Cyprus audit requirements for a private person

[OTR365]

Cyprus tax authority requires private persons to maintain accounting books and records, if one's turnover exceeds 70K EUR. Does anyone have first-hand experience about fulfilling this rule? Do I just need to contact a bookkeeper to check my online brokers' accounts and prepare a report?

I recently moved to Cyprus and have capital gains from outside Cyprus, exceeding the above figure. Zero income from Cyprus. I'd like to keep things as low-key as possible, without breaking the law. I am not yet a tax resident, but as far as I understand, if I apply for a tax number, I'll need to have audited books also for this tax year.

(The Cyprus tax forum is very quiet, so I'll posted my question here instead. I hope nobody takes offence.)

 

[JohnLocke]

Do I just need to contact a bookkeeper to check my online brokers' accounts and prepare a report?

Yes it is that simple, you won't need to do anything else usually the accounting firm takes care of all of it.

 

[OTR365]

Yes it is that simple, you won't need to do anything else usually the accounting firm takes care of all of it.

Thank you for this clarification.

Though, in my case things are more difficult. My income is mostly from cryptos & online platforms that do not provide end-of -year reports. Due to not having been tax resident anywhere for the past years, I've neglected many kinds of recordkeeping. While my income is fully legal, I'm just a bit nervous about the level & complexity of scrutiny needed.

 

[JohnLocke]

Well, most often you can put your transactions in one spreadsheet and give it to your accountend, usually it's really not a problem for them to make everything compliant.

 

[OTR365]

Ok, this sounds doable. Thanks.