No need to sell his house if it is fully rented and the tax is fully paid on the rental income. Only liability there is if it is vacant for certain periods
Is your primary purpose for moving to Cyprus to claim the benefits of the Treaty?
Yes that is the only purpose to relocate to Cyprus. I dont need a company and all that substance and nonsense. i can just get a personal dividend and relax. After living abroad for years, everywhere is basically...
Hi if i go to live in Cyprus next year and my only income is dividend income from a european country. I will not have a job in Cyprus. If i stay there for 183 days is there a risk that i will fail the principle purpose test
It turns out any offshore/freezone company can own foreign real estate and receive rents. Any onshore company too. You only really need license types for real estate within the UAE really. rather that speaking to tax advisors, I spoke to the authorities in the DED and in two different freezones...
Thanks four your reply. i have checked the double tax treaties that most of the european countries have with Cyprus and most are the same conditions. The Cyprus tax treaties are quite old, usually agreed decades ago and do not define a resident as being there for 183 days. it simply says "if a...
Hi brother, I just read you post on one the the threads which is copied below about Cyprus
"A tax residency certificate might be asked for by tax authorities in some countries where you have ties. Cypriot tax residency certificate issued under 60 days rule is not valid internationally. Only the...
Yes that is true. However if you examine what is gradually happening in the world in the last few years you will see a big shift towards substance. When I came to Dubai originally I had any number of banks to choose from that would open a bank account for an offshore company (Not just freezone...
Asset protection and a lower tax rate. Flat rate of 25% if a foreign company owns the real estate. If a person owns it it is full tax even though they are a non resident landlord. That can amount to as high as 52% instead of 25% so quite a substantial difference
I am resident in Dubai for 10 years now.
I want to set up a company that can own European real estate and I am having problems with this.
I am trying to find the cheapest and most efficient way to do this but it is proving very difficult so I guess I am missing something.
DIFC and ADGM...
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