We are currently thinking of relocating to Cyprus. There are various reasons for this, including lifestyle and tax. We own different assets in different countries (private businesses, private shareholdings, publicly traded stocks, some crypto).
I hold a sizeable Bitcoin and Ethereum portfolio in personal name that has significant unrealised gains. These are mainly "buy and hold" holdings over 4-5 transactions that were built up during 2017-2020 with no trading. In 2021 I exited part of this position through a few sell transactions, but have still retained a significant part of it.
If we were to relocate to Cyprus and I would liquidate my position, how would these gains be taxed? I did research and it seems gains from a "capital nature" (i.e. non-trading income) as an individual are supposedly tax exempt. Does the Cypriot tax authority generally take this view? Any guidance on how they would rule here?
It also seems 21 working day tax rulings are available. Since this is Cyprus, does the tax office actually take 21 days to deliver a positive answer?
I hold a sizeable Bitcoin and Ethereum portfolio in personal name that has significant unrealised gains. These are mainly "buy and hold" holdings over 4-5 transactions that were built up during 2017-2020 with no trading. In 2021 I exited part of this position through a few sell transactions, but have still retained a significant part of it.
If we were to relocate to Cyprus and I would liquidate my position, how would these gains be taxed? I did research and it seems gains from a "capital nature" (i.e. non-trading income) as an individual are supposedly tax exempt. Does the Cypriot tax authority generally take this view? Any guidance on how they would rule here?
It also seems 21 working day tax rulings are available. Since this is Cyprus, does the tax office actually take 21 days to deliver a positive answer?
