant on the site who would be willing to give advice it would be very much appreciated as after extensive searching on the internet I cant find any information whatsoever!!
> 
> Thanks in advance


Hi Ricky,

Yes Cyprus does also have the 183 day rule. If you are working offshore you should not have to pay tax in Cyprus.


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## rickygreen35 (Oct 24, 2011)

Thanks Veronica  Can't wait to get over there again


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## Guest (Oct 28, 2011)

This is a EU rule. But the interesting thing is what will happen in reality. Let say you stay in 3 countries during a tax year. This should mean that you should not pay tax anywhere. If this was possible I am sure millions would do like that. There must be a hook somewhere


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## rickygreen35 (Oct 24, 2011)

Vegaanders said:


> This is a EU rule. But the interesting thing is what will happen in reality. Let say you stay in 3 countries during a tax year. This should mean that you should not pay tax anywhere. If this was possible I am sure millions would do like that. There must be a hook somewhere


I dont plan to live in 2 countries. I plan to live in Cyprus with my family and work away for 1/2 the yesr, but I do understand your point. The rules I am working under is Seamans Tax in the UK but i'm not sure if it is called this in Cyprus.


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## Guest (Oct 29, 2011)

rickygreen35 said:


> I dont plan to live in 2 countries. I plan to live in Cyprus with my family and work away for 1/2 the yesr, but I do understand your point. The rules I am working under is Seamans Tax in the UK but i'm not sure if it is called this in Cyprus.


Seamans tax is not the same as I see it. The 183 day rule is the same in all EU and states that you should be taxed in the country where you spend 183 days or more of the tax year.
And at least here in Germany and in my homecountry Sweden you must prove to the taxman that you have paid tax somewhere else if you have recidency in these countries, I suspect that it is the same in Cyprus

But as you wrote in your first post, this is something for an accountant or tax laywer to sort out.


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## Veronica (Apr 5, 2008)

All this stuff confuses me
What is the benefit to off shore companies operating from Cyprus in that case?
:confused2::confused2::confused2:


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## Guest (Oct 29, 2011)

Veronica said:


> All this stuff confuses me
> What is the benefit to off shore companies operating from Cyprus in that case?
> :confused2::confused2::confused2:


As I see it the only benefit for offshore companies owned by EU citizens is the very low company tax, I think it is 10% in Cyprus. Before it was 0% but EU forced Cyprus to change the rules.

For other owners it ofc depends on if Cyprus has double tax agreements with the country. I think for Russians there is some special agreement in force


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## Veronica (Apr 5, 2008)

Vegaanders said:


> As I see it the only benefit for offshore companies owned by EU citizens is the very low company tax, I think it is 10% in Cyprus. Before it was 0% but EU forced Cyprus to change the rules.
> 
> For other owners it ofc depends on if Cyprus has double tax agreements with the country. I think for Russians there is some special agreement in force


The Russians seem to get all the perks these days. Maybe that will change once we get a new president. It is well known that he is a communist so how on earth he got into power heavens knows. The sooner he is gone the better.


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## Guest (Oct 29, 2011)

I think that todays Russians are as far from communists that you can come. But todays Russians have something that everyone want, oil, gas and MONEY. And ofc they are very aware of it. I am not so sure that a new president will change. All Europe crawl on the ground for Putin because of the energi. 

Would not be at all surprised if the russians will be the ones who develop the possible gas and oilfields found outside Cyprus


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## Veronica (Apr 5, 2008)

Vegaanders said:


> I think that todays Russians are as far from communists that you can come. But todays Russians have something that everyone want, oil, gas and MONEY. And ofc they are very aware of it. I am not so sure that a new president will change. All Europe crawl on the ground for Putin because of the energi.
> 
> Would not be at all surprised if the russians will be the ones who develop the possible gas and oilfields found outside Cyprus


I believe that Russia has a 10% stake in the oil and gas. The USA and UK also have stakes in it and so do some other European countries.
All in all the oil and gas means that several countries have a financial interest in making sure that Cyprus is successful in the future and that Turkey is kept under control.


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## zin (Oct 28, 2010)

Personally I think Cyprus would implode without Russian money (apparently 20% of the money in Cyprus is Russian money) so if that means they get more perks than others then that's fine by me.


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## Guest (Oct 30, 2011)

Its no problem for me either, Europe has to realize that Russia is a big power to count with. And the more energy we waste the more powerful they will be.

But I am also sure that many of the expat community dont like them and see Cyprus as "their own" island. But the world is changing, everyone has to realize that


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## Veronica (Apr 5, 2008)

I like the fact that there are so many different nationalities here now. 
We have friends from many countries and it gives a different view of the world in general when you get to speaking to people about their countries.
I have lived in many different places, grew up as an army brat and spent 22 years as an RAF wife so am used to socialising with people of different nationalities. I think mixing socially with people from other parts of the world gives you a much broader outlook on life.
I am just glad that most people who come to live here speak good English because my brain refuses to learn any more languages. My brain sponge is full and won't hold anything else.


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