Hi,Hey @Sols, I've been reading a lot about your answers. I'm trying to have a similar schema as then one presented by @capotera:
- Non-dom regime in Cyprus (will move to Cyprus and stay 60 days)
- Register in Cyprus as self employed (lower yearly costs when comparing with having a company)
Instead of incorporating a company in HK, I would do it in Isle of Man. But I'm also a bit confused about the company residency concept. What does determine which is the company's residency? My idea is to set up this company in Isle of Man which is also resident in Isle of Man.
I work as a software engineer for company which pays will pay my salary to my Isle of Man company (and also dividends). For my life costs, I would invoice me own Isle of Man company (say I need 2k USD for living) and I'd have to pay personal income taxes as a person in Cyprus. Right?
Also, whenever I have to buy a car/house or other big things I could buy them with my Isle of Man company.
As the Isle of Man company is resident in Isle of Man, it would have to pay 0% corporate tax in Cyprus. And, AFAIK, it would have to pay 0% corporate tax as well in Isle of Man.
Just a few thoughts on this - in the suggested structure you will be paid a salary, potentially you could avoid tax on this as there is a 100% exemption on remuneration for salaried services rendered outside Cyprus for more than 90 days in a tax year to a non-Cyprus resident employer (you will need the opinion of a Cyprus tax advisor on this as it depends on activities etc). However, you would still need to pay social insurance which adds up to a high percentage. Having this in mind my suggestion would be to set up a Cyprus company (corp tax 12.5% on profit), and as a non dom dividend payment would be tax/sdc exempted.
Generally get professional advice and make a cost benefit analysis, including all costs of running a company in Cyprus vs running one in the IoM.