Banking starting 500 Euro

Our valued sponsor

EmiratesSetup
SWISSMONEY Iban Accounts with Sepa
EmiratesSetup

Part 2: Would this set-up trigger tax residency (in Southern European country)?

#22
Enrique123 said:
@marzio @JohnnyDoe

In my particular case (as described at the start of the thread), I risk Spain considering my centre of economic interest to be in Spain.

How would the Dominican Republic option (vs Cyprus) help with this, all things remaining equal?
Click to expand...
Leaving Europe is always the best option. You should also find it easier to speak Spanish than Greek. And it’s way more credible that you moved to the DR.
 
#23
Enrique123 said:
How would the Dominican Republic option (vs Cyprus) help with this, all things remaining equal?
Click to expand...

DR would not terminate your tax residency like Cyprus would do if Spain would claim that you are tax resident there and, according to the articulo 4 of the DTA between DR and Spain if both countries would claim that you are tax resident, the tax residency would be granted to the country in which you have a permanent home.

"a) dicha persona será considerada residente solamente del Estado donde tenga una vivienda permanente a su disposición; si tuviera una vivienda permanente a su disposición en ambos Estados, se considerará residente solamente del Estado con el que mantenga relaciones personales y económicas más estrechas (centro de intereses vitales)"

If you don't have any permanent home at your disposal in Spain you only need to move to DR and become resident there.

There are different residency options like rentista visa or investor visa but you have to speak with an immigration lawyer.
 
#24
You are absolute stars - thanks ever so much for the time taken and the insights provided - it definitely helps towards looking into next steps.

I have read in a few articles that having obtained residence in Cyprus for the first year is not a bad option, and that it serves as a "bridge" towards a move onto, say, Dominican Republic in the second year. This "bridge" system seems to be a better way of doings things (as opposed to having moved to the Dominican Republic in year 1)?
 
#25
You could also consider to buy a small business in the DR, just for the purpose of establishing a more solid link with the country

Enrique123 said:
I have read in a few articles that having obtained residence in Cyprus for the first year is not a bad option, and that it serves as a "bridge" towards a move onto, say, Dominican Republic in the second year. This "bridge" system seems to be a better way of doings things (as opposed to having moved to the Dominican Republic in year 1)?
Click to expand...
how credible it is that one really moves his center of vital interests to Cyprus for just one year? It could work only if you were employed by a local company.
Remember that you might need to give explanations to a judge, and common sense goes a long way.
 
Last edited:
#26
Thanks Johnny - indeed its not very credible.

Given I have already taken the step and am currently a tax resident in Cyprus (and have set up a company), what would you say is the best option at this point: to stay in Cyprus for another year or to initiate the move to the DR as soon as possible?
 
#27
Enrique123 said:
Thanks Johnny - indeed its not very credible.

Given I have already taken the step and am currently a tax resident in Cyprus (and have set up a company), what would you say is the best option at this point: to stay in Cyprus for another year or to initiate the move to the DR as soon as possible?
Click to expand...
Definitely to start the process of moving to the DR, which anyway requires some time. You will need 6 months or more to receive your residence permit.
 
You must log in or register to reply here.
EmiratesSetup

Forum Announcement

Latest Threads

The KingDom Bank
Offshore Bank Accounts
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back