Cyprus non dom residence costs

[Armani]

Hi guys, I'm an EU resident and i plan to get the non dom res in CY next year.
What are the costs of the procedure on average?

I think it's better to rent in the island, maybe in Larnaka or Nicosia, i discarded the idea of buying property (prices seems quite high to me). What you think?
I plan to reside there a few months in spring and for the rest of the year i'll live and travel abroad.

 

[Sols]

Getting a non-domicile exemption costs about 20 EUR total in admin fees. As an EU citizen, you can just pack your bags and go there. Register as a resident (20 EUR fee), get a tax ID (free), and then apply for non-domicile status with the tax authority (free).

To save time and mental health, you'll probably want a Cypriot lawyer/accountant help you out. Budget a few hundred to maybe a thousand EUR total for it.

If you want to set up a company and have someone do the bookkeeping for you, budget a few thousand EUR in year 1 and annual upkeep costs.

Rental prices vary across the island. Larnaca and Paphos are the most affordable cities. Nicosia is a bit pricier and not much fun to live in as a foreigner. If you plan to travel a lot, living close to Larnaca makes sense since it has the main airport. Check Bazaraki.com for properties.

 

[Armani]

Getting a non-domicile exemption costs about 20 EUR total in admin fees. As an EU citizen, you can just pack your bags and go there. Register as a resident (20 EUR fee), get a tax ID (free), and then apply for non-domicile status with the tax authority (free).

To save time and mental health, you'll probably want a Cypriot lawyer/accountant help you out. Budget a few hundred to maybe a thousand EUR total for it.

If you want to set up a company and have someone do the bookkeeping for you, budget a few thousand EUR in year 1 and annual upkeep costs.

Rental prices vary across the island. Larnaca and Paphos are the most affordable cities. Nicosia is a bit pricier and not much fun to live in as a foreigner. If you plan to travel a lot, living close to Larnaca makes sense since it has the main airport. Check Bazaraki.com for properties.

Thank you, so it is quite simple and not expensive at all.
Do you think there are ways to reduce the costs of renting since i plan to stay only 3-4 months every year? It is possible to rent a room or an apartment with more tentants for example?

 

[Sols]

Do you think there are ways to reduce the costs of renting since i plan to stay only 3-4 months every year? It is possible to rent a room or an apartment with more tentants for example?

It would be wise to have a full-year lease as it properly demonstrates ties to Cyprus. I'm sure you can find a room to rent/sublease. Check Bazaraki.

Not renting a full residence could be viewed as inadequate substance if you're audited/questioned in another jurisdiction.

 

[luap]

Just note that I'm usually asked more often to show utility bills in my own name than I am asked to show a lease. The tax department have direct access to verify utility bills. Rent a shithole from Bazaraki for 350-400 per month, and stay in an AirBnB when you're visiting

 

[GrumpyMess]

Just note that I'm usually asked more often to show utility bills in my own name than I am asked to show a lease. The tax department have direct access to verify utility bills. Rent a shithole from Bazaraki for 350-400 per month, and stay in an AirBnB when you're visiting

What's the legal way to get an utility bill under your name when renting such a shithole room?

 

[Jerry1911]

What's the legal way to get an utility bill under your name when renting such a shithole room?

Mobile phone subscription, perhaps

 

[GrumpyMess]

Mobile phone subscription, perhaps

Mobile phone bills are not recognized as a proof of address anywhere

 

[baio12]

Not renting a full residence could be viewed as inadequate substance if you're audited/questioned in another jurisdiction.

Will it affect getting tax residency certificate in Cyprus?

 

[Sols]

Will it affect getting tax residency certificate in Cyprus?

AFAIK, it's up to the person who's issuing the certificate whether they check closely. I wouldn't recommend it.

 

[clemens]

Getting a non-domicile exemption costs about 20 EUR total in admin fees. As an EU citizen, you can just pack your bags and go there. Register as a resident (20 EUR fee), get a tax ID (free), and then apply for non-domicile status with the tax authority (free).

That is the cheapest I ever heard about. There are some benefits to be an EU resident

 

[liroyb]

Just note that I'm usually asked more often to show utility bills in my own name than I am asked to show a lease. The tax department have direct access to verify utility bills. Rent a shithole from Bazaraki for 350-400 per month, and stay in an AirBnB when you're visiting

But than the utility bill will show 0's, how that would be accepted?

 

[JohnLocke]

But than the utility bill will show 0's, how that would be accepted?

As already discussed here in a few other threads. Most utility bills have flat rates, like Internet, electricity and heading. The question is how deep they are looking into it in any individual case.

 

[luap]

But than the utility bill will show 0's, how that would be accepted?

Just leave some lights on, or put the AC to 26-27 degrees

 

[Sols]

or put the AC to 26-27 degrees

Then the electricity bill will be greater than any tax savings.

 

[JackAlabama]

you can install some remote controlled devices.